Family Floater Health Insurance New India Assurance Premium Calculator

Family floater health insurance provides coverage for multiple family members under a single policy. This calculator helps you estimate the premium for New India Assurance family floater plans based on your family size, age, and coverage amount.

What is Family Floater Health Insurance?

Family floater health insurance is a type of group health insurance where a single policy covers multiple family members. Unlike individual policies, a family floater provides comprehensive coverage at a lower premium compared to buying separate policies for each family member.

Key Features

Single premium payment for the entire family
Comprehensive coverage for all family members
Lower premiums than individual policies
Flexible coverage options
Tax benefits under Section 80D of the Indian Income Tax Act

Who Needs Family Floater Insurance?

Family floater insurance is ideal for:

Middle-class families looking for affordable health coverage
Working professionals who want comprehensive coverage for their family
Families with multiple dependents who need hospitalization coverage
Individuals who want to avoid the hassle of managing multiple insurance policies

Note: The actual premium may vary based on the insurer's underwriting and policy terms. This calculator provides an estimate based on standard rates.

How to Use This Calculator

Using our family floater health insurance premium calculator is simple:

Enter the number of family members you want to cover
Select the age group of the youngest family member
Choose the coverage amount (sum insured)
Select the policy term (1 year or 2 years)
Click "Calculate Premium" to get your estimate

The calculator will display the estimated monthly premium based on your inputs. You can then compare different coverage options to find the best fit for your family's needs.

Formula Used

The premium is calculated using the following formula:

Premium = (Base Rate × Coverage Amount × Family Size × Age Factor) / 12

Where:

Base Rate is the standard rate per ₹100,000 coverage (varies by age group)
Coverage Amount is the sum insured you select
Family Size is the number of family members covered
Age Factor adjusts the rate based on the youngest family member's age
The result is divided by 12 to get the monthly premium

The base rates and age factors are based on standard industry averages for family floater policies in India.

Example Calculation

Let's calculate the premium for a family of 4 members (ages 25-30) with a coverage of ₹5,00,000 for 1 year:

Premium = (0.0045 × 500000 × 4 × 1.1) / 12

= (0.0045 × 2,000,000 × 1.1) / 12

= (9,000) / 12

= ₹750 per month

This example shows that a family of 4 with a coverage of ₹5,00,000 would pay approximately ₹750 per month for a 1-year family floater policy.

Frequently Asked Questions

What is the difference between individual and family floater health insurance?: Individual policies cover one person, while family floater covers multiple members under a single policy, often at a lower premium.
Can I add more family members later?: Some policies allow adding family members later, but it may require additional premium payment or meet certain conditions.
Are there any age restrictions for family floater policies?: Most policies have age limits, typically up to 65 years for adults and 21 years for children. Premiums increase with age.
What does the sum insured cover?: The sum insured is the maximum amount the insurer will pay for medical expenses covered under the policy.
Can I renew my family floater policy automatically?: Yes, most insurers offer auto-renewal options, but you should review the policy terms before renewal.