A parent’s responsibility is to keep their child fit and healthy, and the first step to ensuring their well-being is to ensure healthcare when required. This is where purchasing children’s health insurance can come in handy. Continue reading to learn all about the benefits of health insurance for children.
Child health insurance:
Every parent wants their children to be healthy, and planning for their medical needs is essential to overall financial security. Children’s immune systems are weaker than those of adults, and the rising expense of healthcare adds to families’ financial burdens. Investing in your child’s health insurance is wise. But before all that, let’s talk about what is health insurance. Health insurance is a type of insurance cover that pays for medical expenses incurred by the policyholder i.e.
The medical expenses incurred due to a medical emergency are covered by the health insurance policy, which offers financial security.
Available child health insurance plans:
Different types of child health insurance plans are available. You can choose one based on your requirements. The various forms of child health insurance plans are listed below:
- Individual health insurance for children: A child’s individual health insurance plan offers comprehensive medical protection. It has several advantages and is a solo plan. In other words, it is a personal health insurance policy that pays for the care of your child. The ability to use the entire total insured amount for the child’s medical care or expenses is one of the main benefits of an individual plan. A number of other advantages are also included with the individual child health insurance plans. An individual plan may cover ancillary services like ambulance costs, lab diagnosis, medical check-ups, etc., in addition to the usual medical care and hospitalisation coverage. The terms and conditions of the insurance may also allow for cashless hospitalisation under individual plans.*
- Family floater child health insurance plans: Family floater child insurance plans provide coverage for the entire family. Family floater plans are often long-term plans. They may be valid for up to two or three years. The plan covers the policyholder’s parents, spouse, and up to four children. The flexibility of adding nominees is one of the main benefits of family floater plans. This plan provides coverage for newborn infants. Newborns are covered by a family floater plan for up to 90 days, including benefits like hospital stays and immunisations. The family floater policy also covers people up to the age of 25 as well as infants, kids, teenagers, and adults.*
There are several benefits of health insurance for children.
- Comprehensive coverage: Typically, child health insurance plans have comprehensive coverage. A newborn baby can be insured starting on their first day of life, and the coverage will pay for things like hospital stays, infant shots, etc.*
- Lower Premium: Because there is less risk involved in insuring children, the insurance premium for a child health insurance plan is lower. It applies to floater plans for both individuals and families. The cost of the premium decreases the earlier you purchase a child’s health insurance.*
- Additional Benefits: A child health insurance plan provides extra advantages, including professional counselling and suggestions on diet and nutrition. When it comes to medical coverage, child health insurance provides comprehensive coverage.*
Typically, pre- and post-hospitalisation, daycare treatment, domiciliary treatments, etc., are all covered under a child health insurance plan. Some insurance providers additionally provide coverage for critical illness and provide free yearly physicals for claim-free policy renewal. Benefits vary based on the terms of the policy. Do your research and compare various online health insurance policies and their benefits before making a choice. *
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
