About Family Floater Policy
Loanpao’s Family Floater Policy provides comprehensive health insurance for your entire family under a single plan. Cover spouse, children, and parents with one sum insured, enjoying cashless treatment at over 10,000 network hospitals and customizable add-ons like critical illness and maternity cover.
Why Choose Family Floater Policy?
- Coverage: ₹1 lakh to ₹1 crore (shared among family)
- Premium: Starting at ₹10,000/year for family of 4
- Cashless Treatment: At 10,000+ network hospitals
- Add-Ons: Critical illness, OPD, maternity, and senior citizen cover
- Tax Benefits: Under Section 80D (up to ₹25,000; ₹50,000 for senior citizens)
- No Claim Bonus: Up to 50% sum insured increase
- Pre/Post-Hospitalization: 30/60 days coverage
Are You Eligible?
| Criteria | Requirement |
|---|---|
| Applicant Type | Indian resident or NRI (primary insured) |
| Age | 18 to 65 years (primary insured); up to 90 for dependents |
| Family Members | Spouse, children (up to 25), parents/parents-in-law |
| Health | Declaration of good health; medical test if required |
| Bank Account | Active savings account for premium payment |
What Documents Do You Need?
- KYC: Aadhaar, PAN, or passport (for primary insured)
- Age Proof: Birth certificate, voter ID, or passport (for all members)
- Address Proof: Utility bill or rental agreement
- Income Proof: ITR, salary slips, or bank statement (optional)
- Medical Reports: If required by insurer
- Passport-size photographs (for all members)
Competitive Premium Rates
| Insurer | Coverage Amount | Annual Premium (₹5 lakh coverage, family of 4, eldest 40) |
|---|---|---|
| Star Health | ₹1 lakh - ₹1 crore | ₹12,000 - ₹15,000 |
| HDFC ERGO | ₹1 lakh - ₹50 lakh | ₹11,500 - ₹14,500 |
| ICICI Lombard | ₹1 lakh - ₹25 lakh | ₹12,200 - ₹15,200 |
| Max Bupa | ₹1 lakh - ₹1 crore | ₹11,800 - ₹14,800 |
| Apollo Munich | ₹1 lakh - ₹50 lakh | ₹12,000 - ₹15,000 |
Extra Charges:
- GST: 18% on premiums
- Medical Test Fees: ₹1,000 - ₹5,000 per member (if applicable)
- Policy Administration: ₹50 - ₹200/month
Note: Premiums vary based on family size, eldest member’s age, coverage amount, and add-ons. Rates are indicative as of May 2025 and subject to change.
Calculate Your Premium
How to Apply for Family Floater Policy
- Visit loanpao.in or contact our insurance partners.
- Compare plans from top insurers like Star Health, HDFC ERGO, or Max Bupa.
- Select coverage amount and add-ons based on family needs.
- Fill out the application form with details of all family members.
- Submit KYC, age proof, and medical reports (if required) for all members.
- Pay the premium online or via bank account.
- Receive policy document within 7-15 days.
Common Questions About Family Floater Policy
What is a Family Floater Policy?
A health insurance plan that covers the entire family under a single sum insured, including hospitalization and add-ons.
Who can be covered?
Spouse, dependent children (up to 25), and parents/parents-in-law, depending on the plan.
What is the minimum coverage?
Typically ₹1 lakh, shared among family members, varying by insurer.
What is cashless treatment?
Treatment at network hospitals without upfront payment, settled directly by the insurer.
Are there tax benefits?
Premiums qualify for tax deduction under Section 80D (up to ₹25,000; ₹50,000 if senior citizens are covered).
What is a No Claim Bonus?
An increase in sum insured (up to 50%) for claim-free years.
Can I add senior citizens?
Yes, parents or parents-in-law up to 90 years can be included, subject to medical tests.