A family floater is a single health policy that covers more than one member of a family under one shared sum insured. Any covered member can use the amount, and the total available for the year is the shared limit — not a separate limit per person.
How the shared limit behaves
If a floater has a sum insured of ₹10 lakh and one member claims ₹7 lakh during the policy year, ₹3 lakh remains for everyone else until renewal, unless the plan includes a restoration benefit.
Points to weigh
- Floaters are often cheaper than separate individual policies for the same members.
- Premium is generally driven by the age of the eldest member covered.
- A large claim by one member reduces the cover available to the rest that year.
- Older parents are frequently better served by a separate policy.
Eligibility, age limits and restoration rules vary between insurers, so compare the wording rather than the headline sum insured alone.