When it comes to health insurance, especially for Indian families, choosing the right plan can be overwhelming. Many of us, aged between 25 and 40, are either about to get married or already married. In either case, opting for a family health insurance plan or a family floater can be more economical and practical than individual health insurance. In this post, we’ll break down why family floater plans are beneficial, what factors to keep in mind, and review some of India’s top family floater policies.
Why Choose a Family Floater Policy?
With a family floater policy, you can cover your entire family (typically up to four members) under one insurance plan, potentially saving a lot of money. Here’s an example: if you take an individual policy for each family member with a sum insured of ₹20-25 lakhs, your annual premium could total around ₹1 lakh. But with a family floater policy, you may only pay around ₹66,000, saving approximately ₹35,000. This makes family floaters a smart choice for families looking to maximize benefits without overspending.
Important Factors When Choosing a Family Floater Policy
Before buying health insurance, it’s crucial to consider some key factors:
- No Claim Bonus: Rewards you with extra coverage for claim-free years.
- Room Rent Limit: The maximum daily limit for hospital room charges.
- Claim Settlement Ratio: Indicates how likely the company is to settle your claim.
For family floaters specifically, also consider:
- Waiting Period for Pre-existing Conditions: Most policies require a waiting period before covering pre-existing health conditions.
- Restoration Benefits: Replenishes your coverage if it’s used up during a policy period.
- Sum Insured: Make sure the policy covers all family members and provides an adequate sum insured.
Top Family Floater Health Insurance Plans in India
Here are four of the best family floater plans available in India:
1. Care Health Insurance – Care Supreme
- Claim Settlement Ratio: 58%
- Hospitals Network: 9000+ hospitals offer cashless facilities.
- Coverage & Benefits:
- Covers up to two adults and two children.
- The maximum age for entry is 99 years, making it accessible at any age.
- Refill benefit—if the coverage (e.g., ₹15 lakhs) is exhausted in one claim, it will be refilled for the next claim.
- Loyalty benefits with bonuses, up to 100%, effectively doubling your base cover.
- Wellness benefit: Earn premium discounts for healthy habits like walking 10,000 steps daily.
- Waiting period of two years for some illnesses (e.g., kidney stones and hernia) and four years for pre-existing conditions.
Note: Although the product is good, many users report issues with claim processing, especially post-Covid, which has impacted the claim settlement ratio.
2. HDFC ERGO Optima Secure
- Claim Settlement Ratio: 70%
- Hospitals Network: 9000+ for cashless facility.
- Coverage & Benefits:
- Entry age is 18–65 years, covering up to two adults and six children.
- Secure Benefit: Instantly doubles your cover amount. A ₹20 lakh cover would become ₹40 lakh.
- Plus Benefit: Boosts cover up to 100% in two years as a loyalty bonus, effectively making ₹20 lakh into ₹60 lakh over time.
- Restore Benefit: Restores your cover amount (up to once annually) if fully used up in a claim.
- Covers non-medical consumables, which are usually 20% of the total bill—something unique in the industry.
- Waiting period of two years for specific illnesses and three years for pre-existing conditions.
Note: HDFC Ergo Optima Secure is known for high-quality service, though it has a premium that’s roughly 1.5 times higher than Care Supreme.
3. Niva Bupa (Formerly Max Bupa) – ReAssure 2.0
- Claim Settlement Ratio: 90%
- Hospitals Network: Extensive coverage across the country.
- Coverage & Benefits:
- Booster Plus Benefit: Unutilized cover amount carries over each year and can accumulate up to 10 times your base cover over time. For example, a ₹20 lakh cover could reach ₹2 crore if unclaimed over ten years.
- The maximum cover amount is 2 crores, with a child’s coverage available till the age of 30.
- No Claim Bonus: Adds up to 10% of the cover per year, maxing out at ₹50 lakh. So, with a 1 crore cover, your total can grow to 1.5 crores over time.
Note: There have been some complaints about claim settlements, suggesting potential issues with operational efficiency.
4. Aditya Birla Active Health Platinum Advanced
- Claim Settlement Ratio: Not publicly disclosed but reputable.
- Unique Features:
- This plan covers asthma, BP, diabetes, and cholesterol from the first day (extra cost applies).
- No Claim Bonus: Up to 10% per year, with a maximum of ₹50 lakhs, making the total cover ₹1.5 crores.
- Ideal for senior citizens due to its comprehensive benefits.
Note: Titanium Plus is an individual plan and is not a family floater. However, it’s perfect for senior citizens who want extensive coverage for specific health conditions.
Which Plan is Right for You?
Choosing the best health insurance plan depends on your specific needs. Your family size, age, health conditions, and budget will determine the best fit. For those who don’t have budget constraints, HDFC ERGO Optima Secure is an excellent option due to its comprehensive benefits. On the other hand, Care Supreme is a more affordable choice with good wellness benefits and coverage.
Conclusion
Selecting a family health insurance plan doesn’t have to be complicated. By considering a family floater, you can save on premiums while still covering all family members. Take your time to evaluate different policies, and if needed, consult an expert to help make the process easier. A secure health plan for your family is an essential step toward a worry-free future!