Key benefits of a Family Floater plan

By Anand Babu, Insurance Expert in Health Insurance in India

May 5

What is a family floater?
It is a type of a health insurance plan which allows members of the family to be insured under a single plan. It is always a good move to buy a plan for the entire family.
What is an individual policy?
In this plan individual sum insured, is available separately for each member covered under the policy. The insured person can use of the full sum insured for his hospitalizatio expenses.
Why buy a family floater?
Family floater can be bought by member, spouse and 2 kids. Some companies offer policies for parents and In -Laws too.
1) More cover for all family members:Every family member can use the entire sum insured available for the family. So each member gets a higher cover in case of hospitalization.
2) Cost effective: The premium amount payable under a family floater health insurance plan is lower compared to premium for individual health plans for each family member.
3)Cover for elders: Insurers have a ceiling on renewals and beyond certain age individual policies are not renewed but in a family floater there are no age restrictions usually.
4) Easy Maintenence: A family floater health plan is a single plan to get health coverage for your entire family and there is no need to maintain different documents.
5) Flexibility to add and delate members: When a new member such as spouse or a newborn child joins the family, a family floater plan provides the flexibility to add members.

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