Insurance Tips: If you want to buy an insurance plan for your family, then know about the Family Floater Plan...


Health-related problems can arise at any time and for anyone. A good amount of money is spent on this. To avoid these situations, people take health insurance plans. An insurance plan covers all medical expenses and provides financial backup to the insured person. During COVID-19, people have understood the importance of health insurance and today people have started considering it as an important investment. If you are planning to buy a health insurance plan for your family, then know about the Family Floater Plan once. It is economical as well as beneficial because in this you can take cover for up to 15 members of the family at a low premium. Apart from this, facilities like add-on covers in emergencies are also available in it.


What is a family floater plan?

A family floater plan is like an umbrella in which all the family members get coverage under a single plan and the premium is the same. Understand with an example - Suppose there are 4 members in your family and you take an individual plan for them with a coverage of Rs 2 lakh each. In such a situation, if any member of the family falls ill, then you will have to pay only Rs 2 lakh for that. Coverage will be available. You will have to spend all the money on top of this.

Whereas if you take a family floater plan with a coverage of Rs 8 lakh and 4 family members are covered in this plan with a coverage of Rs 8 lakh, then in case of any problem, each member of the family will get a coverage of up to Rs 8 lakh. Suppose a family member falls ill and out of the family floater plan of Rs 8 lakh, Rs 3 lakh is spent on that member, in such a situation you are still left with Rs 5 lakh, which you can spend on yourself or the insured members of the family. Can spend on needs.

As more members are covered, the premium amount will also increase.

A typical family floater plan covers the insured person, his spouse, and his children. However, some policies also extend coverage to parents, in-laws, and siblings. A total of 15 people can be covered in the floater plan. Generally, as the number of people covered under the insurance policy increases, the premium amount also increases. Many companies also cover the pre-existing illness of the parents in the floater plan. However, for this, you will have to pay more premium.

This is also an advantage

One advantage of a family floater plan is that you are saved from the hassle of taking different policies and remembering their numbers and details. Apart from this, there are many plans in which the option of add-on cover of critical illness is also available.


This is the flaw, which is important to know

One drawback of a family floater insurance plan is that the premium is determined based on the age of the senior-most member of the family and insurance companies usually allow renewal only up to a particular age. This means that if the senior member of the family reaches that age. So the policy will not be allowed to be renewed further and none of the remaining members will have the option to extend the policy further.

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