Family Health Insurance

Secure your family’s health with Family Floater Health Insurance Plan

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Family Health Insurance Plans

Our family is an integral part of our existence and ensuring good health for every one of its members is our responsibility. As we know, medical treatment in India has become very expensive. It is not possible to spend for treatment from our savings; so it is essential to have a proper health insurance plan.

Buying a family floater insurance plan provides coverage to your whole family. Instead of buying individual insurance for every member of your family, a floater policy brings everyone together under one big umbrella.

A family floater policy covers multiple members of a family under a single sum assured with a single premium. The sum assured is shared by  the family members when it comes to hospitalization expenses. Having a family floater health insurance policy is more cost-effective than having an individual health insurance policy.

Features and Benefits of Family Floater Health Insurance Policy

  • Under one policy, every member of your family is provided coverage. You do not have to purchase individual policies for everyone.
  • Cashless hospitalization is available in network hospitals.
  • Companies may seek medical examinations for higher sums insured and if there are older adults in your list.
  • Some policies have a co-pay where the insured has to bear a certain amount or percentage of the hospital bill and the insurer will pay the remaining. The premium for a policy with co-pay is less.
  • The policyholder can add or change the family members covered under the policy anytime.
  • Some companies offer discounts and other perks for family health insurance policies like free medical check-ups.
  • You also get an option to include add-ons like critical illness cover and maternity cover. Usually, such add-ons are available after a waiting period.
  • The premiums paid towards family health insurance are eligible for tax deductions under Section 80 (D) of the Income Tax Act, 1961.
  • Premiums for family floater health insurance plans are are affordable.
  • Some insurance companies allow you to add in-laws to the plan for extra premium.

Difference between Individual Plan and Family Floater Health Insurance Plan

Individual Health Insurance Plan

  • Every member has a separate sum assured
  • Premium is higher. It depends on the age of the individual
  • Ideal for people with more health risks

Family Floater Health Insurance Plan

  • Every member is covered under a common sum assured
  • Premium is lower than the individual health insurance plan
  • Ideal for large families with minimal health complications

Exclusions in a Family Floater Insurance Plan

  • Family Floater Insurance Plan will not provide coverage to pre-existing diseases for an initial waiting period.
  • Adding a senior citizen with typically higher health risks will mean a substantial increase in the premium amount.
  • Treatment for hospitalization due to drug/ alcohol abuse, attempted suicide or any other self-harm will not be covered.
  • Coverage will not include treatment for sexually transmitted diseases.

How can IVA Insurance help you?

IVA Insurance offers policies from multiple insurance companies as per your needs. We provide unbiased quotes from various insurance providers on one platform. Users can compare and analyze different plans and purchase the plan suited to them in a few clicks.

Whether it’s while buying or when it comes to after-sales service, we are there to assist you at every step. You can reach us through our 24/7 customer support services.

FAQ on Family Health Insurance Plan

Buying individual health insurance plans for every member in your family is very expensive. A family floater health insurance plan covers everyone in your family for a fixed sum assured which is shared by the members.

You can add or remove members only at the time of renewal, except for new-born babies who can be added during the term of the policy.

Yes, we would recommend strongly that you take a family health insurance policy independently. The policy that your office provides is a group health insurance policy which is valid only till the time you work in that company. Also, the coverage amount in the policy given at your office may not be sufficient for everyone in your family.

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