Renewable Term Life Insurance that is in force for a stated period, and can be renewed by the policy holder (or owner) at the end of each term for a limited number of terms without proving insurability of the insured (compuquotes.com)
I just ran a quick quote through for Liaison Majestic and it was in the $ 300s for the total insured period. (travelinsurancereview.net)
In case of floater plan, if any of the family member uses up the coverage and another member falls prey to illness later during the same insured period then the entire sum insured will get reinstated at no extra charge. (policybazaar.com)