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Family Floater Health Insurance - An Overview

Updated on April 20, 2024 , 12652 views

What is a family floater health insurance? How is it different from an individual health insurance or a mediclaim policy? These are the common questions that arise in the mind of people new to insurance. As the healthcare costs are increasing day by day, buying a health insurance plan to protect yourself from medical expenses has become a necessity. However, while you are keen to secure your health, securing the health of your family is your responsibility as well. This is where family floater health insurance comes in. Health Insurance companies in India offer various family insurance plans, family floater health insurance (also known as family floater mediclaim policy) being one of them. So, if you are planning to buy a mediclaim policy for family, know the family floater plan in detail first.


Family Floater Health Insurance

A type of health insurance policy, family floater mediclaim policy is specially formulated to provide coverage for the entire family in a single plan. Unlike individual health insurance plan, you don’t have to buy insurance policies for different members of your family with this plan. Also, there is no individual sum assured for each member of the family, instead, the total sum assured can be utilised by any family member when required.

The full family coverage of this family health plan includes spouse, children and self. However, some health insurance companies provide coverage for parents, siblings and in-laws as well. This makes family floater mediclaim policy is one of the best health insurance plans for family. We have listed some of its benefits below. Have a look!

Benefits of Best Family Floater Health Insurance Plans

Hassle-free Family Insurance

family health insurance is essential when it comes to protecting the health of your family. Getting a health insurance plan for family has become highly convenient with a family floater plan as it provides coverage for the entire family in a single plan. Therefore, you do not need to keep a track of different health insurance plans nor do you need to pay a separate health insurance premium. Just select the best family floater health insurance plan and you are done.

Adding New Members is Easy with a Family Floater Mediclaim Policy

Under this family floater plan or a mediclaim policy for family, you can easily add new family members. Unlike individual medical insurance, you do not have to buy a fresh policy when the new member is added to your family. You can simply add their name in your current floater plan. Also, if the senior most member of your family dies, other members can continue to avail the benefits of their current family plan.

Includes Medical Policy for Parents & In-laws

Not only for the spouse, self and children, but some of the family floater health insurance plans also provide coverage for your parents and in-laws as well.

Tax Benefits of Family Floater Health Insurance

Lastly, the health insurance premium paid to the health insurance company in any form other than cash is liable for deductions under Section 80D of the income tax Act. Therefore, with this family floater mediclaim policy, you can avail total tax benefits of INR 5,000 that includes INR 25,000 for self and the rest INR 30,000 for parents or the senior citizens of your family.

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Difference between Family Floater Health Insurance & Individual Insurance


Securing family health is the need of the hour. But before selecting a medical insurance policy for family, it’s important to research the features and benefits of various family floater health insurance plans offered by the health insurance companies. So, chose a plan that suits your needs and safeguards the health of your family. To make sure your family remains safe during healthcare emergencies, buy a family floater plan now!

All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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