Credit Score powered by our Bureau Partners 
® | 
CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
An individual health insurance is a type of health insurance plan wherein only a single person can be covered under the plan. Therefore, both the health insurance premium and sum insured is allocated for one person only and cannot be shared.
A family floater health insurance is a type of health insurance plan wherein both you and your family members can share the same plan. Therefore both your health insurance premium and sum insured would be shared with all members in the plan.
Basis of comparison | Individual health insurance | Family floater health insurance |
Coverage | This plan only offers coverage to an individual insured in this plan. For example; If you’ve taken a plan of Rs. 15 Lakhs, you solely will have up to Rs. 15 Lakhs to benefit from, for the entire policy period. | This plan offers coverage to all family members included in the plan. For example; if your plan is Rs. 15 Lakhs, then your entire family will have to share this amount for the policy period. |
Advantage | The biggest advantage of an individual health insurance plan is that the coverage is more since every individual has their own sum insured. | The key benefit of a family floater plan is that the health insurance premium is cost effective. That is because the premium is a one-time premium for all family members. |
Disadvantage | The only disadvantage of an Individual Health Insurance is that one will have enough to cover for them in one policy year. However, note that if you haven’t made any claims during the year, they can benefit from a No Claim Bonus. | One of the main disadvantages of a family floater plan is that sometimes the sum insured may not be enough for all family members. |
Example | A 35-year-old working woman chooses to opt for an Individual Health Insurance plan for herself, and her parents. She takes an individual plan each of up to Rs. 5 Lakhs. This means, she and her parents both will have Rs. 5 Lakhs each to cover for their health needs throughout the year. | A couple chooses to go for a family floater health insurance plan; under this all both of them will have to share the total sum insured amongst themselves. For instance; if they’ve taken a plan of Rs. 5 Lakhs, then they can only use up to Rs. 5 Lakhs for their medical claims during the year. |
Preferred choice | Individual health insurance is a great option for bigger families, or those with elders to look after as a family floater may not be sufficient. | A family floater health insurance is recommended for a young couple or a small and nuclear family. |
Tips and recommendation | If you’re going for an Individual Health Insurance plan, make sure you reach for relevant add-ons for your every family member too. For example; if you’re taking an individual plan for your parents then the AYUSH add-on is a very good choice to include in your plan. | If you’re going to choose for a family floater plan, then choose for a higher sum insured since you’ll need to make sure that the total sum insured is enough for all family members. |
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application