Family Floater is a policy wherein the entire family of the insured comprising of the insured and his/her dependents, are covered under a single sum insured. The advantages of such a policy are: All member of the family (as defined above) can be covered under one policy. A Single Premium is payable for the entire family The amount of the sum insured floats over the entire family, i.e. the limit can be used by any member of the family, any number of times. You do not have to keep track of renewals for different members. Just a single renewal date has to be remembered. View more