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For Comparative Insurance Quote: Om Plaza, 430/7, 1st Floor, Sant Nagar, East of Kailash, New Delhi-65
Phone: 011-41324957, 41623784, Mob:+91-8447757651 & 53 Email: ria1@surekhae.com
Family Floater Health Insurance Products in India (for your entire family)
 
(1) What is the Concept of Family Floater in health insurance?   (2) Introduction Family Floater Health Insurance
(3) Coverage & Exclusion under Family Floater Policies   (4) Family Floater Premium Comparative Chart
(5) Comparison of Family Floater Policies   (6) Policy Wording/ Proposal Form/ Brochure
(7) Family Floater Insurance Health from Companies   (8) Health Insurance Below Poverity Line (BPL) Families
 
General/ Health Insurance Companies Products
Life Insurance Companies Products
2- Selection/Introduction of Family Floater Health Insurance Policy
The advantages of family floater are:
1. One premium buys you cover for the every member of the family subject to the maximum limit of sum insured.
2. This premium is definitely more economical than Mediclaim policies where every individual and is covered for specific amount.
3. Floaters work well when a family thinks one or two members are healthy enough not to warrant a full Mediclaim cover as mentioned in point 2.
4. Some floaters are allowing renewals up to age 70 this makes it easier for senior citizens to get health cover when they cross the age of 60. The premium charged for senior citizens under senior citizen policy is comparatively higher. It is suggested that family should go in for family floater at as early age. Which is becoming increasingly difficult under the regular Mediclaim.
What it Costs: Let’s take an example: Options available for buying Health Insurance by a large family
There are a large number of families in India comprising of self, spouse, 2 children and father/mother. We frequently receive queries through our website www.healthinsurance.org from such families, who are looking for best option for buying of health insurance.
Let us take example of Vashisth’s family comprising of following:
 
 
Age
1 Vashisth
34
2 Spouse
28
3 Son
05
4 Daughter
03
5 Father
62
6 Mother
58
 
Vashisth wishes to buy mediclaim policy for his immediate family + dependents and his parents and wants to know what the best available option is.
In an ideal situation, any one will assume that one policy should be issued for all of them and family should be eligible for 10% discount on family of 6. But this does not happen. As his father aged 62 years is now a senior citizen, he will have to go in for a separate policy under Varistha Bima Yojna (named by different insurance co’s under different brand names). His mother cannot be included in the Family Floater policy as insurance co’s in our country issue policy to 2 adults + 2 children only. A 3rd adult is not permitted to be covered under family floater. It is surprising but it is a fact. If Family Floater is selected for Vashisth’s family of 4, then their Mother (58 yrs) also needs a separate policy.
If Vashisth wishes to cover every member for Rs. 2 Lakhs than normal policies can be issued to 5 of them.
Let us say each family member is to be covered for Rs.2 Lakh then options are:
Alternative 1: Choose from Table 1, family floater for Vashisth family of 4, Mother from Table 2 and Father from Table 4
Then cost is coming:
 
  Amount in Rs.
Details No. of Persons Policy Type Sum Assured Ins. Co. Premium
Family
4
Family Floater
2 Lakh
Reliance General (Silver)
9225
Mother
1
Individual Mediclaim
2 Lakh
United India (Gold)
6900
Father
1
Senior Citizens Mediclaim
2 Lakh
Oriental Insurance
10018
Total
6
     
26143
 
Note: Vashisth family of 4, each one is covered for Rs. 2 Lakhs subject to max. claim in a year of Rs. 2 Lakh (for 4 of them).
Alternative 2: Choose from Table 3 for Vashisth’s immediate family of 4 + Mother, and take cover for Father from table 4.
 
Details No. of Person Policy Type Sum Assured Ins. Co. Premium
Vashisth family + Mother
5
Individual Mediclaim
2 Lakhs
Star Health & Allied
16214
Father
1
Senior Citizens Mediclaim
2 Lakhs
Oriental Insurance
10018
Total
6
 
 
26232
 
Note: Every member is covered for Rs. 2 Lakhs. With these Tables and examples it is easier for you to decide – Vashisth should go in for which cover.
(Premium - Including Service Tax 12.36%)
Last Updated on Aug,2012
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