Choosing the Best Family Floater Health Insurance Plans in India
Choosing the Best Family Floater Health Insurance Plans in India
Posted On : 01 February 2021, 8 Months Ago. Health-Insurance
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Health insurance is a must-have product. With the rising cost of healthcare and improvements in lifestyle, maintaining one's well-being has become a top priority. As consumers become more aware of their healthcare needs, more forms of health insurance policies are being introduced into the market to meet those needs. One such health insurance option is family floater health insurance, which offers comprehensive health benefits to the entire family at a low rate. Let's take a closer look at the family floater health insurance plan.


What is a Family Floater Health Plan?


Family floater health insurance is a form of health insurance policy that provides coverage to all members of a family under one policy. It's an umbrella scheme that protects the whole family under a single policy with a single cap of liability. For the length of the insurance term, the coverage offered by the contract can be used by all covered members of the family. A family floater mediclaim policy provides a range of incentives to meet the healthcare needs of all family members, regardless of age.

For instance, suppose you purchase a family floater plan with a sum assured of Rs 5 Lakhs for four members of your family. A total of Rs.5 Lakhs can be invested by all four people in a single year. If one of the family members uses Rs 3 Lakhs of the amount insured, the rest of the family will only be allowed to use Rs 2 Lakhs in one policy year.


Types of Family Health Insurance Plans in India


There are two options for family health insurance coverage:


1. Medical Coverage


A family floater mediclaim policy covers hospitalization costs incurred as a result of medical care. Benefits may be claimed from a cashless hospitalization facility or compensation under a family floater mediclaim program.


2. Critical Illness Plan


This is a form of plan that pays a lump sum on diagnosis of a critical illness such as kidney failure, heart disease, or cancer, among others. Severe illness insurance, on the other hand, must be paid separately for each family member.


How to Choose the Best Family Floater Health Insurance Plan?


When it comes to health care, there is no such thing as a one-size-fits-all policy. Health insurance is a contract-based scheme that involves legal jargon. Aside from that, a health insurance package includes medical jargon. You can find that each of the various medical insurance policies on the market is unique in every way, with its own set of benefits and limitations.

Before you can find the correct and safest health insurance plan for you, you must perform thorough study. You must compare the different health insurance policies provided by various organizations.


However, there are some essential considerations to make before purchasing a family floater health insurance policy in India:


1. Premium


When it comes to getting an insurance policy, the premium is normally the first thing that most of us consider. As opposed to individual mediclaims, a family floater plan offers health care to the entire family at a reduced rate.


2. Co-Pay Clause


A copayment is when the policyholder is responsible for a certain proportion of the claim sum.


3. Waiting Period for Pre-Existing Diseases


Check to see if the agreement includes any pre-existing conditions. Some regulations cover all current illnesses, while others enable the policyholder to wait a few years before filing a claim.


4. Sub-Limits


Limits can be set by health insurance providers for particular diseases or treatments. For e.g., a policyholder may be able to assert just Rs 20,000 for cataract surgery, but the policy amount assured may be Rs 3 Lakhs. Without sub-limits, plans are better, but premiums can be higher.


5. Claim Settlement Record


Claims settlement ratio is crucial considering the product's existence. The data in the public domain, on the other hand, is not user-friendly, so it's important to use it in your research.




Purchasing health insurance should not be perceived as an unnecessary expense. Both salaried and non-salaried people must have appropriate insurance benefits. And if you are protected by your employer's group mediclaim plan, you should have a separate person or family floater plan.

Shortlisting the right health care policy is incredibly difficult. Before purchasing a family floater health insurance plan, there are many things to consider. The one that is less expensive may be restricted in terms of benefits, while the features in the more expensive one may compensate for the higher price.

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