Health Insurance Plan for Family

A family floater plan is a plan that gives coverage to an entire family. Such a plan is more economical than a regular individual plan. It offers tax benefits to the policyholder under Section 80D of the Income Tax Act.
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Imagine a situation where a family member is suffering from an ailment or has met with an accident. The very thought of seeing your loved ones in pain can cause you mental distress. It could get worse if you have to worry about the medical bills being higher than what you could provide for. A family forms an integral part of your existence and taking care of them is an obvious priority. Medical emergencies unfortunately don’t come with a warning and medical costs are rising by the day which is why it is imperative that you buy a comprehensive health insurance plan for you and your family.

If you have a family that is financially dependant on you, you should look for a healthcare policy that will provide broad coverage for all your family members. Family floater health insurance is the best recommended plan when it comes to securing the health of your family. A family floater plan is especially designed keeping in mind the healthcare needs of your loved ones. It omits the hassle of managing multiple insurance policies by offering several benefits under a single umbrella.

What are the Benefits of a Family Floater Plan?

Family floater health insurance, as mentioned above, saves you the hassle of keeping track of multiple policies that your family members may hold. And unlike other health plans, it provides coverage for your entire family and sometimes even for your extended family. The other benefits that this policy offers are:

  • When compared, a family floater plan is more affordable than individual health plans.
  • The sum insured in a family floater plan is higher which ensures that you do not fall short on funds when facing sudden hospitalisation.
  • Since family floater plans cost lesser, you can increase your savings.
  • With the family floater plan you can enjoy tax benefits under Section 80D of the Income Tax Act.
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What is the Coverage that I Get?

Different insurance providers offer different coverages, depending on an individual’s requirement. The family floater plan by Bajaj Allianz, for example, provides the below coverage:

  • The insured sum can range from Rs. 1.5 lakh to Rs. 50 lakh
  • All expenses for day care treatments are covered
  • The amount insured can be reinstated
  • Ambulance expenses are covered up to a limit of Rs. 20,000 per year
  • Access is provided to a cashless network of over 5,700 select hospitals across India
  • Provides coverage for pre and post-hospitalisation charges. For pre-hospitalisation, the charges should be incurred 60 days prior to hospitalisation and for post-hospitalisation, the charges should be incurred 90 days after hospitalisation
  • Offers lifelong renewal option

Apart from Bajaj Allianz, there are other insurers that offer the family floater plan. We’ve listed them below:

Insurance Provider Name of the plan Features
ICICI Lombard Complete Health Insurance
  • Hospitalisation expenses (doctor’s fee, medicine bills, room charges, etc.) are covered
  • Free health check-up at select centers
  • Life-long renewal option
  • Cashless hospitalisation
  • 10% additional sum can be insured on each renewal
Bharti Axa Smart Health plan
  • Covers pre-existing diseases (after 48 months)
  • Critical illness benefits
  • For any treatment undertaken, the hospitalisation bills will be covered
  • Any expenses incurred for dental treatment or surgery that requires the patient to be hospitalised are covered
  • Hormone replacement therapy and birth control procedures are provided coverage
Apollo Munich Optima Restore
  • Coverage offered from the age of 5 years to 65 years
  • Provides a cover for a maximum of 6 members
  • Expenses incurred for hospitalization, day-care procedures, domiciliary treatment, and organ donation are covered
  • If you opt for shared accommodation in a network hospital, a lump sum amount will be given
  • Preventive health check-up expenses will be reimbursed
Oriental Insurance Happy Family Floater
  • Maternity expenses are covered
  • Under the Diamond Plan, the sum insured ranges from Rs. 12 lakh to Rs. 20 lakh
  • If the insured person donates an organ, the expenses are covered
  • Benefit of life hardship survival
  • The insured sum will be restored
Star Health Insurance Family Health Optima
  • For every claim-free year, you can avail health check-up benefit
  • Any additional sum will be insured at no extra cost
  • For any organ transplantation, the insurance will cover the medical expenses
  • Coverage will be provided for assisted reproductive treatment and day care procedures
  • From the 16th day, newborn babies are covered
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