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Family Floater Health Insurance: Buy Family Floater Medical Insurance Online
Your family’s health is your most cherished treasure, isn’t it? However, managing healthcare for everyone can sometimes feel overwhelming. That’s where a family floater health insurance plan steps in to simplify things.
Instead of juggling multiple policies, covering all members under one, brings peace of mind. It’s an affordable and efficient way to secure your family’s well-being while protecting your finances.
After all, having family floater insurance is the perfect way to say, “Apno ka khyaal, Suraksha ke saath” 😉
What is Family Floater Health Insurance?
Family Floater Health Insurance is a type of health insurance plan that offers coverage for all members of a family under one policy. Instead of individual health insurance policies for each family member, a family floater policy combines the total sum insured, which can be utilized by any member when the need arises.
This plan is an efficient and cost-effective way to protect the health of your entire family with a single premium.
Family Floater Health Insurance Simplified through a Video
Imagine one policy covering your entire family, just like a big protective umbrella!
Yes, the Family Floater Policy covers everyone under Umbrella, providing coverage to each member. The premium is cost-effective, as it is a ONE-TIME premium for all family members.
Watch this video to know how it works, why it’s cost-effective, and how it keeps your loved ones safe under one shared sum insured.
Why Do You Need a Family Floater Health Insurance?
Medical emergencies can arrive anytime in a family to anyone, leaving a significant loss in your savings. That’s where you will know why having a family floater health insurance plan is necessary. Here are a few reasons why you must have a family floater mediclaim policy:
Manage High Healthcare Costs
Medical care expenses are rapidly increasing, and a medical emergency can quickly deplete your cash. With family health insurance coverage, you can easily handle the growing expenses and ensure that no family member is left uninsured.
Increase in Lifestyle Diseases
Unhealthy habits and a sedentary lifestyle have increased the prevalence of lifestyle diseases, which can be financially, physically, and mentally draining. Early purchase of a family health insurance plan can prevent your money from declining while you treat such conditions.
Provides Financial Stability
A family health plan is the most evident and significant advantage because it provides financial security against rapidly rising medical costs. Due to medical inflation, a single hospital stay can deplete your savings. Thus, the health plan will protect your hard-earned money.
Enhances Overall Wellbeing
With financial protection against any medical emergency up your sleeve for all your family, you can feel satisfied and have mental peace.
Maximize Tax Savings
Under Section 80D of the Income Tax Act, premiums paid for health insurance policies are eligible for tax deductions. Individuals can claim deductions on health insurance premiums for themselves, their spouse, children, and parents up to a specified limit.
Provide Convenience
Managing a single policy for the whole family is convenient and reduces the paperwork and administrative burden associated with multiple policies. Also, the shared coverage allows policy members to utilise the available coverage as and when needed, thus optimising the usage.
Features of Family Floater Health Insurance Policy
Key Benefits of Family Floater Health Insurance by Digit
Your health insurance plan with Digit extends several exclusive benefits that enhance your coverage. Here are the key advantages:
|
Co-payment |
No |
|
Room Rent Capping |
No |
|
Cashless Hospitals |
9000+ Network Hospitals across India |
|
Inbuilt Personal Accident Cover |
Yes |
|
Wellness Benefits |
Available from 12+ Wellness Partners |
|
City Based Discount |
Up to 10% Discount |
|
Worldwide Coverage |
Yes, Available only on Worldwide Treatment Plan |
|
Good Health Discount |
Up to 5% Discount |
|
Consumables Cover |
Available as an Add-on |
What’s Covered in the Family Floater Health Insurance Plans Offered by Digit?
Coverages
Double Wallet Plan
Infinity Wallet Plan
Worldwide Treatment Plan
Important Features
This covers for all hospitalisation expenses including due to an Illness, Accident, Critical Illness or even pandemics like Covid 19. It can be used to cover for multiple hospitalisations, as long as the total expenses are up to your sum insured.
You need to wait for a defined period from the first day of your policy to get covered for treatment related to any non-accidental illness. This is the Initial Waiting period.
Exclusive Wellness Benefits like Home Healthcare, Tele consultations, Yoga and Mindfullness and many more available on our App.
We provide a back-up Sum Insured which is 100% of your Sum Insured amount. How does Sum Insured Back Up work? Suppose your policy Sum Insured is Rs. 5 lac. You make a claim of Rs.50,000. Digit automatically triggers the wallet benefit. So you now have 4.5lac + 5 lac Sum Insured available for the year. However, one single claim, cannot be more than the base Sum Insured as in the above case, 5 lac. .
Digit Special
No claims in the Policy year? You get a bonus -an additional amount in your total sum-insured for staying healthy & claim free!
Different categories of rooms have different rents. Just like how hotel rooms have tarrifs. Digit plans give you the benefit of having no room rent cap, as long as it is below your Sum Insured..
Health insurance covers medical expenses only for hospitalisations exceeding 24 hours. Day care procedures refer to medical treatments undertaken in a hospital, requiring less than 24 hours due to technological advancement such as cataract, dialysis etc.
Digit Special
Get a world class treatment with the Worldwide Coverage! If your doctor identifies an illness during your health examination in India and you wish to get a treatment abroad, then we’re there for you.You’re covered!
We pay for your health check-up expenses upto the amount mentioned in your Plan. No restrictions on the kind of tests! Be it ECG or Thyroid Profile. Make sure you go through your policy schedule to check the claim limit.
There may be emergency life-threatening health conditions which may require immediate transportation to hospital. We absolutely understand this and reimburse for expenses incurred for your transportation to a hospital in airplane or helicopter.
Digit Special
Co-Payment means a cost sharing requirement under a Health Insurance Policy that provides that the Policyholder/Insured will bear a specified percentage of the admissible claims amount. It does not reduce the Sum Insured. This percentage depends on various factors like age, or sometimes also on your treatment city called zone based copayment. In our plans, there is no age based or zone based Co payment involved.
Get reimbursed for the expenses of road ambulance, in case you are hospitalised.
This cover is for all expenses before and after hospitalisation such as for diagnosis, tests and recovery.
Other Features
The disease or condition that you are already suffering with and have disclosed to us before taking the policy and has been accepted by us has a waiting period as per plan opted and mentioned in your Policy Schedule.
This is the amount of time you need to wait for, until you can make a claim for a specific illness. At Digit it is 1-3 years and starts from the day of policy activation. For the full list of exclusions, read Standard Exclusions (Excl02) of your policy wordings.
If You sustain an Accidental Bodily Injury during the Policy Period, which is the sole and direct cause of Your Death within twelve (12) months from the date of accident, then We will pay 100% of the Sum Insured as mentioned in Policy Schedule against this cover and as per plan opted.
Digit Special
Your organ donor gets covered in your policy. We also take care the pre and post hospitalisation expenses of the donor. Organ donating is one of the kindest deeds ever and we thought to ourselves, why not be a part of it!
Hospitals can go out of beds, or the patient’s condition may be rough to get admitted in a hospital. Don’t panic! We cover you for the medical expenses even if you get treatment at home.
Obesity may be the root cause of so many health issues. We absolutely understand this, and cover for Bariatric Surgery when it is medically necessary and advised by your doctor. However, we DONOT cover if hospitalisation for this treatment is for cosmetic reasons.
If due to a trauma, a member has to be hospitalised for a psychiatric treatment, it will be covered under this benefit, upto INR 1,00,000. However, OPD consultations are not covered under this. The waiting period for Psychiatric Illness Cover is same as Specific Illness waiting period.
Before, during & after hospitalisation, there are many other medical aids & expenditures such as walking aids, crepe bandages, belts, etc.,which need your pocket’s attention.This cover takes care of these expenses that are otherwise excluded from the policy.
Add-on Options with Family Floater Health Insurance by Digit
Add flexibility to your health insurance with add-ons. Digit offers the below exclusive add-ons to provide you with additional layers of protection beyond the basic coverage of your policy:
Consumable Cover
Pay just 10% extra premium and we will cover your non-medical expenses too on approval of your base claim.
Pre-existing Disease/Specific Disease/Initial Waiting Period Modification
You can reduce your pre-existing disease waiting period to up to 2 years.
Network Hospital Discount
This add-on cover will offer you a 10% discount on your premium, if you choose to be treated at our network hospital. However, co-payment will be applicable if you get hospitalised in non-network hospital.
What’s Not Covered in Family Floater Health Insurance by Digit?
Pre-Natal & Post-Natal Expenses
Pre-natal and post-natal medical expenses are not covered, unless they lead to hospitalisation.
PED Before Waiting Period
In case of a pre-existing disease, unless the waiting period is over, the claim for that disease or illness cannot be made.
Hospitalisation without Doctor’s Recommendation
Any condition you get hospitalised for that doesn’t match the doctor’s prescription is not covered.
99% Claim Settlement Ratio For Digit’s Health Insurance - FY 2024-25
When it comes to health insurance, Digit stands out with a remarkable 99% Claims Settlement Ratio (CSR). But this isn’t just a number, it’s a reflection of our core promise: to be there when it truly matters.
Every claim represents a moment of vulnerability for someone. A sudden illness. A hospital emergency. A family under pressure. At Digit, we understand that, and that’s why we work relentlessly to ensure that genuine claims are processed quickly, transparently, and with empathy.
How Does a Family Floater Health Insurance Work?
To understand how Family Floater Health Insurance works, let's consider the example of Mr. Aditya's family. He wanted to buy a family health insurance that provides coverage for each family member. So, he purchased a Family Floater Policy with a sum insured of INR 10 lakhs.
Here are the family members' details of Mr. Aditya:
- Mr. Aditya (Age: 35) - Primary Insured
- Mrs. Ruchi (Age: 32) - Spouse
- Aryan (Age: 9) - Son
- Riya (Age: 6) - Daughter
One day, Aryan falls ill and requires hospitalization for a medical condition. The total medical expenses incurred during his treatment amount to INR 2 lakhs.
The family has a coverage of INR 10 lakhs. Since Aryan's medical expenses amount to INR 2 lakhs, the insurer covers this expense from the shared sum insured. After Aryan's treatment, the remaining sum insured of INR 8 lakhs is available for the medical needs of other family members, including Mr. Aditya, Mrs. Ruchi, Riya and even Aryan again (if the requirement arises).
How to Buy Family Floater Health Insurance Online?
Buying a Family Floater Health Insurance Policy online is similar to booking a movie ticket. 🤩 With just a few clicks, you can compare different plans, customise your coverage, and secure your finances. For example, if you are planning to buy Digit’s Comprehensive Health Insurance Plan, follow these simple steps to get insured:
Visit Digit’s Website or App
Visit Digit Health Insurance and go to the health insurance section and enter your phone number & PIN.
Enter Basic Details
Share information like age, family members to be covered, and any medical history or pre-existing disease.
Choose Your Plan
Select your coverage amount and add any rider if needed. Proceed and fill in additional details.
Make Payment
Complete the KYC & payment. Done! Your policy will be sent via email or WhatsApp or accessible on the Digit app.
Documents Required to Buy Family Floater Health Insurance Online
When purchasing a Family Floater Health Insurance Policy, insurers typically require some basic documents for verification. Below is a list of optional documents that can be needed at the time of purchasing a policy:
Identity/Age Proof
✔ Aadhaar Card
✔ PAN Card
✔ Passport
✔ Voter ID
✔ Driving License
✔ Birth Certificate
Address Proof
✔ Passport
✔ Utility Bills (Electricity, Water, Gas – recent)
✔ Rental Agreement
Income Proof
✔ Income Tax Returns (ITR)
✔ Form 16
Previous Medical Reports (If any)
KYC Documents
✔ PAN Card (for financial verification)
✔ Aadhaar Card (for identity and address verification)
✔ Photograph and bank details (optional)
Individual Health Insurance Plan Vs Family Floater Health Insurance Plan
Confused about whether to choose individual health insurance or family floater for all of your family members? Well! Understanding the differences between the both can help you make an informed decision for the financial security of your family along with peace of mind:
Important Factors to Consider Before Buying Family Floater Health Insurance
Choosing the right health insurance plan for your family can feel like a hectic process, but by considering some essential factors, you can select the best family floater health insurance. Here are some important factors you must consider:
Family Profile
Assess your family's health profile before selecting a Family Floater mediclaim policy. Consider each family member's age, medical history, and specific healthcare needs. This will help determine the appropriate coverage for your family's medical expenses.
Coverage
Review the coverage offered by different Family Floater plans. Ensure the policy provides comprehensive coverage for hospitalization expenses, pre and post-hospitalization, daycare procedures, etc. Additionally, check if the plan offers optional add-ons to enhance coverage.
Network Hospitals
Check the list of network hospitals associated with the insurance provider. Ensure that there is a wide network of hospitals in your city or region, as this allows for cashless treatment and easy access to quality healthcare services during emergencies.
Waiting Period
Understand the waiting period associated with the policy. Some Family Floater plans may have waiting periods for specific illnesses or pre-existing conditions before coverage becomes active. Be aware of these waiting periods to plan your health expenses accordingly.
Claim Settlement Ratio
Research the insurance provider's claim settlement ratio. A higher claim settlement ratio indicates a better track record of promptly settling claims. Choose an insurer with a good reputation for claim settlement to ensure a smooth claims process.
Co-Pay and Sub-limits
Familiarize yourself with any co-pay or sub-limit clauses in the policy. Co-pay requires you to bear a certain percentage of the medical expenses, while sub-limits impose a cap on specific medical expenses. Being aware of these conditions helps you manage your out-of-pocket expenses.
Exclusions
Thoroughly review the list of health insurance exclusions mentioned in the policy document. Familiarize yourself with the medical conditions, treatments, or circumstances not covered by the plan to avoid any surprises during claims.
Premiums and Affordability
Compare the premiums of different Family Floater plans and choose one that fits within your budget. Consider the premium amount and coverage offered to ensure the policy provides value for money.
Add-ons and Benefits
Add-ons known as riders are available for purchase over the basic health insurance plan. They can provide financial protection against particular diseases and health issues. Examine a plan's list of available riders and their respective prices.
In conclusion, a family floater health insurance plan isn’t just a policy—it’s a commitment to your loved ones’ well-being. Covering everyone under one plan offers financial stability, peace of mind, and the reassurance that your family’s health is always prioritized.
“It is more than just an insurance! It’s a promise of security for your family’s well-being.”
FAQs about Family Floater Health Insurance Plan
Senior Marketing Associate
Srishti is a skilled content writer with 4+ years of experience in the insurance world. She simplifies tricky terms, explains policies clearly, and writes content that instantly connects with customers. Her skills make insurance easy to understand and truly helpful for everyone.
Chief Marketing Officer
Vivek comes with over 15 years of experience across different industries like FMCG, e-commerce and insurance. His expertise in the online space and consumer behaviour understanding is bringing new insights to Digit in making insurance simple.