Or is there a master password, like in individual subscription?
Hello @ananddotiyer,
Welcome to the Community!
When you have a family plan each of the members will have their own accoung with their own master password. You will not share account or master password you only share the subscription and if wanted you can have shared folders. You can find more bout LastPass Families here: https://support.lastpass.com/s/document-item?language=en_US&bundleId=lastpass&topicId=LastPass/families-faqs.html&_LANG=enus
Kind Regards,
Alejandra
LastPass Support