BANGALORE: Buying family floater insurance policy has become quite popular among the customers as it is cheaper when compared to other insurance policies. Family floater provides the customer with a fixed and larger cover for the entire family and that too at a very low premium. "Suppose a family of three wants to buy health insurance. Depending on the age of individual members, the family floater plan for 4 lakh is likely to be cheaper than the three individual policies of 2 lakh each," says Damien Marmion, CEO, Max Bupa as reported in Economic times.

Thus when compared to taking individual policies for 2 lakh per individual each year people would obviously go for the family floater policy which will give them a family health coverage for almost 4 lakh. According to Ravinder M, national head, rural, accident and health, Tata-AIG General Insurance, people in metros and smaller towns have started buying 10 lakh cover for their family. "Of late, many people are opting for family floater policies. In our portfolio, the proportion of floater policies to individual is 60:40".

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