Family Floater Health Insurance

LoanPao connects you with trusted insurance providers offering family floater health insurance policies in India 2025. These policies provide comprehensive medical coverage for your entire family under a single plan, ensuring financial protection against healthcare expenses.

What is a Family Floater Policy?

A family floater health insurance policy covers multiple family members (e.g., spouse, children, parents) under one plan with a shared sum insured. It’s cost-effective and flexible, allowing the entire family to access medical care without needing individual policies.

Key Features of Family Floater Policies

Understand the core aspects of these policies:

Feature Description
Sum Insured ₹3 lakh to ₹1 crore, shared across family members
Coverage Hospitalization, pre/post-hospitalization, daycare procedures
Premium ₹5,000–₹50,000 annually (varies by sum insured and family size)
Family Members Spouse, children (up to age 25), parents (up to age 70)
Tax Benefits Up to ₹25,000 deduction under Section 80D
Network Hospitals Cashless treatment at 5,000+ hospitals

Benefits of Family Floater Policies

Comprehensive Coverage

Protects your entire family under one policy.

Cost-Effective

Lower premiums compared to individual plans.

Flexible Sum Insured

Adjust coverage based on your family’s needs.

Eligibility Criteria

Ensure you meet these requirements to purchase a family floater policy:

  • Primary Insured Age: 18–65 years (varies by provider).
  • Family Members: Spouse, dependent children (up to 25), parents (up to 70).
  • Health Declaration: Disclose pre-existing conditions; some plans offer coverage after a waiting period.
  • Residency: Indian residents or NRIs with valid documentation.
  • Documents: Identity proof, address proof, age proof, and medical history (if required).

How to Choose the Right Policy

Select a family floater policy that suits your needs:

  • Assess Coverage Needs: Choose a sum insured based on family size and medical history (e.g., ₹5–10 lakh for a family of 4).
  • Check Network Hospitals: Ensure nearby hospitals offer cashless treatment.
  • Review Exclusions: Understand what’s not covered (e.g., cosmetic surgeries, specific pre-existing conditions).
  • Compare Premiums: Use LoanPao’s comparison tools to find cost-effective plans.
  • Look for Add-Ons: Consider riders like critical illness cover or maternity benefits.
  • Evaluate Claim Process: Choose insurers with a high claim settlement ratio (above 90%).

Steps to Apply

  1. Contact LoanPao at +91-971-769-5334 or visit our application page.
  2. Provide family details and medical history for assessment.
  3. Compare policy options from our trusted providers.
  4. Submit required documents (ID, address, age proof).
  5. Complete payment and receive policy documents within 48 hours.

Frequently Asked Questions

Covers hospitalization, daycare procedures, pre/post-hospitalization expenses, and sometimes critical illness or maternity benefits.

Yes, after a waiting period (1–4 years), depending on the provider and policy terms.

Typically includes spouse, dependent children (up to 25), and parents (up to 70). Check provider-specific terms.

Yes, premiums paid qualify for a tax deduction of up to ₹25,000 under Section 80D of the Income Tax Act.

LoanPao partners with trusted IRDAI-registered insurers, offering comparison tools and expert guidance for seamless policy selection.