Family Floater Health Insurance

Overview of Family Floater Health Insurance:

A family floater policy is one where several members of a single family can be covered for a sum assured by paying a single premium in a year. In case of multiple illnesses in the family, the sum assured can be distributed between family members and multiple claims entertained. It works out to be more cost-effective than taking individual policies separately in the name of family members. Most health insurance companies in India offer family floater policies.

Key Features:

  • One of the key features of a family floater health insurance is that the sum assured can be extended to cover several members of the same family if the need arises. Depending on the healthcare risk appetite and the location, the primary policyholder may zero in on a higher or lower sum assured and it reflects in the premium accordingly.
  • The covered members of a family floater may go in for cashless hospitalization if they intimate their insurer within 24 hours of their hospitalization and get admitted in a network hospital. In some cases like emergency hospitalization or accidents or admission in non-network hospitals, insurers may allow treatment first and reimbursement later.
  • The policy may include room rent up to a certain amount per day, for every day of hospitalization.
  • Some family floaters work on the co-pay basis, where the insurers pays a percentage of the cost incurred and the insurer the rest. This usually has lower premium as the insured shares part of the hospitalization costs.
  • Most companies seek a medical examination if a higher sum assured is involved, any of the covered members are in the higher age groups or have a medical history. Some insurers also offer their policies online, where barring exceptions, a declaration of good health by the insured does not require any medical check-ups.

Top Insurers Providing 'Family Floater Insurance':

There are several family floater plans from leading insurers with a variety of benefits. Some of the plans are:

Insurance Company Plan Name Features Link to Plan Details
Oriental General Insurance Happy Family Floater
  • The Happy family Floater from Oriental General Insurance, is for the entire family it includes cover for Self, Spouse, Children, Parents, and Parents in Laws.
  • They have 2 variants for the Happy Family Floater, and are available in Gold and Silver.
  • The policy will provide daily hospital cash benefit, as per the Gold variant and will have a limit of 0.1% of the sum assured or maximum of 10 days.
  • An attendant allowance will be provided under the gold scheme, if the child below 10 years is admitted. Rs. 500 per day will be paid to a maximum of 10 days.
  • Ambulance services are also covered under both variants, Silver - Rs. 1000/- or 1% of the sum insured; Gold - Rs. 2000/- or 1% of the sum insured.
Read more about Happy Family Floater plan
Max Bupa Heartbeat Family First (Gold)
  • The costs of medical treatment while any of the insured individuals are admitted in the in-patient care.
  • Both pre and post hospitalization will be covered under this policy, the pre-hospitalization will be covered for 30 days prior to you getting admitted, and post hospitalization will be covered up to 60 days after discharge.
  • Maternity Benefits will be covered under this plan as well as the new-born. The new-born will be covered as an insured member of the family without the need of extra premium.
  • Vaccination expenses for the new-born is also covered under this plan.
  • This plan doesn’t have an age limit, all family members will be insured irrespective of age.
  • Cashless facility will be provided within 4 hours at any of the network hospitals.
Read more about Heartbeat Family First
ICICI Lombard Complete Health Insurance
  • There’s not maximum entry age for this plan, and the insured will not require to go through medical tests if they are below the age of 46 years.
  • This policy will be for the whole family from children to parents. At least 1 proposer should be over the age of 18 years when purchasing this policy.
  • The policy covers expenses like in patient hospitalization for 24 hours and above including medicine and drugs costs, surgeon fees, room charges etc.
  • Both pre and post hospitalization will be covered under this policy, the pre-hospitalization will be covered for 30 days prior and post hospitalization will be covered up to 60 days.
  • Cashless facility is available in over 4000 partner hospitals.
Read more about Complete Health Insurance
Apollo Munich Optima Restore
  • With this policy, pre and post hospitalization will be covered under this policy, the pre-hospitalization will be covered for 60 days prior and post hospitalization will be covered up to 180 days.
  • In-patient care is provided for 24 hours and above, this also provide cover for medical expenses for all day care processes which is less than 24 hours.
  • The policy covers treatment of organ transplant for the donor, in the time an organ transplant is needed.
  • Up to Rs. 2000/- is covered for ambulance charges in case of emergencies.
  • A lump sum amount is provided for choosing shared accommodation, in network hospitals.
Read more about Optima Restore policy
Bajaj Allianz Family Health Guard
  • With this policy Family Health Guard, both pre and post hospitalization will be covered under this policy, the pre-hospitalization will be covered for 60 days prior and post hospitalization will be covered up to 90 days.
  • All expenses will be paid for at the time of being admitted in the in-patient care, will include room rates, all medical consumable products, medical procedures, etc.
  • Up to Rs. 1000/- is covered for ambulance charges in case of emergencies.
  • Medical Check-up for a continuous 4 years for the whole family.
Read more about Family Health Guard

Understanding Family Floater Health Insurance:

  1. What is family floater insurance?

    Family floater is a health insurance policy that covers multiple members of the same family under a single premium. Thus many individuals belonging to the same family can be covered for health exigencies at a reasonable cost.

  2. How many members of a family can be covered?

    Most of the health insurance companies limit the family member to the primary insured, his spouse and children. However, there are some insurers who even allow coverage for parents, siblings and other relatives under the same policy.

  3. What happens if the sum assured is reached in treatment of a member?

    Some companies cap the limit on hospitalization strictly on the sum assured being reached in a calendar year. Yet, some insurers offer an automatic restore/top-up facility on the sum assured being reached.

  4. Is there a no-claim discount on premium?

    Yes, no claim discounts up to a certain amount are available from certain insurers. If there is no claim on a family floater policy, the premium reduces the next year as per policy wording on the same.

Advantages of Family Floater Health Insurance Plan:

Family floater insurance offers the following benefits:

  • Cost-effective insurance

    Family floater policies offer the benefit of a sum assured which can be shared across members of a family and can come in handy because the chances of all members falling sick in a calendar year are rare. If there are multiple illnesses in family, then the sum assured can be distributed among the family members. But the premium has to be paid once and is cheaper than availing individual policies for each of the family members.

  • Tax benefits

    Premiums paid for Family Floater can benefit from tax deductions under section 80D of the Income Tax Act. Amounts up to Rs. 15,000 are allowed for deduction on health insurance premium for self, spouse and children. This gives additional exemption of Rs. 20,000 if senior citizens are covered. This means if someone takes family floater insurance covering his immediate family and parents who are senior citizens, he can save up to Rs. 35,000 in taxes.

  • Sum Assured can be restored

    In case you are worrying about what happens if due to a hospitalization of one family member, the sum assured gets exhausted, some insurers offer automatic restore/top-up of sum assured by 100%. This takes care of worries about recurring hospitalization in the same year.

  • Cashless treatment

    Family floater also allows the insured to be treated cashless at any network hospital. Policyholders need not pay expensive consultation fees, diagnosis tests, room rent and so on. All these expenses, up to the sum assured, are automatically covered by the policy.

Who Should Buy this Plan?

Family floater is ideal for someone who is married and has children. This is also good for those who wish to cover their parents who are senior citizens. Overall, this offers a good option for insurance which is cost-effective and inclusive.

Exclusion – What is not covered under Family Floater Insurance?

  • Pre-existing diseases are not covered up to a certain exclusion period under family floater plans
  • Admission of senior citizens beyond 60 may be a problem and may increase the premium substantially, as their risk is perceived to be higher. However senior citizens covered prior to attaining 60 can enjoy continued coverage when policy is regularly renewed.
  • Childbirths are not usually covered. But now insurers have started offering coverage for birth as well as cover for the new-born starting with birth.
    • Most insurers don’t cover treatments arising out of attempted suicide, nuclear attacks and so on.
    • Most insurers also do not allow experimental treatment, treatment for HIV/AIDS, congenital disease, non-medical expenses under their policies.

An Example:

Let’s take an example. Suppose Rajiv an IT executive aged 38 years, took a family floater cover for his wife and two kids below 12 years for Rs. 16,000, with a sum assured for Rs. 5 lakh. Next year, his parents aged 60 and 58, arrived from his village to stay with him and he extended the family floater to include them under the same sum assured. His new premium now comes to Rs. 30,000. Rajiv can claim tax deduction of upto Rs. 35,000 for his family floater policy per year.

If Rajiv had taken separate policy for Rs. 5 lakh for his parents, it would have cost him around Rs. 25,000. The total cost in addition to his nuclear family’s coverage would have come to Rs. 16,000+25,000=Rs. 41,000. Hence a family floater saves him Rs. 11,000 every year.

You may also be interested about:

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

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Family Floater Health Insurance Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Ergo Health Insurance
    "Family health cover policy"
    0.5 5.0/5 "Blown Away!"
    Based on my credit card, they have provided me a health insurance from HDFC Ergo. It covers for my entire family. They have given me a coverage amount of Rs. 6 lakhs. I have not applied for any claim till now. I pay the premium amount of Rs. 4,500 on every year. They cover most of the hospital in the city for that they provided me a list also.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 08, 2019
  • Oriental Insurance
    Oriental Insurance Health Insurance
    "Good one"
    0.5 5.0/5 "Blown Away!"
    There is no need to talk with the customer care of Oriental insurance and they have already provided the guidelines with the power point presentation and hospital list also. Most of the hospital is providing the cashless facility also. In my company they have provided me a health insurance from oriental. They have provided me a coverage amount of Rs. 3 lakhs which covers for myself.
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Dec 07, 2019
  • National Insurance Health Insurance
    "Smooth transaction"
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance policy from my company and the insurance company is NATIONAL INSURANCE. The policy coverage was Rs. 2lakhs. Recently i got hospitalized and that was cashless treatment, and i got a claim also. This insurance covers all network hospitals. My company provides this policy me and my spouse and children. I got 90% of claim.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 07, 2019
  • Religare Health Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance mediclaim policy from RELIGARE HEALTH. The coverage value I think its 3lakhs and i am paying premium on approximate of Rs. 13k-14k. This is a group policy they provided 2 policies one is group and other one individual. This is life long policy it covers all type of illness. Dental they wont cover in this policy and still there is a no claim.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 06, 2019
  • United India Health Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance from united India which is provided by my employer. I will recommend this medical insurance to all because the service was good and the claim disbursement time is very less within 25 days we are getting the claim amount. They processed the claim very fast and they are giving upto 80% coverage for my parents, myself, spouse and children the claim coverage up to 100%.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 06, 2019
  • Star Health Health Insurance
    "Best policy"
    0.5 3.0/5 "Satisfactory"
    I have taken a mediclaim policy from STAR HEALTH and this is a company policy. I am paying premium annually Rs. 14,000.This policy covers all type of critical illness and i went for claims 2 to 3 times its a cashless. They cover all network hospital and this is family floater policy.
    Was this review helpful? 0
    , hospet
    Reviewed on Dec 05, 2019
  • ICICI Lombard Health Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have taken medi claim from ICICI LOMBARD GENERAL INSURANCE. The coverage value was Rs. 5,00,000 and I am paying premium Rs. 5000. This policy covers all type of critical illness day care treatment. This is a cash less policy last year I had done claim of 2L. This insurance covers all network hospitals and this is a group policy.
    Was this review helpful? 0
    , vijayawada
    Reviewed on Dec 05, 2019
  • SBI General Health Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have taken a health insurance from SBI General because from Government side, I can claim the amount if I apply for reimbursement. I have paid the premium amount of Rs. 1000 on every year. They have not explained me about the coverage amount.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 05, 2019
  • Bajaj Allianz Health Insurance
    "Good"
    0.5 3.0/5 "Satisfactory"
    My employer has given me a health insurance policy from BAJAJ ALLIANZ on 5 years before. The coverage amount of 5L. On yearly basis they will renew my policy. The premium amount of 10K use to pay. It covers particular hospitals and with multi specialty. There is cashless treatment as well. It covers my whole family.
    Was this review helpful? 0
    , medak
    Reviewed on Dec 04, 2019
  • review Health Insurance
    "Safety Policy"
    0.5 4.0/5 "Great!"
    Taken my health insurance from Birla Sun life. They approached me through call, when i accepted the same, they have given me a health insurance for my entire family with the coverage value of Rs. 3 lakhs. I have been paying the premium amount of Rs. 960 every month. In this policy, pre-existing disease has been covered.
    Was this review helpful? 0
    , dindigul
    Reviewed on Dec 03, 2019
  • Royal Sundaram Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a health insurance policy from ROYAL SUNDARAM.This is an individual policy and the coverage was Rs. 5,00,000. Annual premium i am paying Rs. 2000. This insurance covers all type of critical illness and still there is a no claim. Every year i am getting reminder call but i am not getting call to include my family members.
    Was this review helpful? 2
    , coimbatore
    Reviewed on Nov 29, 2019
  • review Health Insurance
    "Best mediclaim"
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance policy from ADITYA BIRLA HEALTH INSURANCE. This is a group policy and the coverage was Rs. 2,00,000. I am paying yearly premium around Rs. 3500 and this policy covers all type of critical illness, some disease will not cover need to be get cover.This policy covers all network hospitals.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Nov 29, 2019
  • Oriental Insurance Health Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance from ORIENTAL INSURANCE. The coverage value was Rs. 5,00,000 and the premium i am paying Rs. 25,000. This is a group policy which covers all type of critical illness and also i am enjoying TAX benefits. I went for claim full amount i got reimburse and they have issued health ID card for claim it's very useful more over they cover all net work hospitals.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Nov 28, 2019
  • Star Health Health Insurance
    "Average"
    0.5 4.5/5 "Excellent!"
    I have taken a health insurance policy from STAR HEALTH and i am using this policy almost 12 years. This is a group insurance which covers my family also and the coverage value was Rs. 7,50,000. I am paying premium for this policy around Rs.35,000. Still now there is a no claim and also this policy covers all type of critical illness.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 28, 2019
  • ICICI Lombard Health Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    I have taken a health insurance from ICICI LOMBARD. The policy coverage value was Rs. 3,00,000 and annually i am paying premium of Rs. 9000. This is a individual policy covers individually for me and my family members. Since there is a no claim and also it covers all type of critical illness.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 27, 2019
  • Star Health Health Insurance
    "Safety policy for family"
    0.5 5.0/5 "Blown Away!"
    Last 3 years, i have been renewing the policy with Star health insurance. I have chosen this insurance because of the quick response and they have a very good network hospital list. In most of the hospitals, they accepting cashless facility with this company. My entire family has been covered in this policy.
    Was this review helpful? 0
    , tirupur
    Reviewed on Nov 26, 2019
  • Star Health Health Insurance
    "Best health policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance policy from STAR HEALTH and the coverage value was Rs. 7,00,000 This is a family policy which covers all my family members and this is a life long policy. Annual premium I am paying Rs. 15000 and also getting tax benefits.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Nov 25, 2019
  • Religare Health Insurance
    "Quite costly but good policy"
    0.5 4.0/5 "Great!"
    I have a health insurance from Religare. I haven't get any experience to claim on that. The policy has lots of benefits like it has a cashless tie up with lots of hospitals and the re-imbursement process also quite comfortable so that i got the policy from Religare. They are sending reminder messages before the policy get expired.
    Was this review helpful? 1
    , mumbai
    Reviewed on Nov 25, 2019
  • Royal Sundaram Health Insurance
    "Better Policy for insurance"
    0.5 3.0/5 "Satisfactory"
    My health insurance policy was taken from Royal Sundaram. This insurance policy i got 3 months before hence i didn't claim anything till now. I have paid the premium amount of Rs. 600 which covers only for myself. When i get my SBI credit card, they have a tie up with Royal Sundaram hence i got this. This policy would be helpful in the emergency case.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 25, 2019
  • Bajaj Allianz Health Insurance
    "Better Policy"
    0.5 4.0/5 "Great!"
    I have not claimed for the Bajaj Allianz health policy till date once i claim only i come to know about the features. I'm with the Bajaj company for many years so only I purchased this insurance. Yearly I pay the premium amount of Rs. 10000 approximately. This policy covers for myself and my wife. According to the policy, they are saying its cover for 10L.
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Nov 25, 2019
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