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 2023
Here is a list of best family floater health insurance plans in India in 2023:
| Family Floater Health Insurance Plan | Features |
| Navi Health Insurance | Sum Insured: Up to Rs. 1 crore Claim Settlement Ratio: 97% |
| Aditya Birla Activ Health Platinum Enhanced Plan | Sum Insured: Up to Rs. 2 crore Claim Settlement Ratio: 94% |
| Care Advantage Plan | Sum Insured: Up to Rs. 6 crore Claim Settlement Ratio: 95% |
| Niva Bupa Heartbeat Family Floater Plan | Sum Insured: Up to Rs. 3 crore Claim Settlement Ratio: 96% |
| Star Family Health Optima Plan | Sum Insured: Up to Rs. 2 crore Claim Settlement Ratio: 90% |
** Terms & Conditions Apply
Best Family Floater Health Insurance Plans 2023 – Detailed Overview
There are various insurance providers who have introduced dedicated Family Floater Health Insurance Policies. Here’s a list of some of the best Family Floater Health Insurance Plans in India
Navi Health Insurance has over 10,000+ network hospitals across India where cashless claims are settled within 20 minutes. This health insurance plan offers 100% coverage of hospital bills, no cap on hospital room rent, unlimited online consultations, medical treatment at home, etc.
- Sum Insured: Up to Rs. 1 Crore
- Claim Settlement Ratio: 97%
2. Aditya Birla Activ Health Platinum Enhanced Plan
The Aditya Birla Activ Health Platinum Enhanced plan is specifically designed to cover your medical expenses as needed. It is more than a standard health insurance plan because it includes unique features such as HealthReturns, reloading of the sum insured, Chronic Management Program, multiple hospital room options, and so on.
- Sum Insured: Up to Rs. 2 Crore
- Claim Settlement Ratio: 94%
3. Care Advantage Plan
Care Advantage is a comprehensive health insurance plan for you and your family. This policy covers you for hospitalisation expenses incurred for more than 24 consecutive hours. Individuals (over the age of 18) can purchase this policy for themselves and their family members on an individual or floater basis.
- Sum Insured: Up to Rs. 6 Crore
- Claim Settlement Ratio: 95%
4. Niva Bupa Heartbeat Family Floater Plan
Niva Bupa Heartbeat Family Floater Plan safeguards you and your loved ones against a medical emergency or unintentional hospitalisation. You can purchase a one-year or two-year plan, with coverage up to INR 50 lakhs in the gold plan. The sum insured for the platinum plan is INR 1 crore. This plan also includes cashless treatment and a pre-medical check-up.
- Sum Insured: Up to Rs. 3 Crore
- Claim Settlement Ratio: 96%
5. Star Family Health Optima Plan
Star Health Optima Plan is a super saver plan that provides coverage for the entire family, including spouse and dependent children between the ages of 16 and 25. This policy is available to Indian residents aged 18 to 65. After the age of 65, the health plan can be renewed indefinitely. Under this policy, a health check-up is provided for each claim-free year. The plan provides three times automatic restoration of the sum insured by 100% for each complete exhaustion.
- Sum Insured: Up to Rs. 3 Crore
- Claim Settlement Ratio: 90%
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Benefits of Buying a Family Floater Health Insurance Plan
Here’s a list of the benefits of the family floater health insurance plan:
1. Whole Family Coverage
A family floater health insurance policy allows you to cover your entire family under one plan, including your in-laws and newborn children.
2. Cashless Hospitalisation
You can get healthcare in any hospital on the network and your expenses will be covered.
3. Tax Benefits
Premium paid for the insurance is deductible under Section 80D of the Income Tax Act up to the limit specified.
Disadvantages of Family Floater Health Insurance Plans
- If another member had previously filed a claim, a member’s coverage would be reduced.
- If even one member makes a claim, you forfeit the no-claim bonus.
- Only dependent children under the age of 23 or 25 are eligible for coverage.
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
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:
1. 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.
2. 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.
3. 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.
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:
- Immediately inform your health insurance company about your issue.
- If the company finds a requirement for cashless hospitalisation, they provide a list of hospital networks where you can get your treatment.
- 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.
- After the company approves your claim request, you can avail of cashless treatment.
- Next, after the treatment process is over and the patient gets discharged, fill up and submit a claim form along with billing documents.
- After verifying the documents, the company settles the claim.
- 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.
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:
1. 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.
2. 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%.
3. Claim Process
Another significant factor that one must consider is the claim process. It should be hassle-free to enjoy the maximum benefit.
4. 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.
5. 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.
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 in 2023. Download the Navi app to provide a safety net for yourself and your family today!
FAQs
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.
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.
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.
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.
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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