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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
  • Star Health Health Insurance
    "Good policy "
    0.5 3.0/5 "Satisfactory"
    I taken a health insurance from STAR HEALTH on last 6 months back which was taken via online. It covers my whole family of 3 members for the total amount of 5. The premium amount need to pay of 12K. The tenure period of 1 year. I have not used this card much. I haven't done any claim yet.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 20, 2020
  • Bajaj Allianz
    Bajaj Allianz Health Insurance
    "Good policy "
    0.5 4.0/5 "Great!"
    I have taken a health insurance policy from Bajaj Allianz which was taken for my mother. Policy coverage value was Rs. 1L and the premium its a one time payment, i got a offer because i am maintain CREDIT SCORE good. Still there is a no claim and i paid 3 years back, during renewal time i am not getting any calls from insurance company. This policy covers 200 hospital 30-50% in all hospital can get a claim.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 20, 2020
  • Religare Health Insurance
    "Good insurance company "
    0.5 5.0/5 "Blown Away!"
    My personal need I taken health insurance from RELIGARE on 2 years back. Actually my previous company taken health insurance got lapse, hence for better option I continued with same need to pay the premium of 5K. It covers up to myself. The coverage amount of 5L, since there is no claim yet I got bonus of 10% so as of now 5.5L. They tied up with many hospitals and cash less treatment is applicable.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 19, 2020
  • Max Bupa Health Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    This is an individual policy, cover fro myself and this is from Max Bupa. Yearly i am paying premium of Rs. 3000 and the coverage value of Rs. 5L and still there is a no claim. Every year i am getting 5% no claim bonus and this is a life long policy. Its a tax benefit plan for major and listed hospitals can avail a cash less, if non listed have to pay then we can reimburse.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 19, 2020
  • Royal Sundaram Health Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    My employer has given me a health insurance policy from ROYAL SUNDARAM and they have provided me a coverage amount of Rs. 3L. It covers myself and my spouse are covered in this policy.The premium amount need to pay of 7.5K on yearly basis. They have a cashless facility with many hospital.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 19, 2020
  • Star Health Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken health insurance from STAR HEALTH on last year for my personal use, it covers my whole family of 4 members. The sum average value is 5L. I am renewing the policy by paying the premium amount of 14K on yearly. Many hospitals are tied with them and they provide cashless treatment as well.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Mar 18, 2020
  • Star Health Health Insurance
    "Average "
    0.5 3.0/5 "Satisfactory"
    For my personal purpose, I have taken a health insurance from TATA AIG on 3 years back. On yearly, I use to renew the policy which I need to pay the premium amount of 20K via online. It covers up to myself. The sum assured amount is 2.4L. They tied up with limited hospitals only and there is no cashless treatment.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 18, 2020
  • Oriental Insurance Health Insurance
    "Good policy "
    0.5 5.0/5 "Blown Away!"
    My company provides me a health policy from ORIENTAL insurance and this is a group insurance. Annual premium i am paying Rs. 4840 and still there is no claim and the coverage value is Rs. 2 lakhs. During the renewal time, i use to get reminder call from the support team.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 16, 2020
  • review Health Insurance
    "Need online service "
    0.5 5.0/5 "Blown Away!"
    I am paying about Rs. 20k yearly for health insurance to PARAMOUNT. This is group policy and the coverage of Rs. 10L since 5 years i am using this health insurance. I went for a claim which was reimbursed. The main factor is they are asking lots of documents which they need to make it simple.
    Was this review helpful? 0
    , thane
    Reviewed on Mar 15, 2020
  • Bajaj Allianz Health Insurance
    "Okay"
    0.5 4.0/5 "Great!"
    I have received the Bajaj Allianz mediclaim policy from Bajaj Finserv on EMI basis. Cashless facility is available and am paying Rs.640 for a month. This policy is not available in the market. I wish if their executive were more polite and helpful. Its a self policy which covers 5L. Am renewing this policy from last 3years.
    Was this review helpful? 0
    , kochi
    Reviewed on Mar 15, 2020
  • Star Health Health Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    Health insurance policy which i have taken from STAR HEALTH and this is a family floater policy. I am using since 4 years still there is no claim and this insurance will cover all types of critical illness. Annually i am paying premium Rs. 13000 and its a Tax benefit policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 14, 2020
  • ICICI Lombard Health Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    ICICI offered me a health insurance and this is a group policy which covered for Rs. 4L. This insurance will cover all types of critical illness and day care treatment, still there is no claim with ICICI Lombard. I can avail cashless treatment with the listed hospitals.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Mar 14, 2020
  • United India Health Insurance
    "Best policy "
    0.5 5.0/5 "Blown Away!"
    From United India Insurance, i have taken a health insurance. This is a group insurance and i am paying premium per annum Rs. 4900. This policy covers all critical illness and there is a no age criteria, I can use this policy for life long. It covers Tax benefit under sec 80D also network of hospitals are good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 13, 2020
  • United India Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    This is a group health policy which was taken through TATA AIG and the coverage value of Rs. 3L. I am paying premium yearly Rs. 6000. Its been one year and still there is no claim and this policy covers day care treatment and this can be used till life long.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 13, 2020
  • Apollo Munich Health Insurance
    "OKAY"
    0.5 5.0/5 "Blown Away!"
    From Apollo Munich, i have taken a health insurance and this is a joint policy. The policy coverage value is Rs. 5L for a life long. I am paying the premium yearly Rs. 16k and still there is no claim on this policy. It covers all network of hospitals.
    Was this review helpful? 0
    , indore
    Reviewed on Mar 13, 2020
  • Star Health Health Insurance
    "WORST and WORST"
    0.5 0.5/5 "Unacceptable"
    Star health and Allied insurance cheaters don't go with this policy they are looting people worst and worst there are corporate beggars- frauds ,corporate beggars- frauds ,corporate beggars- frauds ,corporate beggars- frauds ,corporate beggars- frauds
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 12, 2020
  • Star Health Health Insurance
    "Nice Policy"
    0.5 4.0/5 "Great!"
    From my company side, they have provided me a health insurance from TATA AIG. I can do a cashless treatment facility in a network hospital hence i have fixed the appointment also. This policy covers only for myself. They have given me a coverage value of Rs. 3 lakhs. I don't have any claim experience till now.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 12, 2020
  • Star Health Health Insurance
    "Good products at affordable right pricing"
    0.5 4.0/5 "Great!"
    I love the way they communicate everything. Inclusions and exclusions were explained in a right way to help me choose right product at right pricing. i got a healthcare for my whole family without burning a hole in my pocket. recommended to all
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 11, 2020
  • Star Health Health Insurance
    "Good "
    0.5 4.0/5 "Great!"
    My friend has suggested to apply health insurance, so for my personal need I had taken a health insurance from STAR HEALTH on 10 months before. They tied up with many hospitals and it covers all city. There is cash less treatment and the policy includes 4 family members, need to pay the premium amount of 12K on yearly basis.
    Was this review helpful? 1
    , chennai
    Reviewed on Mar 10, 2020
  • review Health Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    My health insurance policy is running with Aditya Birla Health Insurance. This is a family floater policy and i am paying premium around Rs. 14k yearly. Still there is no claim and this insurance covers all network of hospitals. This policy has some TAX benefits.
    Was this review helpful? 0
    , lucknow
    Reviewed on Mar 09, 2020
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