Children Health Insurance Plan

What is Children Health Insurance?

A child health insurance policy plan is a health insurance plan that is specially curated to cover the medical expenses of the children. The plan offers coverage for physical injuries, emergency hospitalisation, etc. eliminating financial stress during difficult times. 

A child health insurance plan can be purchased by the parents or guardians of the children and unlike other health insurance policies pre and post-hospitalization expenses, daycare treatments, etc. will be covered and compensated seamlessly without any hassle. Children's health insurance plans cover infants, toddlers, pre-teens and teens.

Best Child Health Insurance Plans on Bajaj Markets in 2023

The below table highlights the best health insurance for kids available on Bajaj Markets. We bring healthcare plans from leading insurance companies like Bajaj Allianz General Insurance Co. Ltd., Aditya Birla Health Insurance Co. Ltd., and Care Health Insurance Ltd.:

How to Buy Health Insurance Plans for Children

Here’s how you can buy a child insurance plan from the comfort of your homes:

• Step 1: Head over to your preferred health insurance provider’s website.

• Step 2: Provide the necessary details about the child you wish to insure, along with your personal information.

• Step 3: Compare child insurance plans on the portal and choose the best-suited policy. You can also include add-on covers to enhance your coverage.

• Step 4: Upload the necessary documents and make your health insurance premium payment online.

• Step 5: And that’s it! Your policy will be emailed to you shortly.

Benefits of Buying Health Insurance for Your Child

Buying a health insurance plan for your child can help you in multiple ways. Let's understand these advantages:

• Comprehensive Medical Coverage - Health insurance protects the insured child against a myriad of medical expenses like hospitalisation, vaccination, OPD consultations, and more. Most plans offer add-on covers that facilitate free health checkups as well.

• Financial Security - Buying a kids' health insurance plan will help you tackle unforeseen financial stress. It will act like a safety net that keeps the monetary burden at bay.

• No Compromises on Treatment - Nobody wants to compromise on the quality of treatment, especially when it is for your child. Health insurance ensures you do not settle for a cheaper solution due to financial constraints.

• Cashless Hospitalisation - Most insurance companies offer cashless hospitalisation facilities. You can give your child the best treatment at one of your insurer's network hospitals without having to pay the entire bill (just the deductibles).

• Family Discounts - In case you choose to cover your kid under your healthcare plan on an individual sum insured basis, you receive a family discount on the premium.

• Tax Benefits - You can enjoy tax benefits on premiums paid towards children's health insurance plans under Section 80D of the Income Tax Act, 1961.

Why Do You Need Health Insurance Plans for Kids?

Here’s why your child needs a health insurance plan:

• Prone to Injuries - Since children do not know how to take care of themselves, they are highly prone to accidents. Infants can get hurt in the process of learning to walk and run. Furthermore, as parents, you cannot have your eyes on them 24x7 to protect them from getting hurt. Health insurance policies act as the training wheels of a bicycle, adding a financial cushion against medical expenses.

• Weaker Immunity - Unlike adults, children are more vulnerable to contracting a disease or an infection. This compels the parents to make multiple visits to a paediatrician, putting a dent in the savings. A health insurance plan can help you manage the cost of treating unanticipated infections and diseases.

• Exposed to Risks- Grown-up children spend a lot of time playing outside, whereas, babies use their sense of touch to explore the world. Moreover, they are not mindful of hygiene measures (for instance, washing their hands before eating something), making them susceptible to different types of infections.

Types of Health Insurance for Children

Health insurance plans are broadly categorised into two types, and they are:

• Family Floater Health Insurance - It offers medical coverage to your child along with all your family members. It is a comprehensive plan that covers around 4 to 7 members. A family floater plan can be a financially feasible option as it provides wider coverage at an affordable cost.

• Individual Health Insurance Plan - This plan offers room for customisation. Since it is a plan designed for an individual, parents can customise the plan based on the healthcare requirements of their child. It is important to note that only the child will be covered under this plan.

What is Individual Child Health Insurance Policy and its Benefits?

Individual child health insurance is a standalone plan formulated to protect your kid. The sum insured amount under this type of plan is entirely for the child. The coverage benefits of an individual health insurance plan include hospitalisation expenses, ambulance charges, lab tests, etc. Here are a few benefits of a standalone healthcare plan for kids

• No Claim Bonus (NCB) - Some child health insurance policies offer the no claim bonus. This bonus is a reward provided for going an entire policy tenor without making any claims. You can avail of the NCB while renewing your policy and get a reduced premium rate.

• Lower Premiums - The health insurance premium of an individual plan is relatively lower as the risk of making a claim is lower. So, opting for a standalone policy can be more feasible for parents.

• Additional Perks - Most individual child health insurance covers include extra perks like cashless hospitalisation. With a cashless facility, you can get your child treated at any partner hospital without paying anything out of pocket. Your insurer shall settle the bill.

How Many Members Can be Covered Under Health Insurance Plans for Children?

You can cover your child under a family floater plan along with the rest of the family members. Such plans generally include self, spouse, and up to 4 kids. However, the number of kids allowed differs from policy to policy and insurer to insurer. Hence, it is best to compare different plans online to buy the one that best fits your family.

Eligibility Criteria for Child Health Insurance Plan

Some of the basic eligibility parameters of child health insurance plans are 

• Children below 5 years of age should have at least one parent covered under the plan.

• Infants with an age group between 1-91 days are eligible under a child health insurance plan.

• Individuals up to 25 years of age are offered coverage under children's health insurance plans.

• Children who are not financially dependent on their parents are ineligible for this plan.

Note - The eligibility parameters might differ due to the norms and policies of the insurance company. 

Factors to Consider While Buying Health Insurance for Children

We all want to buy the best insurance plan, don't we? Well, here are a few factors you must take into account for the same:

• Coverage Features - It is imperative to check the inclusions of a plan to receive adequate coverage. After all, we all want the plan to be useful in times of need. Ensure the plan covers OPD treatment, in-patient hospitalisation expenses, post-hospitalisation, pre-hospitalisation costs, etc.

• Additional Benefits - Most health insurance policies offer extra benefits. It is best to opt for a plan that facilitates consultation with experts, comes without a co-payment clause, and doesn't cap the room rent.

• Network Hospitals - This is a must-have facility in current times. Network hospitals are hospitals that have tie-ups with your insurance provider for cashless treatments. Go for an insurance provider that has a good number of partner hospitals, preferably around your locality. It helps you with the hospitalisation process of your child during emergencies.

• Critical Illness Cover - Since critical Illnesses are rare among kids, it is not included in all health insurance plans. Thus, do not forget to include critical illness coverage in your child's health insurance plan. Though such diseases are rare, they aren't inevitable.

• Sum Insured Option - It is essential to choose a sufficient sum insured amount. With adequate coverage, you do not have to stress about not receiving an ample amount reimbursed at the time of claim.

How to Choose the Right Health Insurance Policy for Children

A family floater plan provides comprehensive coverage, i.e. it includes multiple healthcare expenses for your kid. It also offers value-added benefits like health risk assessment, health-related counselling, primary consultation with a physician, etc. However, you cannot make certain claims during the waiting period. Here's what you must look for while buying a family floater plan:

• The policy must offer coverage for kids that are 5 years and above.

• Kids below the age of 5 can get coverage under the plan from the 91st day if both parents are already covered.

• Ascertain that the policy provides renewal ceasing age, which is ideally a lifetime renewability plan.

• The policy must offer the highest amount of coverage to the child in terms of treatment and co-payment.

• It should cover the child against pre-existing diseases.

Inclusions & Exclusion of Health Insurance Policy for Children

Mistakes to Avoid While Buying Children's Health Insurance Plans

When you are in the pursuit of buying health insurance for your child, you do not want to make any mistakes, right? Read on to understand the common mistakes people make, so you can avoid them:

• Not Getting Enough Coverage - The extent of coverage plays an important role in receiving financial security. But it also determines the premium rate. Most people settle for lower coverage to pay a lower premium amount. Avoid making such mistakes and go for coverage that your child would need.

• Missing the Co-Payment Clause - The co-payment clause would be the last thing that you would want to miss. Co-payment is when the insured and the insurance company both divide the burden of paying the medical bills. The ratio of the partial payment amount is pre-decided. So, go for plans with minimal co-payment.

• Hiding Relevant Medical History - When buying health insurance policies for your kids, avoid hiding any details about your child's medical history. It is difficult to hide the medical history later. So, even if you receive the policy, you might not receive the claim amount during health emergencies.

Health Insurance Plans Available at Bajaj Markets