In today's time, the kind of lifestyle people have, health-related problems can come to anyone at any time. When a medical emergency comes, money flows like water. In such a situation, it is wise to prepare for it in advance. The health insurance plan covers all kinds of medical expenses in such situations and provides financial backup.

To give security cover to the family, you can either take separate insurance plans for each member or the second option is that you can give security cover to the whole family together by taking the Family Floater Plan. This can prove to be very economical and beneficial for you.

What is the Family Floater Plan
A family Floater Plan is like an umbrella in which all the members of the family get coverage under a single plan and the premium is the same. Understand this with an example- Suppose there are 4 members in your family and you take an individual plan with a coverage of Rs 2 lakh for each of them, in such a situation if any member of the family falls ill, you will get coverage of only Rs 2 lakh for him because the limit of the plan is only 2 lakhs. You will have to spend all the money on this.

On the other hand, if you take a family floater plan with a coverage of Rs 8 lakh, then all 4 members of the family will be covered in it. The total limit of this plan will be 8 lakhs and it can be spent on any of the four members of the family. Suppose a family member falls ill and out of the family floater plan of Rs 8 lakh, 5 lakh rupees are spent on that member, in such a situation the family floater will save you from financial trouble. After this, you can spend the remaining 3 lakh rupees on yourself or the needs of the insured member of the family. The concept behind making a family floater plan is that there is almost no chance of family members falling ill at the same time.

Can cover 15 people

A normal family floater plan includes the insured person, their spouse and their children. But some policies also extend coverage to parents, in-laws and siblings. A total of 15 people can be covered in a floater plan. Usually, as the number of people covered under the insurance policy increases, the premium amount also increases. Many companies also cover the pre-existing illness of parents in the floater plan.