5 min read
For people who want to include their entire family under one huge health coverage, the family floater health insurance plans work the best. Let us learn about the functioning of these plans in this post.
Unlike the individual health insurance plans, the family floater health policies allow extensive coverage to each and every member of a family under one umbrella. Hence, under family floater plans each member of the family receives equal benefit from one common coverage. For a small family of 4 people including kids, the family floater plan seems to be an ideal option if you get a sum assured of over INR 4 lakh. So, rather than buying separate plans for parents and kids, you can club everyone under a floater coverage policy for the best health insurance.
If you are planning to buy a family floater health insurance policy, it is very important to compare different plans by seeking quotes from different insurers or from an online portal of insurance brokers such as Paybima.com. This makes the comparison easy and helps the policyholder to buy a cost-effective and beneficial plan.
|Insurance Provider||Plan Name||Year of Entry and Exit (yrs)||Coverage Amount|
|Bajaj Allianz Health Insurance||Family Floater Health Guard||18 to 65 yrs (Adults)
3 months to 30 yrs (Children)
|Starts from INR 2 lakh to INR 10 lakh|
|Aditya Birla Health Insurance||Activ Health Platinum||Entry – 91 days
No Upper Limit
|Starts from INR 2 lakh to INR 2 Crore|
|Bharti AXA Health Insurance||Smart Super Health Insurance Policy||Entry – 5 to 65 yrs||Starts from INR 5 lakh to INR 1 Crore|
|Cholamandalam Health Insurance||Chola MS Family Healthline Insurance||Entry Adults – 18 to 65 yrs
Children – 5 to 65 yrs
|Starts from INR 2 lakh to INR 15 lakhs|
|Care Health Insurance||Care Health Care||Entry – 91 days and above||Starts from INR 3 Crore to INR 6 Crore|
|Future Generali Health Insurance||Future Health Suraksha Family Plan||Entry Adults – 18 to 70 yrs
Children – 5 to 25 yrs
|Starts from INR 5 lakh to INR 10 lakhs|
|Niva Bupa Health Insurance||Heartbeat Family First Health Insurance Plan||Entry up to 65 yrs||Silver plan starts from INR 3 lakhs to 15 lakhs
Gold Plan starts from INR 3 lakhs to 50 lakhs
Platinum plan starts from INR 15 lakhs to 50 lakhs
|Digit Health Insurance||Digit Health Insurance Plan||Entry – 1 yr to 60 yrs||Starts from INR 2 lakhs to 25 lakhs|
|New India Assurance||Family Floater Mediclaim Policy||Entry Adults – 18 to 65 yrs
Children – 3 months to 25 yrs
|Starts from INR 2 lakhs to 5 lakhs|
Let us now check the functioning of the best family health insurance plans in India.
As already discussed, under the best health insurance plans for families all members of a family are covered under a single sum assured. Lets understand the functioning of the floater plans with the help of an example.
Suppose you bought a family floater plan to cover your family of four including your spouse and 2 kids. The sum assured of your plan is 5 lakh and you are paying a yearly premium of INR 8,000 to avail the benefits of the plan.
So, in this case if one member of your family (suppose your spouse) falls ill and gets hospitalized. The total cost of the treatment came to INR 3,20.000 and you got the bill reimbursed from your insurer.
In another case, if your entire family (including spouse and kids) fell ill due to any reason and were hospitalized, the total expense of the treatment came to around INR 6,50,000. In that case, the insurer will reimburse for the complete amount and the remaining INR 1,50,000 needs to be paid from your pocket.
So, under family floater health insurance plans one person can consume the entire sum assured in one time of hospitalization or two or more members can use up the sum assured during a policy year. Whatever the case be, the insurer will pay the entire coverage amount (sum assured) as per the term of the policy, the extra expense (if any) needs to be paid by the insured from his/her own pocket.
However, the chances of all the members falling sick together or within a policy year are thin. So, you can be rest assured that your coverage amount will not get exhausted within the policy tenure.
Let’s consider the benefits of family floater plans now.
The disadvantage with floater plans is that if a family is required to make more than a single claim during a policy year, the second claim may be a meager amount remaining in the policy after clearing the first claim already made earlier. So, you may have to pay some portion of the second claim from your own pocket.
Also, in most cases insurers of floater plans do not allow to include your parents and siblings under the plan.
Here are few things to look out for while planning to buy family floater plans:
To Sum Up
Now that you know the functioning and benefits of family floater health insurance plans, you also know how important it is to consider all aspects before buying a plan. That is why it is recommended to compare several plans before finalizing on one with the best features. Look for the features available and match them with your requirements before you choose a plan. You can also use a family floater health insurance premium calculator to calculate the amount you need to pay for a particular floater plan.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
View this post on Instagram
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Table of Content Highlights of Mukhyamantri Chiranjeevi Yojana Eligibility Criteria of Mukhyamantri Chiranjeevi Yojana Benefits of Mukhyamantri Chiranjeevi Yojana Registration Process for Mukhyamantri Chiranjeevi Yojana.
Table of Content Why is Health Insurance the Most Important? Health Insurance Companies Offering Low Premium Health Insurance Affordable Individual Health Insurance Plans Low Cost.
Table Of Content What is the Incurred Claim Ratio? Incurred Claim Ratio Formula/a> Difference Between Incurred Claim Ratio and Claim Settlement Ratio/a> Role of Incurred.
Cost of an Open Heart/Cardiac Surgery in India? Table Of Content Know about an Open Heart Surgery Cost of Open Heart Surgery Factors Affect the.
Table of Content What are Home Care Services? Diseases Covered Under Home Care Services Home Health Care Services Offered by Insurance Companies Things that are.
Fixed Benefit Health Insurance - Everything You Need to Know What is a Fixed Benefit Health Insurance Plan? Importance of Fixed Benefit Health Insurance Plan.
Critical Illness Cover vs Terminal Illness Cover - Guide to Terminal Illness and Critical Illness Covers in Health Policy Terminal illness, also known as critical.
Table Of Content What is Health Insurance for NRI in India? Can NRIs Buy Health Insurance in India? Importance of Health Insurance for NRIs in.
High Blood Pressure Health Conditions Caused by High Blood Pressure Hypertension Risks High Blood Pressure Concerns Reduce the Risk of High Blood Pressure Hypertension or.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2022 Mahindra Insurance Brokers. All Right Reserved.