Individual plan versus Floater plan

Floater policy

A floater policy means that the total coverage of the policy (i.e. maximum of ₹1 crore) 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. maximum of ₹1 crore) is only applicable to one individual. For Super top-up, you can purchase individual policies for:

• Yourself

• Your mother or mother-in-law

• Your father or father-in-law

How does a Floater cover work?

For example: A person wants health insurance for himself, his spouse & their children. The  Floater plan offers insurance coverage to the entire family under one premium payment.

Let’s look at two scenarios;

Scenario A: The person insures himself, his spouse & the dependent children with the individual insurance plans with a sum insured of ₹1 lakh each, he ends up paying a premium ranging between ₹1000 - ₹2000 for each family member.

Scenario B: The person opts for the family floater plan with the sum insured of ₹3 lakhs, the total premium would surely be less than the separate premium payments in individual health insurance plans.

Moreover in this scenario, the separate health plan holds the cover of only ₹1 lakh as against ₹3 lakh in case of the Floater plan thus helping the family in case the medical treatment costs go beyond that. The ₹3 lakh is available for each of the family members individually as well as collectively.