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In simple language, floater policy means that all family members can come under the coverage of one umbrella. Here each insured member can avail of the benefits offered under the health policy by being a part of the larger common pool. For instance, if you are a married individual with kids, a family floater plan is the best option to cover all your dear ones under a common sum insured as compared to buying separate plans for different members.
Several top health insurance companies offer some of the best floater plans. However, when buying a floater health policy for your family, compare quotes online from different policy providers before making the purchase. With the help of online comparison, you can make a judicious decision of buying the most suitable policy as per your needs and policy features.
Below are 5 best family floater plans that you can choose from:
|Insurance policy||Entry age||
Future Generali Health Insurance
|Future Health Suraksha Family Plan||Adult:18 – 70 years
Children: 5 – 25 years
INR 5 – 10 lakhs
Bajaj Allianz Health Insurance
|Family Floater Health-Guard||Adult:18 – 65 years
Children: 3 months – 30 years
INR 2 – 10 lakh (entry age<55 years)
INR 2- 5 lakhs (entry age>55 years)
Kotak Mahindra Health Insurance
|Family Health Insurance||Adult: 18 – 65 years
Child: 91 days – 25 years
INR 2 – 10 Lakhs
Bharti AXA Health Insurance
|Smart Super Health Insurance Policy||5 – 65 years||
INR 5 lakhs – 1 Crore
Cholamandalam Health Insurance
|Chola MS Family Healthline Insurance||Adult:18 – 65 years
Children: 5 – 25 years
INR 2- 15 lakhs
Let’s take an example to understand the functioning of a family floater mediclaim policy. For instance, suppose you opt for a family floater plan with a sum insured of INR 4 lakhs at a premium price of INR 6,000. The plan offers coverage to yourself, your spouse, and your two children.
Now there can be two possible situations where the sum insured can get exhausted. Suppose, in one situation your spouse gets admitted to a hospital for the treatment of an illness. The complete cost of the treatment came to INR 3 lakhs. You raised a claim with your insurer, and the amount got reimbursed.
In another situation, suppose you, your spouse, and your kids got sick due to food poisoning and had to be admitted to the hospital for treatment. Here, the total hospital cost came to INR 4.8 lakhs. You raised a claim with your insurance company and got reimbursed for the full amount of the sum insured, which is INR 4 lakhs. So, you have to pay the rest of the amount, i.e., INR 80,000, from your pocket.
However, it is a rare phenomenon that all members of a single family would fall sick. So, there is very little likelihood that the entire sum insured will get exhausted within the policy term.
The key benefit offered by a family floater policy is that it covers all the family members within a single policy. Hence, the head of the family can take care of his/her self as well as his/her family members under a single sum insured, paying a single premium. This makes it easy for the insured to manage the healthcare responsibilities of 4-6 individuals together.
Further, many floater health plans also let you include your parents or senior citizens under the policy, making it all the more cost-effective.
Other benefits include:
Here are some important things to look out for while opting for a family floater plan:
Till recently, the upper age limit of entry into a family floater plan was within 65-75 years. However, as per IRDA intervention, the limit has been lifted to lifelong renewability. However, all insurance companies may or may not apply this feature under their plans. So, checking with the insurer about the same while buying the policy is important.
Do not get trapped by policies offering a considerable sum insured under your family floater plan. First, check if the plan applies any sub-limits for sub-categories before choosing the policy. For instance, if you buy a floater health plan of INR 4 lakh as the sum insured and the policy levies a sub-limit of INR 50,000 on pre-and post-hospitalization, and INR 30,000 on medicines, etc., you would not get many benefits from the plan.
These days, several health insurance companies offer health policies for a term of 2 years rather than the usual 1-year policy term. So, try to buy a policy with a greater policy term for more benefits.
Normally, health policies come with a fixed sum insured for a fixed term period. However, many insurers provide the facility of sum insured reinstatement. Here, if the sum insured under your policy gets exhausted within the policy tenure, you can use the feature to refill the plan with the added sum insured.
These are the extra features and add-ons like free health check-ups, free medical advice on the phone, discounts, NCBs, etc., that you may look for under different floater health plans.
To Sum Up
So, you might have got some clarity on what a family floater health insurance is. It is a must-have health insurance plan that every family should possess. However, you need to take utmost caution while buying a plan and consider the points mentioned in the post above.
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A family floater health insurance policy is one where all your close family members can be covered under a single sum insured by paying a single premium for a policy duration.
The primary benefit is that it covers your entire family under a single plan.
Yes, a family floater plan is one of the best options when it comes to safeguarding the health of your loved ones.
One should choose a family floater health plan with a higher sum insured.
Generally, family floater health plans cover your close-knit family, including your spouse, children, and parents. So, in most cases, you cannot cover your siblings, uncles, aunts, etc.
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