Compare Corporate and Family Health
  • Corporate vs Family Health Insurance
  • Eligibility Criteria
  • Tax Implications
difference between corporate and family floater health insurance
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Corporate Health Insurance and Family-floater Insurance in Health Insurance

Start your financial planning by buying a health insurance plan as the inflation rate and the cost of medical treatment are so high. With changing lifestyles and increased exposure to life-threatening diseases, it's more important than ever to buy comprehensive health insurance that covers medical expenses for you and your family members.

However, people, especially those working in the corporate culture, often get confused between corporate health insurance and family floater insurance. Primarily, the masses are under the impression that corporate health insurance is sufficient to manage their medical expenses. And some big level of companies that also covers close relatives like parents, spouses, and kids under their corporate health insurance benefit. However, the truth is that there is a big difference between both these plans in terms of features, benefits, and sum insured. Corporate health insurance and Family floater health insurance have some differences and Here in this article, we will discuss these two widely used health insurances.

What is Corporate Health Insurance?

Corporate Health Insurance is a type of health insurance that provides coverage to a group of people such as employees of a company. Corporate Health Insurance is a synonym of Group Health Insurance.

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What is Family Floater Health Insurance?

A Family floater health insurance provides you and your family with a wide range of coverage options. These plans are less expensive than buying an individual policy for each member. The best way to ensure basic health insurance coverage is to buy a family floater health insurance.

A Family-floater plan can cover you, your spouse, two children, parents, and in-laws. The premium of this type of policy is based on these four factors that are listed below:

  • Number of insured members
  • Extent of coverage
  • Sum Insured
  • Age of the members

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Corporate Health Insurance vs Family Floater Health Insurance

Below-mentioned is the table to show the differences between Corporate and Family-floater health insurance plans:

ParameterCorporate medical planFamily-floater plan
DefinitionEmployees (and their dependents) of an organization are covered by a corporate health insurance plan.Family-floater health plans are specially designed to cover the whole family in a single health insurance plan.
Who is covered?Group of Employees of a company (employee and their dependents).Yourself, your spouse, your parents, up to 4 children.
PremiumThe premium will be paid by the employer. Employees may ask for some additional coverage in their health insurance.The full premium will be paid by the policyholder.
Tax implicationsOnly if the employee paid the premiums of corporate health insurance out of pocket then only he or she claimed tax benefits.Policyholders can avail of a tax benefit under Section 80D of the Income Tax Act.
EligibilityAn employee will be eligible until he/she is under the employment of the organization.Any person above the age of 18 years can buy a Family-floater health insurance plan.
Exit criteriaRetirement, termination, or leaving the job are the exit criteria for a corporate health insurance policy.Reaching the exit age (as per the terms of the policy), failing to renew the policy, or death are the exit criteria for a Family-floater health insurance plan.
Claim settlementThrough a Third-party Administrator (TPA) appointed by the insurer.Either via the TPA or by directly contacting the insurance company.
Pros1. The employer is paying the premium till you are an employee of the company.
2. Your claims are processed on a priority
1. One health insurance plan is easier to manage than multiple policies.
2. Low premium cost
3. No requirement of separate health insurance cover for parents, as they are a member of a Family-floater plan.
Cons1. You don’t have a say in the type of coverage you get.
2. The plan will not be active when you leave the job or get retired.
1. The sum insured is shared among several members of the family and can quickly run out if more members become ill.


Now, you have understood that there is a big difference between these two types of health insurance. It is necessary to evaluate your and your family members health needs before making a selection between corporate health insurance and family floater health insurance plan.

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Naval Goel is the CEO & founder of Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of Insurance Web Aggregator.