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:

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.

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Family Floater Health Insurance Reviews

Page 1 of 50 1 2 3 4 5
  • Star Health Health Insurance
    "Good health insurance"
    0.5 5.0/5 "Blown Away!"
    5 years back, i have started taking the health insurance from Star health insurance. They are providing some discounts also but i did not get any claim till now. Its because of the best services an the premium is less hence i have purchased the policy with them. My entire family has been covered in this policy. I don't have any claim experience.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 16, 2019
  • HDFC Ergo
    HDFC Ergo Health Insurance
    "Not recommendable policy"
    0.5 3.0/5 "Satisfactory"
    I have chosen the health insurance from HDFC Ergo without any reason. I have been using the policy for a long time but they haven't provide the no claim bonus till now. They have provided me a coverage value of Rs. 7 lakhs and the executive come to my place to renew the policy. I do not have any claim bonus.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 16, 2019
  • United India Health Insurance
    "Good 100% claim policy"
    0.5 5.0/5 "Blown Away!"
    My employer has provided me a health insurance policy from United India. Myself and my entire family has been covered in this policy with a coverage value of Rs. 10 lakhs for each person. I had a claim experience which was very fast and smooth. It was cashless facility covered for 100%. Overall, I'm very much satisfied with the policy.
    Was this review helpful? 0
    , greater noida
    Reviewed on Jul 15, 2019
  • Max Bupa Health Insurance
    "Need to decrease premium amount"
    0.5 5.0/5 "Blown Away!"
    I have taken a health insurance in MAX BUPA. The policy is for one year but it will getting renew on every year. I am paying premium in the yearly package and the amount is too high. While getting a policy my agent has given an information about the policy details. They have tied up with particular hospitals only and cashless also applicable.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 15, 2019
  • Star Health Health Insurance
    "AVERAGE"
    0.5 3.5/5 "Pretty good"
    I am using from last few years the health insurance policy, i had a claim but the settlement was done for 70% within 3-4days. The coverage is for family, premium paying was nominal, medical coverage is for 4L, illness, pre existing disease coverage is available with the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 14, 2019
  • Star Health Health Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I had a claim for 2 time and the experience was excellent, it was a reimbursement and cashless once also the customer support is good, i am using from last 10 years. It has the pre existing disease coverage and illness is there, listed hospital is good, premium was nominal, medical coverage is was 10L for family coverage.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 13, 2019
  • Oriental Insurance Health Insurance
    "No claim experince"
    0.5 4.0/5 "Great!"
    The benefits are good hence i opted for the oriental insurance. I have chosen the lower premium policy which has a coverage of Rs. 2 lakhs. I have chosen the policy only for me. Almost most of the hospitals has been covered with the cashless facility.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 13, 2019
  • Religare Health Insurance
    "Yet to explore the policy benefits"
    0.5 3.5/5 "Pretty good"
    My employer has given me a health insurance policy from Religare and they have provided me a coverage amount of Rs. 5 lakhs. Myself, my wife and my children are covered in this policy. Still now i haven't get my policy documents. They have a cashless facility with some of the hospital as well.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 13, 2019
  • Religare Health Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the policy from last 1year, i had a claim experience it was good and responsive with the customer support. The premium paid was nominal which was 46K+60K it gives the coverage for family and the medical coverage is for 5L for each, the listed hospital is nominal.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 13, 2019
  • review Health Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I have used the heath insurance policy with IFFCO TOKIO GENERAL INSURANCE where i had claim experience but the settlement it takes nearly 3 months with the policy. It gives the coverage for my parents but the policy i am not satisfied.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 13, 2019
  • review Health Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    The reason for taking the health insurance policy with ADITYA BIRLA HEALTH INSURANCE CO LTD is because it is good when compared to others. the policy i am using from last 6 months and it has the validity of 1 year, it gives the self and spouse coverage.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 12, 2019
  • Max Bupa Health Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the health insurance policy with MAX BUPA where i had no claim experience with the policy added on that the policy has the premium as nominal has the good medical coverage. The i have been using from last 6 months and the coverage is for 2 years.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 12, 2019
  • Reliance General Health Insurance
    "Good Insurance"
    0.5 4.0/5 "Great!"
    My company has provided me a health insurance from Reliance. I haven't contact the customer care service yet and my family of my father and mother included along with me. I'm not sure about the coverage amount. I haven't use their services and they have provided me a health insurance card.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 12, 2019
  • HDFC Ergo Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My employer has provided me a group insurance from HDFC Ergo. Its a health insurance with the cashless treatment facility. My family of my mother and my father and if the person is married spouse and children is covered along with the policy owned person. They have provided the coverage amount of Rs. 15 lakhs and i do not have any claim experience
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 11, 2019
  • New India Health Insurance
    "Fast claim settlement"
    0.5 5.0/5 "Blown Away!"
    I got the medical cover of Rs. 3 lakhs its cover for my family member as well, recently there is a claim for my spouse maternity they covered 100% of cash less facility and reimbursement for my son. New India got tied up with big hospital apollo, ameri etc.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 11, 2019
  • Bajaj Allianz Health Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have applied for Health Insurance policy directly through Bajaj Allianz .This policy tenure is for 1 year and each year need to renew the policy .I have not faced any drawbacks so far on using this policy.I have got all the required details about the policy through the agent.I am really comfortable with the service .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 11, 2019
  • Star Health Health Insurance
    "Good coverage policy"
    0.5 5.0/5 "Blown Away!"
    Since star is a good company and my friend has told me that insurance is very important for health and for my family policy, i am paying the premium of Rs. 11000 and i am renewing the policy for last 5 years. I got the no claim bonus as well. They have given me a coverage value of Rs. 5 lakhs and the hospital list is good and most of the corporate hospital has been covered.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 10, 2019
  • Star Health Health Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    Ii am using the health insurance policy with the STAR HEALTH & ALLIED INSURANCE since from last 4 years and i had no claim experience. It gives the family coverage added on that the listed hospital is good with the bank. The premium paid was nominal.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 10, 2019
  • HDFC Ergo Health Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the health insurance policy with HDFC ERGO GENERAL INSURANCE where i had no claim experience with the policy added on that the premium paid through oline also it was nominal they have given the good medical coverage. There are good coverage available with the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 10, 2019
  • ICICI Lombard Health Insurance
    "Best Medical Cover"
    0.5 5.0/5 "Blown Away!"
    I have health policy from ICICI Lombard which provided by my company, I got Rs. 3 lakhs of cover its only for me. They do have critical illness cover and I am not sure about the pre existing cover. They got tied up many hospitals across pan India.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 09, 2019
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