Overview
New India Assurance’s Floater Mediclaim plan is a family floater health insurance policy designed for individuals aged 18 to 65 years, covering up to six family members under a single sum insured ranging from ₹2 lakhs to ₹15 lakhs. It offers lifelong renewability and cashless treatment alongside the essential coverages, making it a basic option for family health protection.
Experts Review
Written by Ishita Jain
Editor
The New India Assurance Floater Mediclaim plan offers essential family coverage in a simple format, including alternative medicine, a cumulative bonus of 25% per claim-free year (capped at 50%), newborn baby expenses, and critical care benefits.
However, room rent is capped at 1% of the sum insured per day, so selecting higher room categories may increase out-of-pocket costs. The pre-existing disease waiting period is 36 months, which is longer than several competitors.
Maternity benefits are optional and restricted to 10% of the sum insured, and premiums tend to be 10–15% higher than comparable public sector floater plans, lacking proportional added value.
Optional covers boost utility: no proportionate deduction, expanded maternity cover for sums over ₹5 lakhs (up to 10% of the average sum insured in the last three years), higher cataract limit (10% of sum insured for ₹8 lakhs+), and coverage for consumables on higher sums insured with added premium.
The plan does not offer restoration benefits and sets disease-wise claim limits for cataract and modern treatments. While it provides valuable basics and some helpful options, families should compare with other plans offering broader features and networks.
Pros
Insurer has a solid track record with great claim and service metrics.
Cons
Not very feature-rich.
No Restoration Benefit, which is a notable gap.
Your insurer doesn’t provide free health check-ups, which could be a drawback for some.
No coverage if you are forced to hospitalize at home, which is a key feature.
New India Assurance
Key Insights
Founded
1919
New India Assurance was established 106 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
99% claims settled in 30 Days
New India Assurance settles 99% of all claims it receives demonstrating strong credibility.
Network Hospitals
3,700+
New India Assurance has a limited network of 3,700 hospitals, which may restrict access to cashless services for policyholders.
Complaints
5 complaints per 10,000 claims registered
New India Assurance maintains a low volume of complaints, reflecting strong customer satisfaction and effective service.
Features
All
Great
Good
Bad
Co-payment
The insurer will bear the entire cost of treatment (up to the sum insured). You won’t have to pay a single penny. Meaning this policy has no co-payment.
Room Rent
Anything below twin sharing room
Disease sub-limit
Your insurance cover won’t be fully available in case you are treated for Cataracts, Modern treatments and a few other diseases. Meaning the insurance company has a cap on the total amount they’ll pay out if you are treated for these specific illnesses.
Pre existing diseases waiting
If you’re already dealing with diabetes, cardiovascular problems or any such illnesses, the insurer will cover all costs arising out of these pre-existing problems after you wait for 3 years.
Pre/Post hospitalization
No worries if the doctor had to run a host of diagnostic tests before or after hospitalizing you. The insurer has your back. They will cover this amount in full for a pretty reasonable duration - 30 days before you are hospitalized and 60 days after discharge. This includes the cost of medication by the way.
Add-ons
Consumables
Recommended
Maternity Benefits
Consumables
With this add-on, you also get extended coverage for generally excluded items like syringes, gloves, PPE kits etc. upto ₹15,000. This add-on is avaialble only for sum insured of 8 lakhs and above.
Maternity
With this add-on, you get added coverage for maternity expenses i.e. childbirth and newborn expenses. However, the coverage is limited to 10% of the base Sum Insured.
No Proportionate Deduction
With this paid add-on, the insurer will remove the clause of proportionate deduction the room rent benefit.
Cataract limit
With this paid add-on, the cataracts limit will be revised from 10% of base sum insured; maximum up to ₹50,000 to 10% of base sum insured. Treatments under this benefit can be availed post completion of 3 years of this add-on.
Permanent Exclusions
Conditions or treatments that the policy clearly says it will not cover.
Convalescence and General debility
Treatments such as Rotational Field Quantum Magnetic Resonance (RFQMR), External
Counter Pulsation (ECP), Enhanced External Counter Pulsation (EECP), Hyperbaric
Oxygen Therapy.
Expenses related to any admission primarily for diagnostics and evaluation purposes are excluded.
Disclaimer: For illustration purposes only - exact terms are in the policy wording.
Specific Illness
The following illnesses are not covered under the policy for 3 years.
24-Month Waiting Period:
All internal and external benign tumours, cysts, polyps of any kind (including benign breast lumps)
Benign ear, nose, and throat disorders
Benign prostatic hypertrophy
Cataract and age-related eye ailments
Waiting Period
30 days Initial waiting period
3 years Specific illness waiting period
3 years Pre-existing disease waiting period
Ditto's Take
◦ Standard ◦
After a close look at the waiting periods, it’s safe to say they are fairly standard.
What's missing in the policy
No Restoration Benefit.
Your insurer doesn’t provide free health check-ups.
No coverage if you are forced to hospitalize at home.
Maternity benefits not offered. Need to opt add-on for maternity cover.
Doctor consultations are not covered.
Customer Reviews
A
Ananya Rao
Covers alternative medicine treatments, which is a good option to have.
R
Rajesh Kumar
Cumulative bonus of 25% per claim-free year (up to 50%) is a decent incentive.
F
Fatima Sheikh
Newborn baby expenses are covered, which is beneficial for young families.
K
Krishnan Iyer
Premiums are 10-15% higher than comparable PSU plans without offering much extra.
F
Farzana Sheikh
Daycare is covered, but lack of maternity and domiciliary benefits felt like limitations.
G
George Thomas
Lifelong renewability is offered.
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Frequently Asked Questions
Does Floater Mediclaim have waiting periods?
- 30-Day Waiting Period: Hospitalizations won’t be covered for the first 30 days of the policy unless it’s an accident.
- Specific Illness Waiting Period: There’s a 3-year waiting period for a list of diseases which is a mandate before you can start claiming.
- Pre-Existing Disease Waiting Period: There's a 3-year waiting period for any pre-existing disease you may have while buying the policy.
Does Floater Mediclaim have room rent restrictions?
Does Floater Mediclaim offer a restoration benefit?
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