Family Floater Health Insurance Plans India 2024

By Okbima 19 Aug 2023 142


Family floater health insurance plans are comprehensive health insurance policies that cover the entire family under a single sum insured. These plans provide coverage to all family members, including children, parents, and spouses, against medical expenses. They offer a wide range of benefits and can be an ideal choice for families seeking cost-effective and convenient health insurance coverage.


What is a  Family Floater Health Insurance?

Family Floater Medical Insurance is a type of health insurance that covers an entire family under a single policy. Instead of individual plans for each family member, this policy offers a collective sum assured. It provides financial protection against medical expenses, including hospitalization, surgeries, and treatments. 

The coverage extends to the policyholder, spouse, and children. The advantage lies in flexibility, as the total sum assured can be utilized by any family member as needed. This simplifies the insurance process and ensures comprehensive health coverage for the entire family, promoting affordability and ease of management.


Best Family Floater Health Insurance Plans

Buying the best family floater health insurance is a wise decision to be secured in the future. Hence, we have compiled a list of the best family floater policy.




Entry-Exit Age Cap ( in years)

Sum Assured Limit ( in Rs.)

Aditya Birla Health Insurance

Activ Health Platinum

91 days- no upper age limit

2 lakh - 2 Crores

Bajaj Allianz Health Insurance

Family Floater Health-Guard

Adult:18 years to 65 years

Children: 3months- 30 years

2 - 10 lakh (entry age<55 years)

2- 5 lakhs (entry age>55 years)

Bharti AXA Health Insurance

Smart Super Health Insurance Policy

5 years to 65 years

5 lakhs- 1 Crore

Care Health Insurance 

Care Health Care

91 days and above

3- 6 Crores

Cholamandalam Health Insurance

Chola MS Family Healthline Insurance

Self/Spouse:18 years to 65 years

Children: 5- 65 years

2- 15 lakhs

Digit Health Insurance

Digit Health Insurance Plan

1 year to 60 years

2-25 lakhs

Edelweiss Health Insurance

Family Floater

Children- 3 months to 21 years

up to 1 Crore

Future Generali Health Insurance


Self/Spouse:18 years to 70 years

Children: 5- 25 years

5- 10 lakhs

IFFCO Tokio Health Insurance

Iffco Tokio Family Health Protector Plan

Children: 3 months- 23 years

1.5-30 lakhs

Kotak Mahindra Health Insurance

Family Health Insurance

Adult: 18 years– 65 years

Child: 91 days – 25 years

2-100 lakhs


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Benefits of Family Floater Medical Insurance Plans

Health insurance family floater plans offer several benefits such as being cost-effective, giving flexibility, being easy to manage, providing emergency coverage, etc.

  • Cost-Effective: With a single premium, the entire family is covered, making it more economical than individual plans for each family member.
  • Comprehensive Coverage: Floater policy typically covers hospitalization expenses, surgeries, medical treatments, and sometimes even maternity and newborn expenses.
  • Flexibility: The total sum assured can be utilized by any family member, offering flexibility in managing healthcare expenses.
  • Ease of Management: Having a single policy for the entire family simplifies the administrative process, reducing paperwork and making it easier to keep track of.
  • Renewal Benefits: Many policies offer cumulative bonus or no-claim bonus, which increases the sum assured without an increase in premium upon policy renewal.
  • Emergency Coverage: Family floater plans provide financial support during unexpected medical emergencies, ensuring timely access to healthcare services.
  • Inclusions for Dependent Children: These plans often cover dependent children, offering protection for their healthcare needs as well.
  • Preventive Care: Health insurance family floater includes benefits for preventive health check-ups and promoting early detection of illnesses.


Find the Right Plan For Your Family: Buy Family Floater Plan!


How Family Floater Plan Works?

A health insurance family floater plan works by offering a single policy that covers the entire family. Here's how it typically works.

  • Coverage for the Entire Family: The policyholder, usually one of the family members, buys a Family Floater Plan. The coverage extends to the spouse and dependent children.
  • Sum Assured: Family floater medical insurance specifies a sum assured, which is the maximum amount the insurance company will pay in case of medical expenses for any family member. This sum is shared among all members.
  • Flexibility in Utilizing Coverage: In case of a medical event, any family member can utilize the coverage up to the specified sum assured. For example, if one member requires hospitalization, the expenses are covered from the shared sum assured.
  • Single Premium Payment: The policyholder pays a single premium for the entire family, making it a cost-effective solution compared to individual health plans for each family member.
  • Renewal and No-Claim Bonus: Family floater medical insurance is typically renewed annually. Some plans offer a no-claim bonus or cumulative bonus, increasing the sum assured without a corresponding increase in the premium upon renewal.
  • Adding or Removing Members: Family dynamics change and most plans allow the addition of new family members (like a newborn) or the removal of non-dependent members (like adult children who become financially independent).
  • Preventive Care Benefits: Some plans may offer benefits for preventive health check-ups for the family members, encouraging regular health screenings.


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Difference Between Family Floater Health Plan vs Individual Health Insurance Plan 

There are so many differences between family floater health plans vs individual health insurance plans. For your comfort, we have mentioned the best family health insurance plans in the below table.



Individual Health Insurance

Family Floater Health Plan


The coverage amount is exclusively reserved for the policyholder.

All the family members enrolled in the plan will have the coverage amount distributed among them.


Covers all medical expenses of the individual.

This plan includes comprehensive medical coverage for all family members who are enrolled in it.


The higher premium is determined by the coverage limit chosen, as well as the policyholder's age, medical history, and any additional covers selected.

The premium is less when compared to the individual health plan, as you purchase a single plan for all members.

Members Covered

Only the policyholder gets covered.

In one plan, you have the option to enroll a minimum of four members and a maximum of eight. The members eligible for enrollment consist of the policyholder, their spouse, and two children.


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Factors to Consider in Buying a Family Floater Health Plan

When considering the purchase of a Family Floater Health Insurance Plan, several important factors should be taken.

  • Family Composition: Understand the composition of your family, including the number of members and their ages, to choose a plan that adequately covers everyone.
  • Sum Assured: Assess your family's healthcare needs and choose a sum assured that provides sufficient coverage for potential medical expenses. Consider factors like the average cost of medical treatments in your region.
  • Inclusions and Exclusions: Review the policy document to understand what is covered (inclusions) and what is not covered (exclusions). Be aware of any waiting periods for specific treatments.
  • Network Hospitals: Be sure to review the list of hospitals that are in the network with the insurance provider. A wider network ensures that you have access to quality healthcare facilities.
  • Premiums: Compare premium costs from different insurers and choose a plan that fits your budget. Keep in mind that a slightly higher premium may provide better coverage.
  • Renewal Conditions: Understand the renewal process and any conditions attached, such as the renewal age limit. Look for policies with a lifelong renewal option.
  • No-Claim Bonus: Check if the plan offers a no-claim bonus or cumulative bonus, as this can increase the sum assured without an increase in premium upon renewal.
  • Claim Settlement Ratio: Investigate the insurer's claim settlement ratio. A higher ratio suggests that the insurer is more efficient in resolving and paying out claims.


Why Buy Family Floater Health Insurance Plans from Okbima?

Family Floater Health Insurance Plans from Okbima are highly beneficial for several reasons such as providing comprehensive coverage with a hassle-free claim process.

  • Comprehensive Coverage: Okbima offers a wide range of Family Floater Health Insurance plans that provide extensive coverage for the entire family, including spouses, children, and parents. 
  • Flexibility: Okbima understands the diverse needs of families and offers flexible coverage options. You can choose the sum insured, add or remove family members, and customize the policy according to your requirements.
  • Hassle-free Claim Process: Okbima has a simplified claims settlement process, ensuring that you do not face any inconvenience during emergencies. 


Unexpected Medical Bills Got You Worried? Talk to Our Experts!


Read More:

Best Family Health Insurance Plans in India 2024

Top 5 Health Insurance Companies in India - IRDAI Approved

Tax Benefit of Health Insurance Plans In India



In conclusion, family floater health insurance plans offer a comprehensive and cost-effective solution to ensure the well-being of an entire family. They provide coverage for multiple family members under a single policy, eliminating the need for individual policies for each member. The plans typically cover a wide range of medical expenses, including hospitalization, surgeries, and emergency treatments. Before buying family floater health insurance plans, consult with okbima experts.


The duration of the waiting period for a family floater health insurance plan differs from one company to another.

A health insurance plan for the entire family, known as a family floater plan, offers medical coverage to the policyholder, their spouse, parents, children who rely on them, and siblings who rely on them.

A health insurance plan for the entire family, also known as a family floater plan, provides coverage for the main policyholder and all of their family members.

The availability of discounts for purchasing a family floater health insurance policy varies from one insurer to another.

Individuals who are not part of the immediate family, such as friends, distant relatives, or employees, cannot be covered under a family floater policy.

The age limit for a family floater insurance policy varies, but it typically ranges from 18 to 65 years old.

Yes, it is possible to convert individual health insurance to a family floater plan.

Determining whether a floater or individual policy is better depends on factors such as the number of people to be insured and their specific health needs.

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