Floater Policy
✓ Last verified 14 Sep 2026
The short version
A family floater policy covers an entire family under one shared sum insured, rather than each member having a separate individual sum insured - generally cheaper, but the shared limit can run out faster if multiple members claim in the same year.
Under a floater policy, the full sum insured is available to any covered family member, shared across everyone rather than allocated per person - generally more cost-efficient than buying separate individual policies for each family member. The trade-off: if two family members need significant treatment in the same policy year, they're drawing from the same shared pool, which can exhaust the sum insured faster than if each had their own separate limit. Families with a member who has a higher health risk sometimes choose a separate individual policy for that person alongside a floater for the rest.
Want this worked out for your own numbers?