• Family Floater Health Insurance

     4.0 / 5.0   by 4590 users
    Used this product? Write a review >>

    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:

    Health Insurance Plans for Individuals
    Health Insurance Plans for Senior Citizens
    Critical Illness Insurance Policies
    Group/Employer Health Insurance
    Cashless Health Insurance Policies

    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.

    Family Floater Health Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • Star Health Health Insurance
      "Better"
      0.5 1.0/5 "Really Bad"
      I am having the health insurance policy with the Star health insurance company. Coverage value is around 3 lakh Rupees. I would like to say that the response is fine one for me with them and the customer service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 17, 2018
    • National Insurance Health Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I am having the health insurance policy with the National Insurance company. I used to talk with them very often and the claim went in easy manner. Everything went in the good aspects with them till now.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 17, 2018
    • Religare Health Insurance
      "Its Best"
      0.5 5.0/5 "Blown Away!"
      I have corporate insurance from Religare Health, I didn't check the benefits, I believe I got medical cover upto Rs. 3 lakhs for my entire family. I got Religare e card. If in case of any emergency if I admit more than 24 hours I can get the reimbursement. I would suggest to enable daily check on insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • Bajaj Allianz Health Insurance
      "Good Insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a Mediclaim plan with Bajaj. I have had a good claim experience with them. They gave the amount pretty easily. Even in case of my relatives experience Baja readily payed about Rs.75000 for the treatment. The number of network hospital in it are pretty good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • Religare Health Insurance
      "Bad Experience"
      0.5 1.0/5 "Really Bad"
      This is my first term with Religare Mediclaim plan. 7 months down my Insurance my Brother had an accident, and consequently they didn't cover me up during this time. I had to pay more than Rs.1 Lakhs for the treatment. I applied for it thrice and all the three times it got rejected, they said accidents aren't covered in this Insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • Royal Sundaram Health Insurance
      "Average service"
      0.5 1.0/5 "Really Bad"
      I have taken Royal Sundaram Health Insurance policy,i purchased two months ago,the premium amount is is 6000 paid per annum,I dint receive the kit as yet.The policy coverage is three lakhs and they would cover 100% cashless treatment.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • HDFC Ergo Health Insurance
      "Need to improve"
      0.5 1.0/5 "Really Bad"
      I do have the health insurance policy with the HDFC ERGO general insurance company. I would like to say that the customer service could be get improved. I have felt that the response also could be get improved.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • United India Health Insurance
      "Very good policy "
      0.5 5.0/5 "Blown Away!"
      I have the corporate health insurance policy wit the UNITED INDIA INSURANCE company. I hold this policy for the past 8 years. This policy covers 4 members in my family. I have the medical coverage amount up to Rs,3,00,000. I would say the cashless treatment option is available with this policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 15, 2018
    • Bajaj Allianz Health Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Health Insurance with Bajaj Allianz ,the premium amount is 12,000, its a one time payment.They cover including the dependants the policy coverage amount is five lakhs ,they give 100% for cashless treatment.I pay my premium with my EMI card of bajaj allianz.
      Was this review helpful? 0
      , jaipur
      Reviewed on Feb 15, 2018
    • ICICI Lombard Health Insurance
      "Better service"
      0.5 4.0/5 "Great!"
      I have taken a Health Insurance with ICICI Lombard,the premium amount is 10800 its a one time payment.They cover including the dependants 40% and for the primary holder its 60%they give 100% for cashless treatment.I would say its the best for an individual take a policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2018
    • Religare Health Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold a health insurance with Religare from last 2 years and it is a good insurance policy. This policy has to be renewed every year and i pay a premium of Rs 11000 for this insurance. I do not have claim experience and i have not taken any cashless treatment. I have a coverage of Rs 5 lakhs which is satisfactory.
      Was this review helpful? 0
      , faridabad
      Reviewed on Feb 14, 2018
    • HDFC Ergo Health Insurance
      "Fantastic"
      0.5 5.0/5 "Blown Away!"
      Taken a medical insurance policy with HDFC ERGO GENERAL INSURANCE. Still now I have not taken any claim with my medical insurance. The plan and benefits are really good. I have been paying a premium of rs 5,000 per year. The customer service and response is good.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 14, 2018
    • United India Health Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the Health insurance policy with the United India Insurance company. I been with them fro fifteen to seventeen years of time. Response is good one and everything is convenient too. Coverage value is good one with the United India Insurance company.
      Was this review helpful? 0
      , solapur
      Reviewed on Feb 14, 2018
    • National Insurance Health Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance with national insurance from last 2 months and it is a good insurance policy. I pay a premium of Rs 170 on monthly basis. I do not have claim experience so far and i have not taken any cashless treatment. I have a coverage of Rs 3 lakhs which is satisfactory.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 13, 2018
    • Royal Sundaram Health Insurance
      "Health insurance with ROYAL SUNDARAM"
      0.5 3.0/5 "Satisfactory"
      From ROYAL SUNDARAM GENERAL INSURANCE i have taken a health insurance policy and the premium amount is 7000. This policy covers my whole family. They provide cashless treatment facility.I make my payment through cheque. The customer service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 13, 2018
    • HDFC Ergo Health Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a Health insurance with HDFC Ergo,The premium amount is 17,000 including family members.The insurance is active since 2014. They promised to cover 100% cashless treatment till date i have no experience for the same.The payment is don't through Auto debit from credit card.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 13, 2018
    • Bajaj Allianz Health Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the health insurance policy with the Bajaj allianz general insurance company. Coverage value is around 2 lakh Rupees. Response time is best one with the Bajaj allianz general insurance company.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 13, 2018
    • HDFC Ergo Health Insurance
      "Best policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold a health insurance with HDFC ERGO from last 7-8 years and it is a good insurance policy to use. This policy has to be renewed every year and i pay a premium of Rs 15000 for this insurance. I have taken a cashless treatment and my claim experience was very good with this insurance. I have a coverage of Rs 3 lakhs which is satisfactory.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 13, 2018
    • Apollo Munich Health Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took a health insurance from Apollo Munich through an advisor. Its been 3 years. The cash facilities are really good. The customer service was pretty good. I haven't gone for claim. The medical coverage was 5L. I used to pay around 13,000 rupees yearly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 12, 2018
    • review Health Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold a health insurance with Birla General insurance from last 6-7 years and it is one of the good insurance policy to use. This policy has to be renewed once in 3 years and i pay a premium of Rs 3500. I do not have claim experience so far with this insurance and i have not taken any cashless treatment. I have a coverage of Rs 3 lakhs which is satisfactory.
      Was this review helpful? 0
      , panipat
      Reviewed on Feb 12, 2018
    Common Loader Icon
    Page 1 of 50 1 2 3 4 5
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.