Best Family Floater Health Insurance Plans in India (2023)
A family floater health insurance plan covers the medical expenses of the entire family. It is more cost-effective than individual health insurance plans. Children, spouse, parents, siblings and parents-in-law can be included under this plan.
If you are looking for a health insurance plan for your family, here’s a list of the 5 best family floater health insurance plans. Take a look!
5 Best Family Floater Health Insurance Plans
| S No. | Family Floater Health Insurance Plan | Sum Insured | Claim Settlement Ratio |
| 1. | Aditya Birla Activ Health Platinum Enhanced Plan | Starting from Rs. 5 lakh | 98.04% |
| 2. | ** Navi Health Insurance | Up to Rs. 1 Crore | 97% |
| 3. | Care Advantage Plan | Rs. 25 lakh/50 lakh | 95.2% |
| 4. | Niva Bupa Heartbeat Family Floater Plan | Up to Rs. 50 lakh | 96% |
| 5. | Star Family Health Optima Plan | Up to Rs. 25 lakh | 93% |
** Terms & Conditions Apply
Benefits of Buying a Family Floater Health Insurance Plan
Here’s a list of the benefits of the family floater health insurance plan:
- Whole family coverage:
The most significant benefit of buying a family floater health insurance policy is that it covers your entire family under a single plan. Not to mention, after a new member’s birth, you can add them too. Also, there is coverage for parents-in-law. So, you don’t have to pay multiple premiums for different plans. - Cashless hospitalisation expense coverage:
People benefit from the cashless hospitalisation facility under the best family floater health insurance plans. So, your family member can get healthcare in a network hospital, and the insurance provider will cover the expense. - Tax benefits:
Income Tax Act provides a tax exemption benefit under Section 80D if an individual has purchased a family floater health insurance plan. In other words, if you pay a premium to cover the health insurance of your family members, you can claim tax exemption.
How To Claim a Family Floater Health Insurance?
The claim process in the case of a family floater health insurance plan does not involve any hassle. It includes the following steps:
- Step 1: Immediately inform your health insurance company about your issue.
- Step 2: If the company finds a requirement for cashless hospitalisation, they provide a list of hospital networks where you can get your treatment.
- Step 3: Fill in the pre-hospitalisation form and submit it to the insurance company to pre-approve the cashless claim. Remember, one should request three days before planned hospitalisation and one day before emergency one.
- Step 4: After the company approves your claim request, you can avail of cashless treatment.
- Step 5: Next, after the treatment process is over and the patient gets discharged, fill up and submit a claim form along with billing documents.
- Step 6: After verifying the documents, the company settles the claim.
- Step 7: If you have received the treatment from a non-networked hospital, you can claim the hospitalisation expense you have incurred and submit bills as proof. After proper verification, the company will reimburse you for your incurred cost.
*Note: The claim process of family floater health insurance plans varies from one insurance provider to another.
Eligibility Criteria to Buy a Family Floater Health Insurance Plan
The eligibility criteria will vary from one family floater health insurance plan to another. However, there are some essential criteria that every program requires you to fulfil:
- The minimum entry age for an adult is 18 years, while for kids, it is 90 days.
- The maximum entry age for an adult is 65 years.
- You can add only a fixed family member, as the policy mentions. It generally includes spouses, dependent children, parents, parents-in-law, etc.
- The renewability extends for a lifetime.
Also Read: Understanding Health Insurance Claim Settlement Ratio In India
Exclusions under a Family Floater Health Insurance Plan
- Self-caused injury
- Sexually transmitted diseases
- Claims raised within thirty days of buying the plan (exception is made in case of an accident)
- Pre-existing ailments will not be covered before a specific duration
- Treatment of cosmetic or aesthetic issues
- Health conditions caused as a result of alcohol or drug abuse
- Problems caused due to unapproved or experimental treatment
- OPD treatment (exception will be made if specified in the policy)
- Any other exclusion, as the policy mentions
Also Read: What is Deductible In Health Insurance in India?
Things to Consider Before Choosing a Family Floater Health Insurance Plan
Here are some points that every individual must consider before buying the best family floater health insurance plan:
- Coverage of the health insurance plan: The foremost thing to consider before choosing the best family floater health insurance plan in India is the coverage it offers. While almost every plan covers ambulance charges, in-patient hospitalisation charges, daycare charges, pre and post hospitalisation expenses, it is better to know about the details of the coverage. This helps people decide whether it meets their needs or not.
- Availability of enhancement option: The next thing to check in your plan is whether it includes an enhancement option. It helps individuals by providing them with protection against inflation. As per a common rule of a health insurance company, if an individual does not claim any amount in a specific financial year, their sum insured increases by 100%.
- Claim process: Another significant factor that one must consider is the claim process. It should be hassle-free to enjoy the maximum benefit.
- Cashless hospitalisation option: The best family floater health insurance plans also offer a cashless hospitalisation option at network hospitals. So, make sure the program you choose has this feature and cross-check whether their networked hospitals are located near your house for convenience.
- Lifelong renewal policy: Few health insurance plans provide renewal options until the eldest member of your family turns 65 years. So, make sure the policy you choose offers a lifelong renewal policy for maximum benefit.
Why Buy Family Floater Health Insurance Plans Online?
The best family floater health insurance plan provides many benefits, but the top reasons why one must consider buying it online are as follows:
- Convenience: Buying an insurance plan online makes the process very convenient. For example, you do not have to wait in a long queue at an insurer’s office.
- Instant quotation: After filling out the form available on an insurer’s website, you can instantly get a quotation. Then, if you feel the company satisfies your requirements at the preferred premium, you can purchase the policy.
- Easy access: When you have insured yourself and your family members online, the best family floater health insurance plan in India for 2022 will provide easy access to benefits. For example, the claim process will be convenient, and there will be instant after-sales service.
If you are looking for a family floater health insurance plan, check out Navi’s offering. The paperless process of purchasing a policy from this insurer doesn’t involve any hassle. Furthermore, individuals can get cashless claims within 20 minutes across over 10,000 network hospitals across India. Download the Navi app and get an added layer of financial protection for your family.
Also Read: What to Keep in Mind when Buying a Health Insurance Policy
Final Word
A family floater health insurance plan is a better option compared to an individual health insurance plan. Go through the above list and subsections to identify which is the best family floater health insurance policy in India for 2022. Download the Navi app to provide a safety net for yourself and your family today!
FAQs
Ans: Under Section 80D of the Income Tax Act, the premium paid for the insurance policy is eligible for deduction. The deduction will amount to Rs. 15,000 in case the insurance policy covers your spouse, self, and children. However, if it covers senior citizens in your family, then an additional exemption of Rs. 20,000 is also allowed. So, the total savings can amount to Rs. 35,000.
Ans: Make sure you have the following documents along with you when filing a family floater health insurance claim:
Hospital bills, Any other treatment-related payment receipt, Discharge report, Health insurance form, Policy document and Consultation document.
Ans: If the primary insured member dies or reaches the maximum age, another adult member covered under the policy can become the immediate member and enjoy the continuity benefit. However, one must inform the insurance company about the change first.
Ans: Yes, there is a waiting period of 30 days, after which the policy commences. However, it varies from one family health insurance policy to another. So, make sure to check it before buying a policy. Also, in some guidelines, the waiting period has subcategories, including the pre-existing disease waiting period, maternity cover waiting period, etc.
Ans: Policyholders can add new members to their existing family floater health insurance policy. However, one must do it at the time of policy renewal. Remember, the addition of a dependent family member other than a newborn is not allowed in the middle of a plan. Also, keep in mind that you will have to pay an extra premium for the additional member.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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