Health Family Floater Policy

A family floater health insurance policy is one that is issued with a single sum insured covering number of individuals of the same family. The cover can be utilised by any member of the family any number of times during the policy period.Family Floater is one single policy that takes care of the hospitalization expenses of the entire family during the policy period.

The policy has one single sum insured, which can be utilised by any/all insured persons in any proportion or amount subject to maximum of overall limit of the policy sum insured. In case of multiple illnesses in the family, the sum assured can be distributed between family members and multiple claims entertained. Premium is more cost-effective than taking individual policies separately in the name of family members, Most of all the health insurance companies in India offer family floater policies & Promote this aggressively. A family health plan generally covers a family (you, your spouse and up to 4 children)

• This health insurance plan, as the name suggests is a comprehensive plan that is customised for families.
• The best part is anyone can get up to the benefit of total sum insured. While paying total family premium but Significant difference is that this is for covering the entire family instead of as umbrella cover
• A major benefit under the Family Floater plan is that, in case one of the family member gets sick and is hospitalised, the total sum insured of the policy can be utilised for treatment of the sick hospitalised member of the family. One of the principles of this plan is that all members of a family are never found to fall sick at the same time. Also the family floater health insurance has options with higher sum insured than individual health plans.
• You don’t have to keep track for Renewal reminder for all individual members as all the members are insured in same policy
• A family floater health insurance is the ideal option when it comes to safeguarding the health of your family at an optimum cost.
• Dependent Child can be covered up the age of 25
• New family members additions can be possible during the course of policy

Family health insurance has a fixed insurance cover that can be used by all the people insured under the plan. If having floater policy of 10 lakhs sum insured for a year and add your spouse and children to the plan, this amount can be claimed for the health expenses of your entire family specified under the policy without any limitation of sum insured.

Let’s assume that your spouse raised a claim of ₹5 lakhs for knee surgery. After the claim has been processed, you will be left with a cover of ₹5 lakhs for the rest of the year that can be claimed by the remaining members of your family. Again there will be no separate limit of sum insured.