Family Floater Health Insurance Plans

Family floater health insurance offers a single policy with a shared sum insured, covering all family members under one plan. It provides cost-effective protection, flexibility in claims, and peace of mind by pooling healthcare benefits in one umbrella policy.
Explore Plans
Check Health Insurance Plans
Get Quote
3 mins
13-May-2025

Family floater health insurance, also known as family health insurance, covers your entire family under a single plan. The sum insured applicable under these plans covers all the family members included under them. Primarily these plans cover individuals, spouses, and children. However, some plans cover parents, parents-in-law, and siblings as well.

What Is the meaning of Family Floater Health Insurance?

A family floater health insurance plan is a type of health insurance plan that covers multiple members of a family. Any family member enrolled in this health plan can utilise the sum insured for covering any medical expenses that may arise. Compared to an individual health insurance plan, a family floater plan comes at a lower premium. It also ensures you do not have to buy health insurance plans for each member separately. This type of plan proves ideal for families who want to cover all their medical expenses under a single policy. It helps you avoid the hassle of managing multiple individual policies.

How does a family floater health insurance work?

A family floater health insurance covers all the family members you have enrolled in the plan. You basically pay for a single health plan and get medical coverage for all family members under one plan. This means the sum insured on the plan gets shared by the members whenever a medical emergency arises. You can claim the sum insured multiple times up to the maximum coverage offered.

Difference between a family floater and individual health insurance plan

Know what makes family floater health insurance different from individual health insurance plans.

Parameters

Individual health insurance

Family floater health insurance

Coverage

The coverage amount is dedicated only to the policyholder.

For example, if the coverage limit of the policy is Rs. 10 lakh, you can avail of the entire coverage amount.

The coverage amount gets spread across all the family members enrolled on the plan.

For example, if a family health plan offers a coverage limit of Rs. 10 lakh, the sum insured will be spread across all the family members.

Benefits

Covers all medical expenses of the individual.

Covers all medical expenses of family members enrolled under the plan.

Premium

Premium is higher and depends on the coverage limit chosen. It also depends on the policyholder’s age, medical history and add-on covers availed.

Premium is lower compared to the individual health plan, as here you buy only one plan for all the members.

Members covered

Only the policyholder gets covered.

You can enrol four to eight members in one plan. The members include the policyholder, spouse, and two children. Some plans also allow enrolling parents and parents-in-law.


Family floater health insurance policy: Who must consider it?

A family floater medical insurance policy is ideal for households looking to secure comprehensive health coverage under a single plan. This type of insurance is particularly beneficial for families, as it combines the coverage for all members, often at a lower premium compared to individual policies. It's perfect for young families and couples planning for children, offering flexible, shared coverage for medical expenses.

Eligibility criteria for Family Floater Health Insurance Plans

The eligibility criteria for a family floater health insurance plan may vary slightly between insurers, but the core requirements typically include:

1. Age Criteria

  • Adults: Minimum entry age is 18 years; maximum entry age is generally 65 years.
  • Children: Eligible from 90 days of age.

2. Required Documents

To purchase the policy, the proposer must submit:

  • PAN card (for identity verification)
  • Address proof (such as Aadhaar card, passport, or utility bill)
  • Any additional documents requested by the insurer

3. Eligible Family Members

Most insurers allow the inclusion of:

  • Spouse
  • Dependent children
  • Parents
  • Parents-in-law (coverage may vary by insurer)

Key features of family floater health insurance

Here’s a quick look at the key features of the family floater health insurance offered at Bajaj Finance Insurance Mall.

Features

Specifications

Sum insured

Up to Rs. 50 lakh

Cashless treatment

7,000+ network hospitals

Daycare treatment

Covered

Tax benefit

Included

Pre-and post-hospitalisation expenses

Covered

Pro Tip

A comprehensive health plan not only covers hospitalization but also pre & post-treatment expenses, ensuring complete financial protection against rising medical costs.

health-insurance-banner

Benefits of family floater health insurance

Here are some key benefits of family floater health insurance plans.

  1. Coverage for family members: Unlike other insurance policies, which provide coverage only for the insured individual, a family floater health insurance plan covers multiple individuals. As a result, you can add your spouse, children, parents, and siblings to a family floater health plan.
  2. Cashless in-patient hospitalisation: Family members under a family floater plan can receive cashless health insurance benefits. They can benefit from cashless hospitalisation at network hospitals if they notify their insurance within 24 hours of admission.
  3. Hospital room rent: For each hospitalisation day, a family floater health insurance policy may cover the room rent. The coverage is up to a specific amount as specified by the policy.
  4. Daycare treatments: All members covered under a family health insurance policy can avail of daycare treatment benefits. A daycare procedure requires hospitalisation for less than 24 hours.
  5. Coverage for ambulance cost: Family health policy covers the ambulance expenses to transport any enrolled member to the hospital.

Limitations of Family Floater Health Insurance Plans

While family floater health insurance offers comprehensive coverage under a single policy, it does come with certain limitations. Here are some key drawbacks to keep in mind:

1. Reduced coverage for multiple claims

  • If several claims are made in the same policy year, the sum insured can be quickly depleted.
  • This may result in lower or no coverage for claims made later in the year.

2. Limited inclusion of extended family members

  • Most floater plans cover only the policyholder, spouse, and children.
  • Parents, siblings, and other dependents are often excluded, requiring separate policies—especially for senior parents—which can raise costs.

3. Age-based renewability limits

  • These plans can only be renewed until the eldest covered member reaches the insurer’s maximum age limit.
  • After that, the policy may lapse, forcing younger members to buy a new plan—typically at a higher premium.

Although family floater health insurance is budget-friendly and easy to manage, it’s essential to assess its limitations. If you have elderly parents or several dependents, an individual health insurance policy may offer better long-term value.

What does a family floater health insurance plan cover?

A family floater health insurance generally covers the following expenses.

Hospital expenses coverage:

You get coverage for hospitalisation, including room rent, nursing, doctor's fees, and other service charges.

Pre-and post-hospitalisation expenses:

You get coverage for pre-and post-hospitalisation expenses. The plan covers medical expenses incurred 30 days before and 60 days after hospitalisation as per the policy. The days of coverage may differ from policy to policy.

Daycare treatment:

You get coverage for daycare treatments that require less than 24 hours of hospitalisation.

Preventive check-up:

Family floater health insurance also covers vaccinations and health check-ups for all family members.

Add-on covers:

You can also avail of add-on covers like critical illness cover, maternity cover, hospital cash cover, and more.

AYUSH treatment:

You also get coverage for modern and traditional treatment methods like robotic surgeries, oral chemotherapy, and Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy (AYUSH).

What family floater health insurance does not cover?

A family floater health insurance does not cover the following expenses.

  • Treatment for diseases that occur during the waiting period mentioned in the policy.
  • Treatment for STDs (sexually transmitted diseases) such as herpes, AIDS, etc.
  • Treatment for illnesses arising from substance abuse, including narcotics, drugs, alcohol, etc.

How to Select the best family floater health insurance policy?

Choosing the right family floater health insurance plan requires careful evaluation. Here are key points to guide your decision:

  • Assess your needs
    Begin by identifying your family’s medical needs. Consider how many members you want to include and whether separate plans are necessary for senior citizens. Also, account for any pre-existing conditions that may impact premiums or coverage limits.
  • Choose the right sum insured
    Since the sum insured is shared among all covered members, opt for a higher coverage amount that can handle multiple claims or simultaneous hospitalisations. Keep in mind, though, that a higher sum insured will lead to a higher premium.
  • Review policy inclusions
    Carefully read through what’s covered under the plan. Ensure it includes essential features such as ambulance charges, room rent, ICU costs, day-care procedures, and pre- and post-hospitalisation expenses. Since inclusions vary by insurer, comparing multiple plans is crucial.
  • Check claim settlement ratio
    This ratio reflects the insurer’s reliability in settling claims. A high claim settlement ratio indicates that the insurer is more likely to process your claims smoothly. Also, ensure the claim process is hassle-free and transparent.
  • Look for add-on covers
    Explore optional benefits like personal accident cover, daily hospital cash, lump sum payouts on diagnosis, or reduced waiting periods. These add-ons come at an extra cost but can significantly enhance your policy’s utility. Choose based on your family’s medical history and risk factors.

By thoroughly evaluating these aspects, you can choose a family floater policy that offers balanced, comprehensive coverage tailored to your family's needs.

Things to consider before buying a family floater health insurance plan

Here are the things that you should keep in mind before purchasing family floater health insurance for your family.

Sum insured

The sum insured in a policy must be sufficient to meet the entire family's medical expenses. Generally, insurance companies offer family floater plans with a sum insured starting from Rs. 50 lakh.

Network hospitals

To avail of cashless treatment, choose an insurer with a sizable network of hospitals. You can then claim for cashless settlement at any network hospitals.

Claim settlement ratio

Choose an insurance company with a high claim settlement ratio. The insurer must have simple process to accept and resolve claims. This will guarantee that the claims processed quickly and with minimal difficulty.

Waiting period

Usually, most insurers impose a waiting period of 2-5 years. People cannot submit claims for any pre-existing conditions or add-on benefits like free annual checkups, dental care, etc. during this time.

Apart from these, you must thoroughly go through the inclusions and exclusions of a family floater health plan. Also, check if the company gives any add-on covers to expand the coverage.

Why should you buy family floater plans online?

With digital convenience at your fingertips, purchasing a family floater health insurance plan has never been easier. Here's why going online is a smart choice:

  • Effortless access
    You can browse, compare, and evaluate multiple health insurance plans in minutes. From premium payments to claim submissions, everything is easily manageable online. Just keep your documents handy for a smooth process.
  • Instant quotes
    Most insurer websites allow you to get real-time premium estimates by simply filling out a quick form. This helps you make an informed decision based on your budget and coverage needs.
  • Ultimate convenience
    Say goodbye to long queues and paperwork. Online purchases let you explore, decide, and buy a plan from the comfort of your home—anytime, anywhere.

Top family floater health insurance plans

Given below are the leading family floater plans offered by top insurance providers through Bajaj Finance. You can claim benefits across 7,000+ network hospitals across the country.

Family Health Insurance Plans

Sum insured

Aditya Birla Group Activ Health

Up to Rs. 10 lakh

Aditya Birla Activ Assure Diamond

Up to Rs. 2 crore

Aditya Birla Super Top-up

Up to Rs. 50 lakh

Bajaj Allianz Heath Guard

Up to Rs. 50 lakh

Bajaj Allianz Extra Care Plus

Up to Rs. 50 lakh

How to apply for family floater insurance plans online

Step 1: Click here to open our online application form.
Step 2: Fill in the application form with basic details of the proposer. Provide name, gender, mobile number, date of birth, and residential PIN code.
Step 3: Now click on ‘Get Quote’ to proceed.
Step 4: From the list of policies shown, choose your preferred family health insurance plan by clicking the ‘Buy Now’ button placed under each plan. You can further modify the insured amount, policy term, and plan type to get a list of policies tailored to your preference.
Step 5: Based on the plan, you choose you may get the option to select the policy term and premium amount.
Step 6: Enter your email ID and check if all personal details shown are correct. Click ‘Next’ to proceed.
Step 7: Enter some additional details, such as height, weight, nationality, marital status, address, and nominee details (if applicable).
Step 8: Answer a few questions about your health and lifestyle by clicking the relevant checkboxes. Click on the ‘Next’ button to proceed.
Step 9: Verify if the previously filled details are correct and click on the ‘Proceed’ button to visit the payment page.
Step 10: Make the payment through net banking, UPI, debit, or credit card to buy the policy.

After successful payment, your policy document will be available for you to download instantly. You will receive a copy of the policy document on your registered email ID within 5-7 working days..

You will also receive an SMS confirmation immediately after the payment processed successfully.

You can also access your policy details through the My Account section within 5-7 days after the purchase.

Related Article

Senior citizen health insurance

individual health insurance

Mediclaim Insurance

Frequently asked questions

What are the eligibility criteria for buying a family floater health insurance plan?

For adults, the minimum age criteria to get enrolled in the plan is 18-65 years. For dependent children, the age bracket is between three months and 25 years. However, the eligibility criteria may vary for different family floater health plans.

How many members can I cover under a family floater health insurance plan?

You can enrol up to six members in a plan. A family floater health insurance mainly covers the policyholder, spouse, and up to four dependent children. A few family floater health insurance plans also allow you to enrol parents and parents-in-law.

Which is better, family floater or individual?

Choosing between family floater and individual health insurance depends on your needs. Family floater offers shared coverage, often at a lower premium, making it ideal for families. Individual policies provide personalised coverage, beneficial if specific health needs vary significantly.

What are the disadvantages of a family floater mediclaim policy?

Family floater mediclaim policies have shared coverage limits, meaning high claims by one member can exhaust the sum insured. Premiums may increase with the age of the eldest member. Additionally, some policies have restrictions on the number of members covered.

Who cannot be covered under a family floater policy?

Typically, family floater policies exclude extended family members like grandparents, aunts, uncles, or cousins. These policies generally cover spouses, dependent children, and sometimes parents. Additionally, coverage may be denied to individuals with pre-existing conditions or over a certain age.

What is a Happy Family Floater Policy?

The Happy Family Floater Policy is a comprehensive health insurance plan by Oriental Insurance. It provides extensive coverage for families, including hospitalisation, critical illness, and maternity benefits, with customizable sum insured options and the convenience of a single policy for the entire family.

What is a Family Floater Health Insurance?

A family floater health insurance is a single policy that covers all your family members under one sum insured. Instead of taking individual plans for each person, this plan allows you to share the total coverage among family members—typically including you, your spouse, and dependent children. Some plans also let you include parents or in-laws, depending on the insurer. It’s cost-effective and ideal for families with younger members who may not make frequent claims.

Which Health Insurance is Best for Families?

The best health insurance for families depends on your specific needs—such as the number of members, age of parents, and medical history. That said, a good family floater plan should offer:

  • Wide hospital network with cashless claims
  • Pre- and post-hospitalization cover
  • No-claim bonus and annual health checkups
  • Option to add critical illness or maternity covers
  • High claim settlement ratio
Show More Show Less

Related videos

Disclaimer

T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services.  Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.