MANAGEMENT

Detailed explanation-1: -A family floater health insurance is a type of health insurance plan wherein you and your family members share one plan. This means both your health insurance premium and sum insured would be shared amongst all members in the plan. Coverage. This plan only offers coverage to the single individual insured in this plan.

Detailed explanation-2: -A family floater policy is one that covers different members of the family under a single policy. The policy has one sum insured and it is shared between the insured members. Each member can avail coverage up to the sum insured. However, if one member makes a claim, the sum insured is used up.

Detailed explanation-3: -In case the insured are in a similar age group, floater health insurance plans are much cheaper as compared to individual health insurance plans. For example, for a young couple in their early 30s, the yearly premium amount for a floater health insurance plan (Rs 10 lakh coverage) would be Rs 14, 000.

Detailed explanation-4: -A Floater health insurance cover implies that all members of family are covered for a single sum insured with age of the eldest family member being the deciding factor when it comes to insurance premium. Assume that a young couple with two kids opts for a floater health insurance plan with a sum insured of Rs 5 lakh.