Family Floater Health Insurance: 7 Benefits You Can’t Ignore

As the old adage goes ‘when health is lost, everything is lost’. Securing your health is a necessity in today’s fast-paced life. In fact, health expenses in India are also experiencing a significant rise in cost. As a result, many families are in dire need of financial protection. Here’s where a family insurance plan comes to your rescue.

Insurance companies like Niva Bupa offer you a type of medical insurance that covers you and your entire family. In other words, a single plan will protect and cover all the medical expenses incurred by you and your family. You can share the total insured sum and the annual health insurance premium amount amongst all family members.

If you are planning to expand your family anytime soon, you must go through this article. Here, you will learn how a family floater health insurance plan works. Keep on reading.

Understanding the Functionalities of a Family Floater Health Insurance Plan

A family floater health insurance plan provides complete coverage and security to your entire family. It covers all the members of the family under a single policy. Niva Bupa health insurance company allows you to include up to 19 dependents within a specific plan.

Some plans offer coverage to dependent children (up to 25 years of age or even unmarried), divorced, widowed child, and dependent parents. You must know that the age of the eldest family member is considered while calculating the insurance premium of the family health insurance. So, unlike individual health insurance plans, the assured sum of money can be utilised by all your family members.

7 Benefits of Purchasing a Family Floater Health Insurance

You need to know that a family floater health insurance comes with abundant benefits. Here is a comprehensive listing of some of the benefits.

1.     Complete Tax Benefits

This is one of the major advantages of having a health plan. A family health insurance allows you to save on taxes. You must know that the best health insurance company in India provides you with the opportunity to avail of tax benefits.

According to Section 80D of the Income Tax Act, you can enjoy tax benefits by making premium payments of up to Rs. 55,000. You can claim a tax deduction of Rs. 25,000 for a policy for yourself and Rs. 30,000 if your parents are senior citizens.

2.     Immensely Cost-Effective

You will be amazed to know that you can avail of family medical insurance even at lower premium payments. The best thing about family health insurance is that it offers cost-effective premiums that are easy on pockets. This is undoubtedly the foremost benefit of the family floater health insurance.

3.     Option for Cashless Hospitalisation

The best health insurance company will provide you with the opportunity of cashless hospitalisation. You can avail this benefit when any of your family members require hospitalisation. You don’t need to go through any tedious paperwork as your insurance company will settle all the bills directly with your network hospital.

4.     Opportunity to Increase the Assured Sum

In a family floater health insurance, you always have the option of increasing the assured sum for coverage. As healthcare expenses are rising tremendously, this is undoubtedly an essential benefit. Some companies automatically increase the assured sum with a No Claim Bonus reward.

5.     Prolonged and Continuous Health Coverage

With a family floater health insurance, you can get prolonged and continuous health coverage for up to 2 years. This automatically ensures that you are not affected by the inflated premium rates.

6.     Peace of mind

It’s a one-stop health solution for your entire family as it covers all your family members under one policy. With a family floater health insurance, you don’t need to pay premiums for each and every family member.

7.     Great Discounts on Family Health Plans

Many insurers provide attractive incentives and great discounts on family floater health insurance.


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