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Ref. No. KLI/22-23/E-BB/492
Family floater health insurance provides health coverage for the entire family under a single policy, offering cost savings and convenience.
Exploring different health insurance plans can be exhausting, especially when considering the well-being of your entire family. Especially individual policies that require separate premiums and provide coverage for one person, maintaining these plans become a hassle. To reduce this extra burden, family floater plans come to your rescue. Let us understand the benefits, and considerations of family floater health insurance to help you make an informed decision for your family’s health and financial security.
Family floater health insurance is a type of health insurance policy that covers multiple family members under a single plan. Unlike individual health insurance policies that require separate premiums and provide coverage for one person, a family floater policy extends its benefits to the entire family, ensuring everyone is protected under one umbrella. It makes managing health insurance simpler and often more cost-effective.
When you purchase a family floater health insurance policy, you choose a sum insured amount to be shared among all the family members covered under the plan. In a medical emergency or health issue, any family member can utilize the insurance coverage up to the total sum insured. For example, if you have a family floater policy with a sum insured of ₹10 lakhs, and one family member incurs medical expenses of ₹3 lakhs, the remaining ₹7 lakhs can still be used by any other covered member within the policy period.
Having a family floater cover is ideal for families with young and middle-aged members, particularly those with children. It is also beneficial for small families with a relatively low likelihood of multiple members falling ill simultaneously. This type of policy can be a smart choice for those who seek comprehensive coverage without the hassle of managing multiple individual policies.
Family floater plan is a medical insurance for family that offers assistance during medical emergencies. Let us take a look at other benefits of this plan:
One of the primary advantages of family floater health insurance is the convenience of having a single policy for the entire family. You only need to remember one renewal date and manage one premium payment, simplifying the process significantly.
The sum insured in a family floater policy is available to all covered members. It means that if one member uses a portion of the coverage, the remaining amount is still available for others, providing flexibility and comprehensive protection.
Family floater health insurance often comes with lower premiums than purchasing individual policies for each family member. It makes it a cost-effective solution for families balancing good coverage with affordability.
Premiums paid towards family floater health insurance are eligible for tax deductions under Section 80D of the Income Tax Act. It can reduce your taxable income and provide financial relief.
Many family floater policies include free annual health check-ups for all covered members. Regular health check-ups can help in early detection and treatment of health issues, promoting better overall health.
With technological advancements, many insurance providers offer teleconsultation services as part of their family floater plans. These plans allow you to consult doctors and specialists from the comfort of your home, saving time and providing easy access to medical advice.
AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy) treatments are becoming increasingly popular. Many family floater policies now cover these alternative treatments, providing more options for healthcare.
Modern medical procedures often do not require prolonged hospital stays. Family floater health insurance covers daycare treatments, which include surgeries and procedures that do not necessitate an overnight hospital stay.
Family floater health insurance typically covers expenses incurred before and after hospitalization. It includes diagnostic tests, medications, and follow-up consultations, ensuring comprehensive coverage for the entire treatment cycle.
Most family floater, health insurance policies, offer cashless claim facilities at network hospitals. It means you don’t have to pay out of pocket for hospital expenses; the insurer settles the bill directly with the hospital.
The premium for a family floater health policy is determined based on several factors, including the age of the eldest family member, the number of members covered, the sum insured, and the family's health history. The age of the eldest member is a significant factor because it increases the risk for the insurer, leading to higher premiums. Other factors, such as the city of residence and pre-existing medical conditions, also influence the premium amount.
Family floater health insurance is designed to provide comprehensive coverage for multiple family members under a single policy. Here’s a detailed look at what it typically covers:
Despite its extensive coverage, family floater health insurance has specific exclusions:
Family floater health insurance is a practical and economical option for families seeking comprehensive health coverage. It offers the convenience of managing a single policy, cost savings through shared coverage, and numerous benefits like annual health check-ups and cashless claims. However, it is essential to understand your policy's specific coverage and exclusions to ensure it meets your family’s healthcare needs.
1
Typically, you can cover 2 to 6 family members, including yourself, your spouse, children, and sometimes your parents.
2
Eligibility criteria usually include the age of the members, relationship to the policyholder, and medical history. The primary policyholder must be an adult.
3
Family floater plans are often more cost-effective because they provide a higher sum insured shared among all members at a lower premium than separate individual policies.
4
A shared sum insured means the total coverage amount is available to any family member, providing flexibility and potentially higher benefits compared to individual limits.
5
Yes, senior citizens can be included, but this might increase the premium due to higher risk factors associated with their age.
6
There is generally no limit on the number of claims, but the total claim amount should not exceed the sum insured for the policy year.
7
Many family floater plans include maternity and newborn baby coverage, which often comes with a waiting period and specific sub-limits.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
