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What Our Plans Cover
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Hospitalisation for every member n...
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Pre and post-hospitalisation expen...
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Day-care procedures across all cov...
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ICU charges
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Ambulance cover
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Restoration of the sum insured
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Newborn cover after a stated age
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Annual preventive check-up
Who Can Consider This Plan?
- Indian resident, typically aged 18 to 65 at entry
- Children can usually be covered from 91 days, subject to insurer rules
- Medical tests may be required above a threshold age or sum insured
- Full and accurate disclosure of existing conditions, medication and family history
- Tobacco and alcohol use must be declared — non-disclosure is the leading cause of rejected claims
What May Not Be Covered?
- Pre-existing conditions of any member during that member's waiting period
- The initial 30-day waiting period, accidents excepted
- Named ailments inside their own waiting period
- Maternity, unless the plan carries an explicit maternity benefit
- Any member not named in the schedule, however closely related
Always check the policy wording before you commit.
Why Choose Wealth & Covers?
- Expert advice to choose the right plan
- Plans from leading insurance companies
- Hassle-free process and documentation
- End-to-end support, including claim assistance
- Dedicated relationship manager
Our Insurance Partners
- Star Health Insurance
- Care Health Insurance
- Niva Bupa Health Insurance
- HDFC ERGO
- ICICI Lombard
- Bajaj Allianz
We represent multiple providers to help you find the most suitable option at the best price.
- Expert Guidance Personalised advice from experienced insurance professionals.
- End-to-End Support From choosing the right plan to claim assistance, we are with you always.
- Claims Assistance Hassle-free claim support to ensure you get what you deserve.
- Transparent Process Clear information, easy documentation and a hassle-free experience.
Overview
A family floater covers several people under a single sum insured. If the cover is ₹10 lakh and one member uses ₹7 lakh, the rest of the household shares what is left for the remainder of the policy year. That pooling is the whole idea, and it is also the whole risk.
The arithmetic is attractive because a floater is priced largely on the age of the eldest member, not on the sum of everyone's premiums. For a young couple with children, one floater usually buys far more cover per rupee than four separate policies would.
The arithmetic turns against you when the ages inside the policy spread out. Adding a parent in their sixties to a floater built around a couple in their thirties re-prices the whole policy on the older life and puts everyone's cover in reach of the member most likely to claim.
Who should consider it
A floater fits a nuclear household whose members are broadly the same generation: two adults under about fifty, with children. It is the most economical way to put a meaningful sum insured over that group.
It fits less well the moment one member is materially older or has a condition that makes a large claim likely. The right answer there is usually two policies, not one — a floater over the healthy majority, and separate individual cover on the outlier.
If you are considering adding parents, price it both ways before you decide. In most cases a dedicated senior citizen policy for them costs less in total than the increase in your floater premium, and it leaves your family's cover intact.
Benefits
- One premium, one renewal date and one policy document for the whole household
- Priced largely on the eldest member, which is efficient when ages are close together
- A large sum insured becomes affordable — cover no single member could justify alone
- Newborns and a new spouse can usually be added mid-term or at renewal
- No-claim bonus accrues on the shared cover, benefiting everyone in it
- A single Section 80D claim covers the whole family's premium
What is covered, and what is not
Read the right-hand column first. It is the one that decides whether a claim is paid.
Typically covered
- Hospitalisation for every member named in the policy schedule
- Pre and post-hospitalisation expenses within the stated windows
- Day-care procedures across all covered members
- ICU charges, subject to any stated limit
- Ambulance cover, usually per hospitalisation rather than per policy
- Restoration of the sum insured, which matters far more on a floater than on an individual policy
- Newborn cover after a stated age, where the plan provides for it
- Annual preventive check-up, often for each adult member
Typically not covered
- Pre-existing conditions of any member during that member's waiting period
- The initial 30-day waiting period, accidents excepted
- Named ailments inside their own waiting period
- Maternity, unless the plan carries an explicit maternity benefit
- Any member not named in the schedule, however closely related
- Cosmetic and elective procedures without medical necessity
- Non-medical consumables and administrative charges
- Conditions withheld at proposal stage for any single member — which can affect that member's claims
Inclusions and exclusions vary between providers and between plans from the same provider. The wording in your own policy document is what governs — we will walk you through it before you buy.
How it works with us
- 1 Tell us who is being covered Age, city, existing conditions and any cover you already hold. Two minutes, and it decides everything downstream.
- 2 We shortlist on structure, not price Room rent, co-payment, sub-limits and pre-existing waiting periods — the four things that decide what you actually get paid.
- 3 You see two or three options, with the trade-offs named Including what each one gives up. If your existing policy is already the right answer, we will tell you that.
- 4 Proposal and medicals We help you complete disclosure properly. A medical test, where required, is usually arranged at home.
- 5 Policy issued, and we stay on the file At claim time you call us, not a helpline. We prepare the file, submit it and chase the insurer until it settles.
Important considerations
The things a brochure tends to leave out. Read these before you decide.
- The pooling that makes a floater cheap is the same pooling that can leave the rest of the family exposed after one large claim. Restoration is not a luxury feature here.
- Adding a parent re-prices the entire policy on their age. Ask for both quotes — floater-with-parents against floater-plus-separate-senior-policy — before you commit.
- Waiting periods run per member from the date that member joined, not from the date the policy started. A spouse added in year three starts their own clock in year three.
- A floater sized for routine admissions is often undersized for a single serious one. Test the sum insured against the worst realistic year, not the average one.
- On divorce, on a child becoming financially independent, or when a member moves abroad, the policy needs restructuring rather than automatic renewal.
Documents required
- Completed proposal form with full medical disclosure
- Identity proof — Aadhaar, passport, voter ID or driving licence
- Address proof
- PAN card
- Recent passport-size photograph
- Medical reports, where the insurer requires them at your age or sum insured
- Existing policy copy, if you are porting
Frequently Asked Questions
How is a floater priced compared with separate policies?
Broadly on the age of the eldest member plus a smaller loading for each additional life, rather than as the sum of individual premiums. That is why it is efficient for a household of similar ages and inefficient the moment one member is much older.
What happens if one member uses most of the cover?
The remainder is what the rest of the family has for the balance of the policy year. This is the central risk of a floater, and it is why a restoration benefit — which refills the sum insured after it is exhausted — matters more here than on an individual policy.
Should I add my parents to our floater?
Usually not. Adding them re-prices the whole policy on their age and puts your family's cover within reach of the members most likely to claim. A separate senior citizen policy for them generally costs less in total and keeps the two risks apart.
Can I add a newborn during the policy year?
Most insurers allow it, commonly after the child reaches 91 days, either mid-term on a pro-rata premium or at the next renewal. Confirm the specific rule before you rely on it.
Do waiting periods restart when someone joins?
For the new member, yes — their waiting periods run from their own date of joining. Members already in the policy keep the periods they have served.
What if a member wants to leave the policy later?
Most insurers allow a member to exit into an individual policy carrying their served waiting periods with them. Do it at renewal and initiate it inside the portability window.
Want a shortlist instead of a catalogue?
Tell us the situation and an advisor comes back with two or three options that actually fit — and names what each one gives up.