In a family of 4, how do family floater plans get its pricing? Do they use average age?
No family floaters are priced according to the age of the eldest family member. So if you take a family floater plan it remains valid only till the time you attain the maximum age of renewability which is 60 or 65 years depending on your insurance company.
Usually, family floater health plans cover the sum assured, his or her spouse, sons and daughters only. However, there may be a limit on the number of family members that the policy covers, since the premium payable differs from family to family.
The premium to be paid is usually determined by the age of the head of the family as well as that of the sum assured. Family floater plans are generally more beneficial to families with a low average age.