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Best Family Floater Health Insurance Plans In India Research Team | Posted On Thursday, January 10,2019, 03:24 PM

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Best Family Floater Health Insurance Plans In India



What is Family Floater Health Insurance Policy?

A family floater health insurance policy is an insurance plan that provides cover to multiple members of a family. Instead of investing in separate health insurance policies for each individual member, you can easily buy a family health floater insurance policy that provides health cover for the entire family with a single premium. In a family floater health insurance policy, the sum assured can be used by any of the insured members of the family.

A family floater health insurance plan is similar to individual health insurance plans. The only difference is that the policy provides cover to all the members of the family. A family floater policy generally includes individual, spouse and children. Some policies also have the provision to include parents.

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SEE ALSO: 5 Basic Questions You Might Have About Health Insurance

Best Family Floater Health Insurance Plans In India

How to select the best Health Insurance Plan for Family?

A good family floater health insurance plan must have the following features:

  • Most insurers offer the policy renewability option till the age of 60 to 65 years. Health insurers also offer lifelong renewability if you opt for guaranteed renewability.
  • Some insurers offer a No Claim Bonus (NCB) to the insured, if they don’t make any claim in the previous year.
  • A good family floater plan should offer an option to include maternity and newborn baby cover.
  • Some insurers provide riders for critical illness and covers pre existing medical conditions.

SEE ALSO: How To Choose Health Insurance Plans For Parents?

Advantages of family health insurance plan:

Listed below are the advantages of availing a Family Health Insurance Policy:

  • It saves money by providing health insurance cover for the entire family.
  • It saves you the hassles of managing multiple policies and paying separate premiums on them.
  • Many insurance companies offer rebates on family health insurance policies with higher sum assured.
  • You can avail tax benefit on premiums paid for Family Floater Health Insurance Plan under Section 80D of the Income Tax Act.
  • You can cover your family members including your spouse, children and parents under the plan.
  • A family floater health insurance plan comes with a No Claim Bonus, which helps you increase sum insured each year, if there's no claim in that year.

SEE ALSO: Can You Get A Health Insurance Plan For Cancer Patients?

Exclusions of a Family floater health plan:

The family floater health insurance policy covers a wide range of illnesses and diseases. However, there is some exclusion in every Family Floater Health Insurance policy. It is always advisable to go through the list of exclusions before buying a family floater health insurance policy:

  • Family floater health insurance policies do not cover diseases that are caused due to excessive consumption of alcohol or smoking.
  • Sexually transmitted diseases like HIV or AIDS are not covered by Family Floater Health Insurance Policies.
  • Any treatment related to childbirth and delivery is generally excluded in the family floater health insurance policy.
  • Dental or oral treatment is excluded.
  • An ailment caused by nuclear reactions or war or acts of terrorism are excluded.
  • Injury caused by a mental disorder or suicidal attempts are not covered under the family floater policy.

Family Floater health insurance plan eligibility criteria:

The eligibility criteria of family floater health insurance policy are as follows:

  • The eldest member of the family becomes the primary policy holder.
  • For dependent children, the entry age starts from 30-90 days and goes up to 25 years
  • Some insurers may ask you to undergo medical tests, but some of them exempt members up to the age of 45.

Top and Best Family Floater Health Insurance Plans:

Listed below are the most reputed health insurance plans in India that not only provide the insured with good coverage and benefits, but are also the market leaders in customer satisfaction:

  • Bajaj Allianz Family Health Guard
  • Apollo Munich Optima Restore
  • Bharti AXA Smart Health
  • Star Health Family Optima
  • ICICI Lombard Complete Health Insurance
  • TATA AIG Mediprime
  • Oriental Happy Family Floater Silver
  • Max Bupa Health Companion Family Floater Plan
  • Cigna TTK Prohealth Plus
  • Max Bupa Heartbeat Family First (Gold).

Why must you read IndianMoney Review before purchasing the Family Floater Health Insurance plan?

Each family has separate health insurance requirements. Therefore before finalizing any policy, always keep in mind the requirements of your family. All the family floater policies in India are different and have their own sets of benefits and limitations.

It is always advisable to do a thorough research on the policies and compare the different family floater health insurance policies offered by different insurers. advises you to purchase a health insurance policy that would meet your financial goals and life situations. Choose the insurance plan which best suits needs and make sure you are covered for all eventualities.

Important Points and FAQs on Family Floater Health Insurance Plans:

Can I claim tax benefits on Family Floater Health Insurance plans?

Yes, the premiums paid towards the family floater health insurance plan, qualify for tax deductions under Section 80D of the Income Tax Act.  

Is portability allowed?

Portability is a feature in the health insurance policy, which makes it possible for the policy holder to transfer the benefits gained when switching from one plan to another, under the same insurer or to another insurer. Yes, portability is allowed on family floater health policies as well as on individual health insurance plans.

Can the policy be continued on the proposer’s death?

Yes, other eligible members can contact the insurer and ask them to replace the name of the dead policy holder with the eligible policy holder and may opt to continue the cover. However, in most cases the policy lapses with the death of the proposer. So, it is better to clarify this with the insurer while purchasing the policy.

What other factors must I consider before buying a family floater health insurance plan?

The factors that must be considered while buying a family floater health insurance plan are as follows:

  • Critical illness benefit
  • Restoration of sum assured on full utilization
  • Inclusion of Maternity cover
  • Inclusion of Pre and post hospitalization expenses
  • Domiciliary expenses covered or not.

What happens to the insurance cover on Kids becoming major?

Almost all the family floater health insurance plans include kids and provide insurance cover till they attain the age of 21 years. Once they attain the exit age, you can buy an individual plan to secure the particular family member.

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