Family Floater Health Insurance

Know the key features, benefits, coverage details and claims process for family floater health insurance plans.
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Family floater health insurance plans
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3 mins
21-March-2023

Family floater health insurance, also known as family health insurance, covers your entire family under a single plan. The sum insured applicable under these plans covers all the family members included under them. Primarily these plans cover individuals, spouses, and children. However, some plans cover parents, parents-in-law, and siblings as well.

Family Floater Health Insurance meaning

A family floater health insurance plan is a type of health insurance plan that covers multiple members of a family. Any family member enrolled in this health plan can utilise the sum insured for covering any medical expenses that may arise. Compared to an individual health insurance plan, a family floater plan comes at a lower premium. It also ensures you do not have to buy health insurance plans for each member separately. This type of plan proves ideal for families who want to cover all their medical expenses under a single policy. It helps you avoid the hassle of managing multiple individual policies.

What is individual health insurance?

An individual health insurance plan is designed keeping in mind an individual’s medical needs. It offers financial coverage for healthcare costs, including hospitalisation, surgeries, and other medical procedures. The premium depends on the coverage and add-on benefits availed as part of the policy. It also depends on the individual’s age and medical history.

Family floater health insurance - Overview

Family floater health insurance is a comprehensive healthcare solution that covers an entire family under a single policy. This policy provides financial protection against medical expenses for all family members, ensuring collective well-being.
The sum insured is shared among family members, offering flexibility and cost-effectiveness. With a family floater plan, individuals can avail of a wide range of medical services, ensuring holistic healthcare coverage for the entire family. It's a convenient and economical way to safeguard your loved ones' health.

Family floater health insurance policy: Who must consider it?

A family floater medical insurance policy is ideal for households looking to secure comprehensive health coverage under a single plan. This type of insurance is particularly beneficial for families, as it combines the coverage for all members, often at a lower premium compared to individual policies. It's perfect for young families and couples planning for children, offering flexible, shared coverage for medical expenses.

Key features of family floater health insurance

Here’s a quick look at the key features of the family floater health insurance offered at Bajaj Finance Insurance Mall.

Features

Specifications

Sum insured

Up to Rs. 50 lakh

Cashless treatment

7,000+ network hospitals

Daycare treatment

Covered

Tax benefit

Included

Pre-and post-hospitalisation expenses

Covered


Benefits of family floater health insurance

Here are some key benefits of family floater health insurance plans.

Coverage for family members

Unlike other insurance policies, which provide coverage only for the insured individual, a family floater health insurance plan covers multiple individuals. As a result, you can add your spouse, children, parents, and siblings to a family floater health plan.

Cashless in-patient hospitalisation

Family members under a family floater plan can receive cashless health insurance benefits. They can benefit from cashless hospitalisation at network hospitals if they notify their insurance within 24 hours of admission.

Hospital room rent

For each hospitalisation day, a family floater health insurance policy may cover the room rent. The coverage is up to a specific amount as specified by the policy.

Daycare treatments

All members covered under a family health insurance policy can avail of daycare treatment benefits. A daycare procedure requires hospitalisation for less than 24 hours.

Coverage for ambulance cost

Family health policy covers the ambulance expenses to transport any enrolled member to the hospital.

How does a family floater health insurance work?

A family floater health insurance covers all the family members you have enrolled in the plan. You basically pay for a single health plan and get medical coverage for all family members under one plan. This means the sum insured on the plan gets shared by the members whenever a medical emergency arises. You can claim the sum insured multiple times up to the maximum coverage offered.

Difference between a family floater and individual health insurance plan

Know what makes family floater health insurance different from individual health insurance plans.

Parameters

Individual health insurance

Family floater health insurance

Coverage

The coverage amount is dedicated only to the policyholder.

For example, if the coverage limit of the policy is Rs. 10 lakh, you can avail of the entire coverage amount.

The coverage amount gets spread across all the family members enrolled on the plan.

For example, if a family health plan offers a coverage limit of Rs. 10 lakh, the sum insured will be spread across all the family members.

Benefits

Covers all medical expenses of the individual.

Covers all medical expenses of family members enrolled under the plan.

Premium

Premium is higher and depends on the coverage limit chosen. It also depends on the policyholder’s age, medical history and add-on covers availed.

Premium is lower compared to the individual health plan, as here you buy only one plan for all the members.

Members covered

Only the policyholder gets covered.

You can enrol four to eight members in one plan. The members include the policyholder, spouse, and two children. Some plans also allow enrolling parents and parents-in-law.


Also, read: Senior citizen health insurance

What does a family floater health insurance plan cover?

A family floater health insurance generally covers the following expenses.

Hospital expenses coverage:

You get coverage for hospitalisation, including room rent, nursing, doctor's fees, and other service charges.

Pre-and post-hospitalisation expenses:

You get coverage for pre-and post-hospitalisation expenses. The plan covers medical expenses incurred 30 days before and 60 days after hospitalisation as per the policy. The days of coverage may differ from policy to policy.

Daycare treatment:

You get coverage for daycare treatments that require less than 24 hours of hospitalisation.

Preventive check-up:

Family floater health insurance also covers vaccinations and health check-ups for all family members.

Add-on covers:

You can also avail of add-on covers like critical illness cover, maternity cover, hospital cash cover, and more.

AYUSH treatment: 

You also get coverage for modern and traditional treatment methods like robotic surgeries, oral chemotherapy, and Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy (AYUSH).

What family floater health insurance does not cover?

A family floater health insurance does not cover the following expenses.

  • Treatment for diseases that occur during the waiting period mentioned in the policy.
  • Treatment for STDs (sexually transmitted diseases) such as herpes, AIDS, etc.
  • Treatment for illnesses arising from substance abuse, including narcotics, drugs, alcohol, etc.

Top family floater health insurance plans

Given below are the leading family floater plans offered by top insurance providers through Bajaj Finance. You can claim benefits across 7,000+ network hospitals across the country.

Family Health Insurance Plans

Sum insured

Aditya Birla Group Activ Health

Up to Rs. 10 lakh

Aditya Birla Activ Assure Diamond

Up to Rs. 2 crore

Aditya Birla Super Top-up

Up to Rs. 50 lakh

Bajaj Allianz Heath Guard

Up to Rs. 50 lakh

Bajaj Allianz Extra Care Plus

Up to Rs. 50 lakh


Things to consider before buying a family floater health insurance plan

Here are the things that you should keep in mind before purchasing family floater health insurance for your family.

Sum insured

The sum insured in a policy must be sufficient to meet the entire family's medical expenses. Generally, insurance companies offer family floater plans with a sum insured starting from Rs. 50 lakh.

Network hospitals

To avail of cashless treatment, choose an insurer with a sizable network of hospitals. You can then claim for cashless settlement at any network hospitals.

Claim settlement ratio

Choose an insurance company with a high claim settlement ratio. The insurer must have simple process to accept and resolve claims. This will guarantee that the claims processed quickly and with minimal difficulty.

Waiting period

Usually, most insurers impose a waiting period of 2-5 years. People cannot submit claims for any pre-existing conditions or add-on benefits like free annual checkups, dental care, etc. during this time.

Apart from these, you must thoroughly go through the inclusions and exclusions of a family floater health plan. Also, check if the company gives any add-on covers to expand the coverage.

How to apply for family floater insurance plans online

Step 1: Click here to open our online application form.
Step 2: Fill in the application form with basic details of the proposer. Provide name, gender, mobile number, date of birth, and residential PIN code.
Step 3: Now click on ‘Get Quote’ to proceed.
Step 4: From the list of policies shown, choose your preferred family health insurance plan by clicking the ‘Buy Now’ button placed under each plan. You can further modify the insured amount, policy term, and plan type to get a list of policies tailored to your preference.
Step 5: Based on the plan, you choose you may get the option to select the policy term and premium amount.
Step 6: Enter your email ID and check if all personal details shown are correct. Click ‘Next’ to proceed.
Step 7: Enter some additional details, such as height, weight, nationality, marital status, address, and nominee details (if applicable).
Step 8: Answer a few questions about your health and lifestyle by clicking the relevant checkboxes. Click on the ‘Next’ button to proceed.
Step 9: Verify if the previously filled details are correct and click on the ‘Proceed’ button to visit the payment page.
Step 10: Make the payment through net banking, UPI, debit, or credit card to buy the policy.

After successful payment, your policy document will be available for you to download instantly. You will receive a copy of the policy document on your registered email ID within 5-7 working days..

You will also receive an SMS confirmation immediately after the payment processed successfully.

You can also access your policy details through the My Account section within 5-7 days after the purchase.

Frequently asked questions

What are the eligibility criteria for buying a family floater health insurance plan?

For adults, the minimum age criteria to get enrolled in the plan is 18-65 years. For dependent children, the age bracket is between three months and 25 years. However, the eligibility criteria may vary for different family floater health plans.

How many members can I cover under a family floater health insurance plan?

You can enrol up to six members in a plan. A family floater health insurance mainly covers the policyholder, spouse, and up to four dependent children. A few family floater health insurance plans also allow you to enrol parents and parents-in-law.

Which is better, family floater or individual?

Choosing between family floater and individual health insurance depends on your needs. Family floater offers shared coverage, often at a lower premium, making it ideal for families. Individual policies provide personalised coverage, beneficial if specific health needs vary significantly.

What are the disadvantages of a family floater mediclaim policy?

Family floater mediclaim policies have shared coverage limits, meaning high claims by one member can exhaust the sum insured. Premiums may increase with the age of the eldest member. Additionally, some policies have restrictions on the number of members covered.

Who cannot be covered under a family floater policy?

Typically, family floater policies exclude extended family members like grandparents, aunts, uncles, or cousins. These policies generally cover spouses, dependent children, and sometimes parents. Additionally, coverage may be denied to individuals with pre-existing conditions or over a certain age.

What is a Happy Family Floater Policy?

The Happy Family Floater Policy is a comprehensive health insurance plan by Oriental Insurance. It provides extensive coverage for families, including hospitalisation, critical illness, and maternity benefits, with customizable sum insured options and the convenience of a single policy for the entire family.

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