Family Health Insurance

Family health insurance coverage policy is also popularly known as family floater health plans. They are one of the most common types of health care plans available in the Indian insurance market. The purpose of the plan is to cover each and every member of your family under a single umbrella policy.

The cover is provided in the form of the sum insured, which is divided on the basis of the number of family members or as a whole amount for the entire family. The cover is available in the form of financial aid utilized to pay off hospital bills, treat illness, doctor’s fees, cost of medical treatment, and accidental emergency injury.

Under a family floater plan, you can include yourself, your spouse, dependent children, parents, and in some cases, even parents-in-law. Each member of your family can make a claim of up to the total sum insured. In addition to the basic cover, family health insurance policies also include cover for expenses/hospitalization bills related to COVID-19.

Why Buy Family Health Insurance?

If you are a family guy, you must purchase a comprehensive health insurance plan for yourself and your family. Here are the key benefits of a family floater health care plan:

  • Covers Cost of Treatment: With a family health policy, you no longer need to worry about getting your loved ones hospitalized. A family cover comes at the cost of an affordable premium, payable as an annual installment. Besides, if you do not have sufficient balance at the time of your hospitalization, you can always avail of cashless hospitalization. You will be stress-free as the financial obligation will be borne by the health insurance provider.
  • Critical Illness Cover: This is a very important factor. Critical illnesses can take a complete toll on your family’s emotional, physical, mental, and financial well-being. Critical illnesses are life-threatening diseases that might leave you impaired or recovering for a prolonged period of time.
  • Online Buying: Another important benefit of a family healthcare coverage policy is that it can be purchased online. You no longer need to visit the bank branch or meet with an insurance agent. With Coverfox, you can easily company, buy, and renew the best health insurance policy online at a click of a button.
  • Covers COVID-19: Due to the ongoing pandemic, existing insurers have included cover for expenses related to COVID-19, doctor’s fees, PPE kits. The Insurance Regulatory and Development Authority of India has directed all private and public general insurers to offer Corona Rakshak, and Corona Kavach Plans at a nominal premium.
  • Customize Health Policy: You can add a wide range of rider options to your existing or new healthcare policy at the cost of an affordable premium.
  • Tax Benefits: Premiums paid towards a health insurance coverage policy are eligible for tax deduction under Section 80D of the Income Tax Act, 1961.

Who Can be Covered in a Family Floater Plan?

You, your spouse, dependent children till the age of 25 years, senior parents, and in some cases, even parents-in-law can be covered under a family floater policy.

Best Family Health Insurance Plans

Here is a list of India's top family healthcare policies for 2020, along with the maximum age at entry and sum insured. Call us on 1800 209 9930 to learn more about each plan.

Health Insurance Plan Name Sum Insured Maximum Age at Entry
Max Bupa Health Companion family floater
Rs. 5 lakhs to Rs. 12.5 lakhs
No Limit
HDFC ERGO Optima Restore family floater
Rs. 3 lakhs to Rs. 50 lakhs
65 years
New India Assurance Family Floater Mediclaim
Rs. 3 lakhs to Rs. 5 lakhs
65 years
Oriental Insurance Happy family floater policy
Rs. 1 lakh to Rs. 20 lakhs
65 years
Star Health and Allied Insurance Family Health Optima
Rs. 1 lakh to Rs. 25 lakhs
65 years
National Insurance Company Parivar Mediclaim Limited
Rs. 1 lakhs to Rs. 10 lakhs
65 years
Universal Sompo Complete Health Care
Rs. 1 lakh to Rs. 5 lakhs
65 years
Bajaj Allianz Health Guard Family Floater Gold
Rs. 3 lakhs to Rs. 50 lakhs
65 years
TATA AIG Mediprime
Rs. 2 lakhs to Rs. 10 lakhs
65 years
HDFC ERGO Health Suraksha Plus Regain Gold & Silver
Rs. 3 lakhs to 10 lakhs
No Limit

Disclaimer: The information given above has been sourced from the official website of the respective insurance providers. (Last updated on 09.11.2020)

Top Five Family Health Insurance Plans in India for July 2021

Here is a list of the best family floater policies in India along with their in-built features and annual premium amount

Health Insurance Plan Name Features Basic Premium (Annual)
Manipal Cigna Prohealth Plus
  • Free health check-up
  • Single Private Room
  • Maternity Cover
  • Wider Coverage
  • Pre-existing diseases are covered
  • Rs. 16,063*
    Care Health Insurance
  • Annual Health Check-up
  • NCB
  • Lifelong renewability
  • Second medical opinion
  • No room rent capping
  • Maternity Cover Post 2 years
  • 48 months waiting period
  • Rs. 14,746*
    HDFC ERGO my:Health Suraksha Silver Smart Family Floater Plan
  • No room rent capping
  • No max entry age
  • Restoration benefit
  • Free annual health check-up
  • Cashless home healthcare
  • 586 daycare procedures included
  • AYUSH Benefit
  • 36 months waiting period
  • Rs. 16,107*
    Star Family Health Optima
  • Health Check-up
  • Restoration Benefit
  • Daycare procedures
  • Additional sum insured for road accident
  • 48 months waiting period
  • Rs. 15,417*
    Max Bupa Health Companion Family Floater
  • No max entry age
  • Lifelong Renewal
  • Domiciliary Treatment
  • NCB
  • Health Check-up
  • AYUSH Benefit
  • 48 months waiting period
  • Rs. 15,194*

    All information has been sourced from the official website of the respective insurers. (Last Updated 09.11.2020)

    The premium mentioned above is subject to change depending on the number of family members, no pre-existing diseases, no smoking/alcohol habits, and the sum insured.

    In Simple Words,

    A family health insurance cover should be a must-buy for your family. There is nothing better than providing excellent healthcare to your family at all times. Know more about healthcare and mediclaim policy online on Coverfox.


    Get Lowest Rates for Health Insurance

    Mediclaim Plans starting @ Rs 350 / month