Basic floater sum insured is the maximum amount of coverage you have for all family members under your health insurance policy. It refers to the total amount of protection the insurer will provide as per the insurance policy.
For example, if you have a basic floater sum insured of Rs. 5 Lakhs and four family members on the policy, then the insurer will altogether provide a cover of Rs. 5 Lakhs for all four members. This cover may be used for hospitalization, medical expenses, and other medical treatments incurred by any one or more family members covered under the policy.
Basic floater sum insured can be increased but it depends on your insurance provider. Generally, insurers offer certain add-on covers such as maternity, pre and post hospitalization, domiciliary treatments etc. apart from the basic floater plans. They may also provide riders, which you can opt for as per your needs and budget.
It is advisable that one should select the right sum insured, which should include both regular medical treatments and emergencies. A greater sum insured will offer a greater coverage, but it will also result in paying a higher premium for insurance.
For more information about basic floater sum insured, you can refer to the following link: https://blog.acko.com/float-cover-what-is-float-cover-insurance/.