Individual or Family Floater Health Insurance Policy


A Family floater health insurance policy is a better option if you want your entire family to be covered under a single health or mediclaim insurance policy, the reason is that you get a higher cover at a lower cost and all the family members are covered for a much larger cover as compared to an individual policy.In comparison to an Individual health insurance policy, a family floater will cost at least 25 to 30% lower. One more point which goes in favor of Family Floater is that, you have only one document to manage, but if you buy an individual policy then for every member you have separate documents to manage. But at the same time there are some issues related to Family Floater policy which you should be aware of i.e.

  • Individual policy is available for people above 60 years, but you cannot cover a person above 60 in a family floater health policy.
  • In case there is more than one claim in a particular year, then the other family members are left with less cover, because the sum insured remains the same for all the family members. The only solution for this, is to get a higher cover when you are planning for a family floater heath insurance policy or medical policy.
  • There are some constraints is a Family floater policy in India. A Family floater is only allowed for – Husband, Wife and Children. In case you want to cover your parents and/or siblings in the same policy, it is still not available in India.

Example :

The Rakesh Family is covered under an individual health insurance plan –

Mr. Rakesh Rs. 2 lakh, his Wife Rs. 1 lakh, their son and daughter Rs.50,000 each and they have paid premium for all these 4 health insurance policies. In an unforeseen situation, wherein surgery and post hospitalisation bill of their son amounts to Rs. 1.10 lakh. The existing policy will cover only Rs. 50,000, while Mr. Rakesh will have to bear the balance Rs. 60,000 from his own pocket.

With Family Health Floater Insurance plan if they buy a policy of 4 lacs, each member of Rakesh family is covered up to Rs. 4 lakh. Thus, Family Floater would have covered entire Rs. 1.10 lakh medical expenses of Mr. Rakesh ‘s son.

Apply & Compare the best Health Insurance plans in India. Get Free Health Insurance Quotes

5 Things You Must Consider When Buying Health Insurance For Senior Citizens

If your parents have been without an insurance plan, then you must look for an appropriate Health Insurance cover immediately. Though there are limited options available in the market, you can still get a decent…

Gift your parents a senior citizen health insurance plan this Diwali

Gift your parents a senior citizen health insurance plan

This Diwali Avail the best way to take care of your parents. Your families health comes first, tax saving is just a bonus. Let insurance companies take care of your families hospital & medical bills….


Why Health Insurance is no more just an option

The great irony of healthcare in India is that while the country is renowned as a low-cost destination for health treatment by foreigners; the citizens are increasingly complaining about the rising medical expenses. So, while…


Common medical insurance mistakes & steps to correct them

Listed below are some frequently committed grave errors while choosing a health insurance policy and ways to overcome them. 1. Concentrating only on the premium amount and deductible 2. Blindly deciding to buy what a…


Getting married? Get these must-have insurance covers

IF you are getting married now, it is quite possible that you and your spouse are young. Much of your working life lies ahead of you, and, therefore, you may have a long way to…

Health Expenses after Retirement

How will you deal with Health Expenses after Retirement?

Try and recall the fondest memories of the first job you had. Yes, that job when you were in your twenties and was eager to impress the boss for even a small pay cheque or…

health insurance status

Status of Health Insurance in India – Online Research Report

We have analysed more than 29,000 responses from users of this tool on our website to gather some insights about the proportion of users looking to buy health insurance or those looking to revise…


ICICI Prudential – Easy Retirement Insurance Plan

We all wish to pursue a good life after the retirement. This we look forward to purchased such a pension plan which can help us spend a financially sound life even after we stop working….


Accident cover – Why you should have one

It’s a fact that to cover the risk of death we have life insurance policy and to take care of the hospitalization expenses there is health insurance policy. Nearly all of us are familiar with…


Why every woman should have a health insurance policy

A woman holds an important role in her home. In India, the government and society give importance to education for every girl child to ensure that they take up a career that will provide them…

Be the first to comment on "Why every woman should have a health insurance policy"

Leave a comment