A floater policy means that the total coverage of the policy (i.e. ₹20 lakh) is shared among you, your spouse, and up to 2 kids.
Individual or non-floater policy
A non-floater policy means that the total coverage of the policy (i.e. ₹20 lakh) is only applicable to one individual. For Super top-up, you can purchase individual policies for:
Your mother or mother-in-law
Your father or father-in-law
How does a Floater cover work?
For instance, a person wants health insurance for himself, his spouse & their children, the Family Floater plan offers insurance coverage to the entire family under one premium payment. Let’s take an example wherein the person insures himself, his spouse & the dependent children with the individual insurance plans with a sum insured of Rs. 1 lakh each, he ends up paying a premium ranging between Rs. 1000 - Rs. 2000 for each family member. On the other hand, if the person would have opted for the family floater plan with the sum insured of Rs. 3 lakhs, the total premium would surely be less than the separate premium payments in individual health insurance plans. Moreover, the separate health plan holds the cover of only Rs. 1 lakh as against Rs. 3 lakh in case of the Floater plan thus helping the family in case the medical treatment costs go beyond that. This Rs. 3 Lac is available for each of the family members individually as well as collectively.