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Health Insurance

Family Floater Insurance

The rising costs of hospitalisation, surgery and other treatment processes can cost a huge amount of money. The impact of treatment expenses is felt most by those people who are the only earning members in their family. This is where buying a family floater becomes imperative and proves to be beneficial in the long run. 


Family floater insurance, also called the family health insurance plan, is a kind of health insurance that covers all the members of the family against any expenditure on treatment of unforeseen illnesses, disorders or emergency situations. It is the most reliable method to cover your family by paying nominal premium rates depending on the age of those insured.


Key Features of Buying Family Floater Insurance:

Why should you buy a family health insurance plan? Under what circumstances would a family floater prove beneficial? A keen look at the following features will help understand how family health insurance can keep you and your loved ones secure in today’s times. Some of the important features are:


  • The entire family including spouse, children and dependent parents can be covered under the same health insurance policy. Some insurance companies will also allow you to cover your parents-in-law;
  • Many insurance companies offer rebates on premium rates when customers opt for a higher sum assured;
  • Customers can avail the benefit of No Claim Bonus (NCB). This means that if the customers do not claim for a particular year, they can avail the benefits of an increased sum assured in the subsequent year;
  • Customers can avail the benefit of cashless claim settlement at a choice of their hospital;
  • There are varying policy terms customers can opt from. Customers can opt for policy terms ranging from one to three years depending on their needs. 

Benefits of Buying Family Floater Insurance Policies:

Everyone prefers to keep their loved ones protected. This explains the increasing preference of customers to buy family floater insurance policies. Let us walk through certain benefits of family health insurance policies before proceeding to pay for one. These include:


  • First, it helps to save money. Instead of buying individual health insurance for each member of your family, you can always choose to buy a family health cover with a higher sum assured in lieu of nominal premiums. Buying a single family floater is indeed a cheaper option than paying for an individual health plan for each member;
  • You can avail tax benefits on premiums towards family floater insurance plans. The premiums paid towards insurance are eligible for deduction under Section 80D of the Income Tax Act;
  • Restoration benefit is available in many family floater plans. This means that the insurance company will restore you with the full coverage amount if your claim gets exhausted during any policy term;
  • You can choose to add a new family member easily in the family floater plan.

Inclusions Under Family Floater Plans

  • In-patient Hospitalization Cover 
  • Pre-hospitalization Expenditure
  • Post-hospitalization Expenses
  • Ambulance Charges
  • Daily Cash Allowance
  • Day Care Treatments

Exclusions Under Family Health Insurance plan

While the benefits are known, there are certain exclusions to family floater policies that one must be aware of. These include:


  • Claims raised within 30 days of buying the policy unless the claim arises because of an accident
  • Claims raised against treatment of sexually transmitted disease(s)
  • Claims raised against treatment of fertility problems
  • Expenses incurred during routine medical checkups
  • Expenditure on gender reassignment surgery
  • Expenditure on plastic surgery, aesthetic treatment or cosmetic surgery
  • Claims raised against treatment of any psychological health problem(s)
  • Claims against expenses on OPD treatment
  • Expenses on treatment or surgery on foreign soil
  • Expenditure on treatment stemming from addiction problems
  • Claims against treatment of injury sustained during suicidal attempt
  • Maternity expenses

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Units 17/33