Family Floater Health Insurance

This kind of policy is issued on the basis floater sum insured. In this policy, all members of a family covered under a single sum insured. For example, if there are four members in a family i.e. Proposer, Spouse, Son and Daughter. Now, Proposer can opt Single Sum Insured like Rs.20 Lac to cover all his family members.  In case of hospitalization, any member of a family can claim up to Rs. 20 Lac, there is no restrictions related to sum insured for each person like individual health insurance. 

There are many options available in market, wherein a person can opt sum insured from Rs.2,00,000/- to 50 lac or more as per insurance plan.

The benefits of this kind of policy is that insured can cover their all family members in a single sum insured that costs cheaper than individual health insurance but it affects Cumulative Bonus and No Claim Bonus discounts whenever a claim arise. Also, room rent limit and other benefits are more wider than individual health insurance.

If a dependent person becomes independent, he/she can get a separate policy at the time of renewal but exiting benefits availability depends upon insurance company's guidelines.