🚀 Fincover® App is Now Live!
Join 10 Million+ users on web – now available on mobile!
Last updated on: August 7, 2025
The New India Assurance Floater Mediclaim Policy and the standard New India Assurance Mediclaim Policy differ mainly in coverage structure. The Floater Mediclaim Policy offers a single sum insured that covers all family members under one policy, making it cost-effective for families and ensuring flexible utilization of coverage among members. In contrast, the traditional Mediclaim Policy provides an individual sum insured for each person, typically resulting in higher premiums for families but fixed coverage per person. Both policies offer similar core benefits like hospitalization expenses, pre- and post-hospitalization coverage, and cashless treatment, but the floater option is generally more suited for families seeking shared benefits, while the individual Mediclaim Policy is ideal for those needing fixed personal protection.
Author
Read Bio
Reviewed by
Read Bio
Health insurance is not a mere safety net- it is a need of all individuals and family, more so in India where the medical expenses are increasing annually. The New India Assurance Company is a government owned leading player that provides powerful health insurance solutions: the New India Assurance Mediclaim Policy and the New India Assurance Floater Mediclaim Policy. The decision between these two can define how your family is healthcare-wise safeguarded going forward.
This paper will discuss the variance of the New India Assurance Floater Mediclaim Policy and the basic Mediclaim Policy. We offer a direct comparison, highlights, key features, pros and cons, and practical advice to make the best choice in 2025 to use with your family.
New India Assurance Mediclaim Policy is a health insurance policy at individual level. It includes hospitalisation, pre-hospitalisation, post-hospitalisation as well as a number of day-care treatments of the insured person.
Did you know?
The variety of claim settlement and countrywide system of hospitals make many users renew their New India Mediclaim Policy over decades.
The New India Assurance Floater Mediclaim Policy also known as the family floater plan enables you to insure all your family as a single insured amount. The plan is common with the contemporary Indian families who desire to have a complete and affordable cover.
| Features | Individual Mediclaim Policy | Floater Mediclaim Policy |
|---|---|---|
| Coverage Sum Insured | Separated by member | Splitting between the members of the family |
| Entry Age (Adults) | 18-65 years | 18-65 years |
| Entry Age (Children) | 3 months-25 years | 3 months-25 years |
| Maximum number of members covered | one per policy | 6 (2 adults, 2-4 children) |
| Premiums on policy | By age and per-capita risk | By firstborn |
| Renewal | Lifetime renewability | Lifetime renewability |
| Tax Benefits | Section 80D of I-T Act | Section 80D of I-T Act |
| Pre-existing Disease Waiting Period | 4 years | 4 years |
| Family Discount | 10 percent on more than one policy | Mostly a part of premium |
The first policy that young family usually goes on is New India Assurance Floater Mediclaim Policy. It gives you the option of spouse and children living under the same roof which may entail:
To illustrate this example, you have a sum insured of 5 lakh rupees and any of the family members can utilize up to this limit in a year. The amount each member is allowed to use is his sum insured under individual plans. In the case of a family comprising of young and healthy persons, floater plans will provide cheap and versatile coverage.
Did you know?
Over 67 per cent of households in India who had children below the age of 18 years in 2024 opted to use floater policies instead of separate mediclaim policies (IRDAI Health Insurance Report 2024).
A floater policy does not always work well in every family. Individual mediclaim policies will be more appropriate when:
As an illustration, in a family where the parents are over 60 years with medical records, a separate individual plan will provide undiluted coverage to each person- such that hospitalization of one person does not cannibalize the insurance funds of another.
Ajay and his wife Mayuri live in Pune and they have two children of 7 and 12 years. Comparison between New India Assurance Floater Mediclaim Policy and Mediclaim Policy When Ajay compared the New India Assurance Floater Mediclaim Policy and Mediclaim Policy at the beginning of 2025, he noticed that the combined premium of floater was only 15,900 (a 5 lakh sum insured to cover 4 persons). Rs 5 lakh policy on four persons amounted to Rs 21,200. The floater plan provided a lot of coverage and saved excessive paperwork since everybody is young and healthy.
Q. What is the tax benefit in such policies?
The two policies enable you to deducted on paid premiums under the Income Tax Act, Section 80D.
Q. Add parents in a floater plan?
They may include dependent parents but many tend to provide individual policies to the elderly (separate) because of premium loadings by age.
| Criteria | Floater Mediclaim Policy | Individual Mediclaim Policy |
|---|---|---|
| Membership | Up to 2 adults, two (or four) children | One each policy |
| Premium (5 lakh cover) | Rs 13,500 to Rs 22,500/year (family of 4, age 30-35) | Rs 17,000- 28,000/year (family of 4, same age) |
| Flexibility | High (anyone can claim) | Less flexibility |
| Policy Management | Single, simple policy | Multiple policies to control |
| Best age | Young and healthy families | old, more at risk families |
| Maximum Sum Insured | Rs 15 lakh | Rs 15 lakh |
Insurance planners suggest a floater plan when everyone in the family is younger than the average age of 45 years and nothing chronic is present. Split coverage can be reasonable in the case of older or mixed-aged families.
Comparing New India Assurance policies, it is possible to find other providers on the reliable online marketplaces. These websites enable you to make a comparison of premiums, benefits, add-ons, and excess clauses. By so doing you will get the correct policy at the optimal price and that has features specific to the reality of the needs of your family.
Did You Know?
One of the quickest processed cashless treatments in metro cities in 2024-25 by the TPA partners of New India Assurance in 2024-25 is cashless treatment approvals of floater policies.
The individual and floater mediclaim cover by the New India Assurance has online claim intimation and tracking. In case of cashless claims in network hospitals, the insurer normally accepts claims within 2 to 6 hours, when the required documents are provided.
Q. How can I transfer my personal mediclaim policy to a floater policy or vice versa?
Porting between policies is possible at time of renewal. Your waiting period benefits are held as per the IRDAI portability norms.
Q. Which are the documents required to purchase or renew such policies online?
A. KYC documents, address verification, and recent photographs, medical report (age over 45 and sum insured over 5 lakh)
Q. Which is the most cost effective plan to newly married couples?
A. Generally, the floater mediclaim policy is less expensive when you combine cover.
Q. Can I include children when I have taken a floater plan?
A. Yes, newborn or adopted children can be added to the policy terms and with extra premium over the relative period.
Consider the case of Priya and Ravi of Jaipur, the parents of two school going children. Priya has been quoted at Rs 17,800/per year as a single cover of Rs 5 lakh each to 4 members in 2025. The premium decreased to the bare minimum of Rs 13,200 by changing to a floater policy. The family also valued the flexibility because none of the members had chronic conditions.
Q. Can you renew the two policies online?
Yes, hassle free online renewals are available in both New India Assurance Mediclaim and Floater Mediclaim policies.
Q. Am I able to upscale my sum insured at renewal?
Yes, with underwriting terms and claim records, you are allowed to increase the sum insured during policy renewing.
Q. What plan do I choose when my parents are over 65?
Personal policies of the elderly are recommended so that the coverage is complete and the total premium is reduced.
Along with searching a cost-effective policy to cover a young family, and long-term coverage to cover the parents or seniors, a comparison between the New India Assurance Floater Mediclaim Policy and the regular Mediclaim Policy will assist you in navigating the health journey of your family in 2025. It is always worth re-evaluating what you need each year, take advantage of online comparison sites, and keep in mind cashless hospital networks so that you can have maximum peace of mind and safety.
How could we improve this article?
Written by Prem Anand, a content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors.
Prem Anand is a seasoned content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors. He has a strong command of industry-specific language and compliance regulations. He specializes in writing insightful blog posts, detailed articles, and content that educates and engages the Indian audience.
The content is prepared by thoroughly researching multiple trustworthy sources such as official websites, financial portals, customer reviews, policy documents and IRDAI guidelines. The goal is to bring accurate and reader-friendly insights.
This content is created to help readers make informed decisions. It aims to simplify complex insurance and finance topics so that you can understand your options clearly and take the right steps with confidence. Every article is written keeping transparency, clarity, and trust in mind.
Based on Google's Helpful Content System, this article emphasizes user value, transparency, and accuracy. It incorporates principles of E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness).
Loved by 1M+ users (web). Start your financial journey today!
