Best Health Insurance Company in India

The Family Floater Insurance Concept Simplified

25 April, 2023

0 Shares

1076 Reads

Family Floater Insurance

Share

Family floater insurance is a type of insurance that covers an entire family under a single policy. It is a popular concept in India, where families often prefer a single insurance policy that covers all family members rather than separate policies for each individual. Let's discuss the concept of a family floater insurance plan in India, its benefits, and its limitations.

 

What is a Family Floater Insurance Plan?

Family floater health insurance, often known as a family health insurance plan, covers all members of your family under a single healthcare insurance policy. Such policies cover your spouse, children, and parents with a single payment. Family floater insurance may be tailored to meet the specific needs of each member of your family. It pays for pre- and post-hospitalisation fees, critical diseases, medical check-ups, etc.

 

How does Family Floater Insurance Work?

Family floater insurance plan provides a set insurance coverage that may be used by all members of the plan's insured population. For example, if you buy a policy covering ₹15 lakhs for a year and add your husband and parents to the plan, you can claim this amount for the health expenditures of your spouse, father, mother, and yourself.

 

Assume your father filed a claim for ₹5 lakhs for knee surgery. Following the processing of the claim, you will be left with a cover of ₹10 lakhs for the remainder of the year, which the remaining family members may claim.

 

Consider a different situation where your father's surgery costs more, and he collects the whole insurance benefit of ₹15 lakhs. In this situation, the other family members won't be allowed to file any more claims for the remainder of the year.

 

What Distinguishes Family Floater From an Individual Policy?

Many individuals choose to purchase individual coverings for themselves and other family members. In this scenario, you will need separate plans for you, your spouse, your child, and so on. There will be differences between these policies' premiums, renewal dates, claim procedures, etc. This may lead to increased premiums and expenditures, taking up a lot of time and being difficult to keep track of.

 

On the other hand, a family floater medical insurance policy would cover every member of your family. As a result, you will only need to manage and pay for one policy.

 

What are the Benefits of a Family Floater Plan?

Learning more about a family floater plan and its significance before purchasing such health insurance coverage is essential. Some of its benefits are discussed below:

 

Cost Effective

One of the key benefits of a family floater insurance policy is that it can be more cost-effective than individual medical insurance policies. By covering multiple family members under a single policy, the cost of the policy can be lower than if each family member had their policy. This can be particularly beneficial for families with several members who need coverage.

 

Easier to Manage

Another benefit of family floater insurance is that it can be easier to manage than multiple individual policies. Rather than having to keep track of different policies and coverage limits for each family member, a family floater policy can provide a single sum insured to cover all family members' medical expenses. This can save time and reduce the administrative burden of managing multiple policies.

 

Flexible Policy

Family floater insurance policies can also be flexible in terms of coverage options. Some of the best mediclaim policy for family may allow for the addition or removal of family members during the policy period, while others may allow for the inclusion of extended family members, such as grandparents or in-laws. This can make it easier to customise coverage to meet the family's specific needs.

 

A family floater insurance plan is a popular type of health insurance in India that provides coverage for multiple family members under a single policy. This type of policy can offer several benefits, including cost savings, ease of management, and flexibility in coverage options. However, families should also be aware of potential drawbacks, such as limitations on coverage and shared sum insured, and carefully evaluate their coverage needs before choosing a family floater policy.

 

Start Your Insurance Today!

Secure your Health with comprehensive insurance plans from Niva Bupa

+91
Disclaimer infoBy clicking Start Now, you authorize Niva Bupa to Call/SMS/Whatsapp on your registered mobile overriding DNCR.

You may also like

Health InsuranceHealth InsuranceMedical Insurance Best Health Insurance PlansHealth Insurance PlansHealth Insurance PolicyBest Health Insurance PlansBest Family Health InsuranceBest Mediclaim PolicyBest Health Insurance In IndiaBest Medical Insurance In IndiaBest Health Insurance Plans In IndiaBest Health Insurance Policy In IndiaMediclaimBest Health Insurance For Senior Citizens In IndiaBest Health InsuranceHealth Insurance With Opd CoverMediclaim InsuranceMedical Insurance PlansBest Health Insurance Company in IndiaCritical Illness InsurancePersonal Accident InsuranceMediclaim PolicyIndividual Health InsurancePregnancy InsuranceMaternity InsuranceBest Family Health Insurance plans in IndiaBest Health Insurance companyFamily Health InsuranceBest Health Insurance plans for Senior CitizensMediclaim Policy for Family

 

Health Insurance SchemesChief Ministers Comprehensive Health Insurance SchemeEmployee State Insurance SchemeSwasthya Sathi SchemePradhan Mantri Matru Vandana YojnaGovernment Health Insurance SchemeDr. YSR Aarogyasri SchemePradhan Mantri Suraksha Bima YojnaHealth Insurance DeductibleWest Bengal Hcovealth SchemeThird Party AdministratorRashtriya Swasthya Bima YojanaIn Patient Vs Out Patient HospitalizationMukhyamantri Chiranjeevi YojnaArogya Sanjeevani Health InsuranceCopay Health InsuranceCashless Health Insurance SchemeMukhyamantri Amrutum Yojna

 

Travel Insurance - Travel Insurance | International Travel InsuranceStudent Travel InsuranceTravel Insurance USATravel Insurance CanadaTravel Insurance Thailand | Travel Insurance GermanyTravel Insurance Dubai | Travel Insurance Bali | Travel Insurance Australia | Travel Insurance Schengen | Travel Insurance Singapore | Travel Insurance UK | Travel Insurance Vietnam | Malaysia Tourist PlacesThailand Visa for Indians  | Canada Visa for Indians | Bali Visa for IndiansECR and Non ECR Passport | Qatar Visa StatusUSA VisaVietnam VisaUSA H1B Work Visa

 

Become an agentInsurance Agent | Insurance AdvisorLicensed Insurance AgentHealth Insurance ConsultantPOSP Insurance Agent

 

Group Health InsuranceStartup Health Insurance | Commercial Health InsuranceCorporate insurance vs personal insuranceGroup Personal Accident Insurance

 

Top Hospitals -  Best Hospitals in ChennaiTop Hospitals in DelhiBest Hospitals in GurgaonBest Hospitals in IndiaTop 10 Hospitals in IndiaBest Hospitals in HyderabadBest Hospitals in KolkataBest cancer hospitals in BangaloreBest cancer hospitals in HyderabadBest cancer hospitals in MumbaiBest cancer hospitals in IndiaTop 10 cancer hospitals in IndiaTop 10 cancer hospital in DelhiMulti Speciality Hospitals in MumbaiMulti Speciality Hospitals in ChennaiMulti Speciality Hospitals in HyderabadSuper Speciality Hospitals in DelhiBest Liver Hospitals in DelhiBest Liver Hospitals in IndiaBest Kidney Hospitals in IndiaBest Heart hospitals in BangaloreBest Heart hospitals in IndiaBest Heart hospitals in KolkataBest Heart hospitals in Delhi


OthersTop Up Health Insurance PolicyCorporate Health InsuranceHealth CardSection 80d of Income Tax ActAyushman BharatHealth Insurance PortabilityGoActive Family Floater PlanHealth Companion Family Floater PlanHealth Premia Family Floater PlanHealth Pulse Family Floater PlanHealth Recharge Family Floater PlanHeartbeat Family Floater PlanMoney Saver Family Floater PlanSaral Suraksha Bima Family Floater PlanSenior Citizen Family Floater PlanSuper Saver Family Floater PlanCorona Kavach Family Floater PlanHospital Cash InsuranceCashless Health InsuranceHealth Companion Price revision | Heartbeat Price revision | ReAssure Price revision 

 

Health & Wellness - PCODPCOD Problems SymptomsStomach InfectionStomach Infection symptomsHome remedies for Stomach InfectionHypertension definitionHow to Control SugarTyphoid in HindiBlood sugar symptomsTyphoid symptoms in hindiLow sugar symptoms | ब्लड शुगर के लक्षणpregnancy me kya kareOpen heart surgery costBlood infection symptoms in hindiBP badhne ke karanKhansi ka gharelu upayOmicronCoronavirus Health InsuranceCovid XE VariantNorovirus

footer logo
Some image

www.nivabupa.com

Some image

+91 11 41743397

Some image

1860-500-8888

Some image

3rd Floor, Capital Cyberscape, Sector 59, Gurgaon

  • Insurance is a subject matter of solicitation. Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) (IRDAI Registration Number 145, Category:Health), 'Bupa' and 'HEARTBEAT' logo are registered trademarks of their respective owners and are being used by Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) under license. CIN: U66000DL2008PLC182918
  • 1 Niva Bupa processes pre-authorisation requests within 30 minutes for all active policies, subject to receiving all documents and information(s) up to Niva Bupa’s satisfaction. The above commitment does not include pre-authorisation settlement at the time of discharge or system outage.
  • 2 Since Inception refers to claim data from 2010 till December 2023.
  • 3 ReAssure 2.0 Premium: The premium is including taxes and for Bronze Variant, for a 25-year-old individual living in Delhi.
  • 4 Aspire Premium: The premium is including taxes and for Gold+ Variant, for a 25-year-old individual living in Delhi.
  • 5 Senior First Premium: The premium is including taxes and for Gold Variant, for a 65-year-old individual living in Delhi.
  • 6 Health Premia Premium: The premium is including taxes and for Silver Variant, for a 25-year-old individual living in Delhi.
  • 7 SmartHealth + Disease Management Premium: The premium is including taxes and for Disease Management Gold Variant rider when bought with ReAssure 2.0 Bronze variant with Base Sum Insured of 5 lacs, for a 25-year-old individual living in Delhi.
  • Beware of spurious / fraud phone calls! Do not share your confidential information like Debit / credit card number, Internet Banking User ID/Password, Pin, CVV, OTP, etc. with anyone. Avoid clicking on attachments / payment link received in mails / message from unknown sources. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment or premium. Public receiving such phone calls are requested to lodge a police complaint. Do not respond to unsolicited and attractive offers received through unidentified calls, emails, SMSs, and other social media platforms. Beware of misleading telephone calls from people posing as Niva Bupa officials, agents, IRDAI Officials, Officials from ECI (Office of the Executive Council of Insurers) etc. and offering alluring benefits or sharing false information on your policy or on Niva Bupa. Niva Bupa shall not be responsible for any loss or damages whatsoever for any acts or omissions arising out of such spurious calls, and all customers are advised to contact our customer care at 1860-500-8888 and verify any representations or promises made by any such spurious callers before acting upon the same.
Social IconSocial IconSocial IconSocial IconSocial Icon