Family Floater Plans
  • Advantages of family floater plan
  • Why are family floater plans economical?
  • Factors to consider before buying a family health plan
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2022 is the Year of the Family Floater Plan

It is quite evident that the pandemic is not over yet and the constantly evolving new variants mutation further proves that the COVID-19 is not going to leave us soon. Moreover, the emerging rush, economic pressure and discomfort of moving back to the old regime of life such as socializing, studying, and working from office - all together are affecting our mental health. Above all, extreme weather conditions are further deteriorating the health of masses.

All such factors increase the need of having health insurance for every family member manifold. While there are several plans available for each member of the family but when the different members of the same family go out in search of insurance, a family floater health insurance plan makes a huge sense in several ways.

Primarily, the family floater health insurance plans are highly economical and convenient to manage vis-a-vis to buy and manage separate insurance plans for each member. The individual plan for one person for INR 5 lakhs sum insured costs approx INR 10,000 but the family floater plan that includes 2 adults plus 2 kids cost approx INR 20,000 for INR 5 lakhs. Certainly, this proves that family floater health insurance policies are much more affordable for an average salary person who can't spare extra money for separate insurance plans for each member. Simultaneously, the maintenance of the insurance portfolio becomes seamless as in a family floater plan, one plan needs to be managed in terms of timely payment of premiums, renewal or to raise the claim which can be a cumbersome process in individual health insurance plans.

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For the past few years, there can't be a scenario where COVID-19 is not talked about. Amidst this highly contagious infection that could affect the health of the entire family at the same time, having a family floater plan becomes pivotal. A family floater plan pays for the hospitalization and medication of each member without any worry, including the treatment taken at a makeshift hospital or even at home. This plan fulfills the needs of all family members without much hassle and worry such as presenting different policies of every member to the hospitals or raising a claim for each member - all can be done with one policy

Moreover, kids under the age of 18 who are still not vaccinated are in dire need to be covered under family floater health insurance plans. Children are generally delicate and have weaker immune systems, moreover, exposure to public places, schools, malls, etc. make them more vulnerable to catching the virus. Therefore, they need to be covered under an apt health insurance plan.

Another benefit of the family floater plan is that it covers newborn babies without much of a hassle. After 90 days of birth, newborns are covered under family floater plans for their early vaccinations and postnatal care. In fact new plans are being launched that are giving coverage to newborns from day 1 in family floater plans. While there are not many individual health care plans available for new born babies, neither advised to buy a separate plan for them to avoid paying an unnecessary premium, family floater health care plans are quite beneficial for new parents to stay untroubled.

When we talk about family health plans, one thing that comes to our mind is what if the entire sum insured gets consumed, either by one or all family members in a year? And at the same time what would happen if another family member needs the health plan? Well then understanding the needs of the family, certain family floater plans come with restoration benefits. Restoration benefit allows the automatic refill of the complete sum insurance amount into the insurance post the entire sum insured amount is finished. For instance, if a sum insured of INR 5 lakhs gets exhausted within a year then the insurance company automatically provides another INR 5 lakh's sum insured to ensure that the policyholders don't face any challenges. Therefore, this feature ensures that the family stays at peace without worrying about their medical bills.

While above-mentioned points laid enough stress on the significance of the family floater plan, but at the same time it is important to consider certain factors before buying a family floater health insurance plan, such as:

  • Always select a plan that offers minimum entry age and maximum entry age so that the youngest and eldest family members can be added to the plan.
  • The sum insured should be sufficient to meet the expense of all family members, while being affordable at the same time.
  • Ensure that the plan has a variety of features such as OPD Treatment, Homecare Treatment, Restoration Benefit, etc.
  • Refrain from adding senior citizens in the family floater plans.


Family always comes first for all of us where we ensure that their needs are always fulfilled. So while taking care of their happiness, do take care of their health safety too!

Written By : Naval Goel

Last Updated : December, 2021

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.

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