Perks of Having a Family Floater Plan

Undoubtedly, Covid-19 has helped people realise and understand the value of their health and welfare. Everyone is now aware of the financial and physical toll that an illness may take. Whether there is a pandemic or not, investing in a policy that meets your requirements is crucial. Thus, having a medical policy is vital, as it protects you from depleting your savings in case of illness. You need a health insurance premium that protects you and your family against the cost of medication and treatment in the event of sickness or hospitalisation because rising healthcare prices might drain your bank account. ​

Despite being aware of the value of purchasing a healthcare plan, many people need guidance on which plan to purchase, i.e., whether to buy a personal health plan for each family member or family health insurance. 

Many families feel the need for financial security in the form of policy, given the escalating expense of healthcare in India today. A family floater, or a life insurance plan, is one of the main alternatives insurance companies provide. This kind of medical insurance covers your entire family under one policy. All family members will split the annual health insurance premium, and the total amount insured. 

Family Floater Health Insurance Plan

Life insurance plans that cover more than one family member are called family floater plans. The plan offers several benefits that make it a popular choice for families. If more than one claim is filed simultaneously, the sum insured will be divided equally among all family members. This coverage is advantageous if you have a large family with more than two people. A single premium covers the entire family under the best family health insurance policy, making it affordable.

What are the Perks of a Family Floater Plan?

Indecisive about whether to get a family floater plan or a separate plan for each family member? The decision ultimately depends on your own demands and tastes. Family floater plans, however, provide a number of benefits over individual health insurance policies. Among these advantages are:


One of the significant advantages of a family floater plan is its cost-effectiveness. Instead of taking individual health insurance premium for each family member, a single floater plan covers all members at a relatively lower premium cost. This way, the family can save money on insurance premiums.


A family health insurance plan is much more convenient than individual insurance policies. It eliminates the need to keep track of different insurance policies for each family member, which can be a hassle. With a family floater plan, one policy covers all family members, making it easier to manage and keep track of.

Wide Coverage

Family floater plans usually offer comprehensive coverage, including hospitalisation expenses, ambulance charges, doctor’s fees, and other medical expenses. The plan also covers pre and post-hospitalisation expenses, making it a great choice for families.

No Individual Limit

In a family floater plan, there is no individual limit on coverage. Instead, the total sum assured is shared among all the family members. If one member uses the policy, the coverage is reduced, but the other family members can still use the remaining amount.

Tax Benefits

Family floater plans offer tax benefits under section 80D of the Income Tax Act. Policyholders can claim a deduction of up to Rs. 25,000 on the premium paid for a family floater plan. If the policyholder is above 60 years of age, the deduction limit increases to Rs. 50,000.


Renewing a family floater plan is much simpler than renewing multiple individual life insurance policies. The top up health insurance can be renewed online, and there is no necessity to go through a medical check-up again.

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Who Can Buy a Family Floater Plan?

A family floater healthcare insurance coverage is the best option for married people with children. The policy allows people to include their parents and in-laws as covered parties and older and extended family members.

For married couples with kids seeking all-inclusive coverage, a family floater policy is the best option. Families without a history of health difficulties can also benefit significantly from it. However, an individual health insurance premium can be a wiser choice in the long run if one or two family members have serious medical conditions.

A family floater plan is an excellent option for families looking for comprehensive insurance coverage. The policy is cost-effective, convenient, and offers many benefits. It can provide families with peace of mind, knowing that their loved ones are covered in case of a medical emergency. 

You can ensure that your family’s medical care is not compromised by robust family floater health insurance. Niva Bupa is known for catering to people’s needs at the forefront of their design process and creating comprehensive health coverage. Contact us now to help us locate the best health insurance plans for you.