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  • Family Floater Health Insurance

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    Cashless Treatment

    Customer Service

    Medical Coverage

    Claim Experience

    Responsiveness

    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
    • Cigna TTK Health Insurance
      "Average"
      0.5 4.0/5 "Great!"
      I have chosen Health insurance with Cigna TTK. They provided me a cashless facility and reimbursement for my doctor bills. I have taken the policy for my entire family. I pay yearly 10K as a premium through ECS. The claim experience is excellent and the reimbursement was immediate. The policy coverage for me is 5L and rest of family members is 3L. They have more network of hospitals but they pay more attention on the medical bills.
      Was this review helpful? 0
      , thane
      Reviewed on Nov 15, 2018
    • Apollo Munich Health Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had a health insurance for my family with Apollo Munich. My experience is good. Due to some reason, I was unable to pay the premium. The policy has been lapsed. I have paid 12K for a year. The payment mode is net banking. The policy coverage was 5L. It was covering almost all diseases, If I use even 5L at one time again they will provide 5L which was very good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2018
    • HDFC Ergo Health Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been using HDFC ERGO health insurance for while , I never had any claim experience with the policy. I will have to wait and see how they respond to their claim requests in future, overall service was good it cover accidental policy and they charge nominal premium amount.
      Was this review helpful? 0
      , anantapur
      Reviewed on Nov 15, 2018
    • Star Health Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my health insurance with Star health insurance,there premium they charge is nominal only i use to pay my premium amount on monthly bases and it use to get auto debited with my bank account and they have explain me all policy which is cover in this policy clearly, till now i did not face any issue with this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 15, 2018
    • Star Health Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my salary account from STANDARD CHARTERED bank there service is very good they provide me they don't charge me unnecessarily and they use to update me time to time about this offers. There use to serve me 24/7 whenever i call they assist me very well.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2018
    • Reliance General Health Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have a company provided health insurance with Reliance, i am not aware of the premium amount as my company pays it. There was no claim experience so far with this insurance policy. This policy has a coverage value of Rs 4 lacs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 15, 2018
    • ICICI Lombard Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my health insurance with ICICI lombard from past 1 year, the premium i pay on yearly bases up to 9000 rupees it was nominal for me and i use to pay through on line and there customer service was good they explained me all policy clearly.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Nov 15, 2018
    • review Health Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my health insurance with IFFCO TOKIYO , i dont pay premium the company directly pay on my behalf so i dont know how much i need to pay insurance and this insurance include accidental policy and it has got tie up with various hospitals.
      Was this review helpful? 0
      , dariba
      Reviewed on Nov 14, 2018
    • ICICI Lombard Health Insurance
      "Good card"
      0.5 4.0/5 "Great!"
      I have taken my health insurance with ICICI LOMBARD , i pay premium on monthly bases and till now i have not utilized this insurance ye so i have no idea how it will work and i use to my premium through on line and so far service was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 14, 2018
    • Religare Health Insurance
      "Good Coverage"
      0.5 4.0/5 "Great!"
      I have taken health insurance through online portal, the medical value is fine. They gave me Rs. 5 lakhs for health coverage. The service is good the documentation process was very smooth and I got my card on time. Religare health is providing cash less hospital because they have good networks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 14, 2018
    • HDFC Ergo Health Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my health insurance with HDFC ERGO , i have not opt there policy yet and i use to pay premium on monthly bases up to 400 rupees and it use to get auto debit from my account and while i applied for health insurance customer service had explained me about all procedure , so far the process went smoothly and it good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 14, 2018
    • National Insurance Health Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      This insurance policy has been taken through the company which i am working, the premium amount has been taken every month and it was a good service which they had been making so far. I had two times availed the claim through them and the method in getting the claim has also been good.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Nov 14, 2018
    • HDFC Ergo Health Insurance
      "Recommendble Top up policy"
      0.5 5.0/5 "Blown Away!"
      I have done health policy top up with HDFC Ergo, the customer service is also very good. There is no processing fee for the top up, they gave me the medical amount Rs. 12 lakhs for entire family its for 3 person, I don't have claim experience. They are covering major or minor but for waiting period for pre existing is three years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 13, 2018
    • Oriental Insurance Health Insurance
      "Need to improve on the coverage"
      0.5 4.0/5 "Great!"
      One of my friend have suggest this company, the medical coverage value is low around Rs. 3 lakhs then I have top up with HDFC Ergo. But Oriental insurance have tie up with many hospital in Hyderabad, I got my medical card on time, I need to approach through paper.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 13, 2018
    • HDFC Ergo Health Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I already a health insurance with HDFC Ergo. I am satisfied with the benefits. The policy coverage is one year. It covers only minor disease. There is no claim experience. They provide a good network of hospitals for the cashless treatment. I don't get any reminder call for the policy renewal.
      Was this review helpful? 0
      , panipat
      Reviewed on Nov 13, 2018
    • National Insurance Health Insurance
      "Very low premium policy"
      0.5 4.0/5 "Great!"
      I have not used the health insurance for any kind of claim services. The health insurance policy from National has been issued from my organization. I have called the customer care service for a normal enquiry and the response was good. They have given me a coverage value of Rs. 5 lakhs and all the family members of mine is included in this policy.
      Was this review helpful? 0
      , dehradun
      Reviewed on Nov 13, 2018
    • Royal Sundaram Health Insurance
      "Good Experience"
      0.5 4.5/5 "Excellent!"
      I have two claim with Royal Sundaram, it was hassle free. I need to submit few documentation the process was quick. I got the reimbursement I didn't get the cash less hospitalization. On my nearest place there is no hospital which they got tie .
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 12, 2018
    • New India Health Insurance
      "Good Health Policy and providing good reimbursement"
      0.5 5.0/5 "Blown Away!"
      My company provided New India vidol ttk medical card with the coverage Rs. 1 lakh they are providing cash less hospitalization. The policy activation is very good, I have submitted normal documents two times I used my policy for health issue and for my wife's delivery, I received 100% of reimbursement amount within 15 days.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 12, 2018
    • Cigna TTK Health Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Previously I had a health insurance with Cigna TTK and now moved to new insurer. They provide a cashless treatment in good hospitalization. I have not gone for claim process. The medical coverage is good and don't know about the cashless. I paid around Rs.5500 for a one year.
      Was this review helpful? 0
      , thane
      Reviewed on Nov 12, 2018
    • National Insurance Health Insurance
      "Very easy to get a claim"
      0.5 4.0/5 "Great!"
      My employer has provided me a health insurance with National Insurance. They have given the health insurance policy for my family also. I have got the coverage amount of Rs. 29 lakhs and the chained hospitals list was good. In ten days, i have got my claim settlement. They are providing a cashless treatment facility.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 12, 2018
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