Children are the apple of their parent's eyes and as a parent, you would move heaven and earth to make sure your children have the best of everything. Making sure they have everything they need for a happy, healthy childhood is what every parent aspires for, from a good education to the best money can buy. Besides taking care of your children’s material comforts, ensuring they are healthy is integral to their wellbeing. Children have a lower immunity compared to adults and are more susceptible to diseases, with some illnesses targeting children exclusively.
Inoculations and regular check-ups are also vital as children are growing up, as these protect them from infectious diseases like diphtheria, mumps, measles and a host of other infections.
Making frequent trips to doctors, while necessary, is also very expensive. With a number of children now being born with fatal allergies, parents have to pay for expensive treatment and medication right from childhood. To ensure you don’t spend all you earn inn keeping your children healthy, investing in a health insurance plan for them is a wise choice.
Health insurance companies offer a number of plan for children, covering every stage of their growth, with the plans tailor-made for a particular stage. Child health insurance plans generally cover a broad range of illnesses, with some also including annual check-ups as part of the plan.
Types of Child Health Plans:
Depending on the type of cover you are looking for, there are a variety of child health insurance plans on the market.
Individual Child Health Plans:
Individual child health plans provide health coverage for your child with a slew of benefits such as cashless hospitalisations and comprehensive coverage. Besides hospitalisation, these plans cover medical check-ups, ambulance charges, specialist costs etc.
Benefits of Individual Child Health Plans:
Individual child health plans offer the following benefits:
- Lower premiums- the premiums charged for these plans are low since the risk associated with the insured is minimal. Thus, parents can save on premium amounts and receive insurance coverage for the children. .
- Added perks- these plans often include perks such as cashless hospitalisation, allowing the insured to be treated at partner hospitals without needing to pay as the insurer will cover the costs directly.
- No Claim Bonus- some plans offer a No Claim Bonus, where the premium amount payable for the following term is reduced or the Sum Assured is raised without charge if there are no claims made during a particular period.
Family Floater Health Plans:
A family floater health plan is a health insurance plan that covers the entire family. These plans can cover the primary holder, spouse as well as up to 4 children in the case of most plans. These plans are generally long-term plans and new members can be added as early as birth. The advantage of such plans is your children are covered right from birth, with everything from hospital stay to infant vaccinations being covered.
As the children grow, they will be included as separate entities under the plan and they will receive the benefits enjoyed by the parents. In some cases, family floater plans cover children 90 days after birth only, with the infant’s cover renewable annually after payment of a separate premium.
While family floater plans cover your children as infants and teenagers, they have an upper limit of 25 years, after which they are not included under the policy.
Benefits of Family Floater Health Plans:
Family health plans offer the following benefits:
- No-hassle plan tracking- with all the family covered under one plan, it is easier for the policyholder to keep track of the plan and cover associated with the plan. Filing a claim is also simpler as the process can be streamlined.
- Discounts- there are special discounts associated with adding members to a plan, and the younger the added member, the lower the premium.
- Fixed premium- premiums are fixed for the duration of the policy term, freezing premium payments for that duration.
- Add-on covers- there are a number of add-on covers that can be linked to your plan as and when required.
- Tax benefits- enjoy tax benefits of up to Rs.30,000 on plans for senior citizens and up to Rs.25,000 for others.
Buying health insurance for your children is the best way to achieve peace of mind and also ensure your bank balance isn’t depleted courtesy doctor’s appointments. Buying a health insurance plan for your children at a young age also comes with the added incentive of lower premiums, allowing you to safeguard your children’s health without burning a hole in your savings.
GST rate of 18% applicable for all financial services effective July 1, 2017.
Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.