When buying health insurance for a family, most people come across two options: individual plans for each member, or one floater policy covering everyone together. While both serve the same purpose — financial protection against medical expenses — they work differently and suit different needs.

A floater plan, also known as a family floater, offers one shared sum insured that can be used by any covered member, typically spouse, dependent children, and in some cases, parents or siblings.

For example, instead of four separate ₹5 lakh covers, a family might choose a single floater policy of ₹10 lakh shared by all.

What modern buyers compare beyond premiums

According to Manju Dhake, Head of Insurance Advisory Practice at 1 Finance, modern families no longer look at floaters only through th

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