Understanding Family Floater Health Plan and its Benefits

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Written By Berry Mathew


In our youth, life seems so fresh and joyful. As we reach the 30s age range, life remains the same in most cases but the major difference we start seeing is in our body and health. Even if you look all fit from the outside, it does not mean you are a healthy person. This is why so many people need to start taking extra good care of their health once they are in their 30s. However well we take care of our health, we also need to consider the possibility that we still may get some conditions and diseases. Getting the right treatment in such a case is not impossible but it does require a substantial amount of money. And to safeguard our finances in such a circumstance, it is prudent to buy a health insurance policy.

Once you have a health insurance policy, you do not have to think twice before getting hospitalized. Even if it is an emergency case, you can find the network hospital, get your admission, complete the required process or formalities, and get your treatment. If you have taken the cashless hospitalization option, you can simply inform the insurance company about it and the rest of the formality will be done between the insurer and the hospital.

There are basically two types of health insurance policies; individual health insurance policy and family floater health insurance policy. As you buy an individual health insurance policy, only you are covered in it. As you buy a family floater health insurance policy, the family members, whosoever’s name is mentioned in the policy, are covered. Whether you are married or not, it is always advisable to purchase a family floater health insurance policy rather than buying an individual policy for each one in the family. When you have a family floater health insurance policy, each family member can avail of the benefits of the policy up to 8 lakh. Let us check out some of the benefits of a family floater health insurance policy.

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Benefits of family floater health insurance policy

Family floater health insurance policy comes with many benefits for the policyholders. Here are a few of them mentioned below:

  • Affordable: A family floater health policy is known for being cost-effective. As compared to individual health policies, family floater health policies come with the most affordable premiums. The premium payment is around 15% to 20% lower than the other regular policies. 
  • Sum assured can be increased: The policyholders can increase the sum assured at a minimal cost. In addition to this, some life insurance settlement companies provide a No Claim Bonus reward to the policyholders to automatically increase the sum assured.
  • Cashless hospitalization: The family of the policyholder can very easily and smoothly avail of the option of cashless hospitalization. There is no need of going through the paperwork in the network hospitals. The bill payment is settled between the hospital and the insurance company.
  • Continuous health cover: The floating family policy can be availed of by the policyholder for a term of up to 2 years. This makes sure that the individual has not been affected by the rise in premium rates.
  • Family health plans discount: On buying a family health insurance plan, most of the insurance companies provide a discount to the policy buyers.
  • Hassle-free claims: The process of claiming the benefits of a floating health policy is very simple. However, to make sure that you can do it in easy steps, you must check the claim settlement ratio of the company.
  • Tax benefits: Under Section 80D of the Income Tax Act, policyholders can avail of tax benefits up to INR 55,000 (INR 25,000 for themselves and INR 30,000 for senior citizen parents) upon premium payments.

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Now, all that you need to do is to find the family floater plan that is suitable for your family. You can visit the IIFL website to find several family floater plans under a single umbrella.