What is a Children Health Insurance Plan?

Health insurance plans for kids are one of the best ways to secure your child against medical emergencies. It helps you cover expenses arising out of illnesses that require hospitalisation. These plans compensate for costs such as in-patient hospitalisation expenses, pre-hospitalisation expenses, post-hospitalisation expenses, etc. Vaccination and clinical checkups are also covered under health insurance plans for children. In India, you can choose from multiple types of health insurance policies such as individual plans and family floater plans. At Bajaj MARKETS, we offer a range of children’s insurance plans that focus on the healthcare needs of a kid.

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 hands before eating something), making them susceptible to different types of infections.

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.

Types of Health Insurance Plans 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.

Best Child Health Insurance Plans on Bajaj MARKETS in 2022

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.:

 

Plans Available

Hospitalisation Cover

Starting Rate of Premiums

 

CTA

Bajaj Allianz Health Guard Gold

₹2 Lakhs - ₹50 Lakhs

₹4171

Buy Now

Bajaj Allianz Extra Care

₹2 Lakhs - ₹50 Lakhs

₹2194

Buy Now

Aditya Birla Activ Assure Diamond Plan

₹4 Lakh - ₹2 Crore

₹3,887

Buy Now

Care Health Insurance Plan

Up to ₹50 Lakhs

₹5,277

Buy Now

 

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.

 

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 includes 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 the NCB while renewing your policy and get a reduced premium rate.

  • Lower Premiums

The health insurance premium amount 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 from the pocket. Your insurer shall settle the bill.

What is a Family Floater Health Insurance Policy and its Benefits?

Family floater plans secure the entire family. You can cover yourself, your spouse, your parents, and your kids (up to 4) under one policy. However, most plans come with a limitation with respect to the child’s age. Thus, always read the policy document to understand the eligibility criteria for children. Continue reading to know how a family floater plan can benefit you:

 

  • Special Discounts

The policyholder receives discounts for adding new members to the plan. The premium for the newly included member depends on their age. So, covering your child under the same plan wouldn’t impact the premium amount drastically.

  • Convenient

By covering your child under a family floater plan, you do not have to worry about paying multiple premiums. You can safeguard the entire family with a single payment.

 

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.

 

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 the critical illness cover 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 since the 91st day if both the 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 of Health Insurance Policy for Children

Most children's insurance plans cover the below-listed medical expenses.

  • In-Patient Hospitalisation Costs

Health insurance plans generally cover in-patient hospitalisation expenses. You may wonder what in-patient hospitalisation expenses are. Well, it involves expenses incurred in the hospitalisation period that do not exceed 24 hours. Room rent, ICU/ICCU, nursing, and boarding expenses are included in this type of hospitalisation.

  • Pre and Post-Hospitalisation Expenses

Individual as well as family floater plans, both cover your child against expenses incurred before hospitalisation and post discharge. These expenses include x-rays, consultation fees, tests, etc. However, the number of days covered before and after hospitalisation differs from policy to policy. In most cases it is 60 days pre-hospitalisation and 90 days post-hospitalisation.

  • Daycare Treatments

Daycare treatments are those procedures that do not even require 24 hours of hospitalisation. These types of treatments include dialysis, radiotherapy, chemotherapy, etc.

  • Ambulance Expenses

Road ambulance expenses are a type of expense that is incurred while transporting the patient to the nearest hospital. Health insurance plans for kids cover such costs up to a stipulated limit.

  • Domiciliary Hospitalisation Expenses

Kids' health insurance covers your children for treatments taken at home either as per the doctor's advice or due to the lack of beds in the hospital. However, this type of hospitalisation must go on for at least 3 consecutive days.

Exclusions of Health Insurance Policy for Children

Just like inclusions, knowing the exclusions of a healthcare plan is also paramount. So, continue reading to explore the common ones in children's insurance plans.

  • Pre-Existing Diseases

Be it an individual or a family floater plan, pre-existing diseases are not covered for a specific period.

  • Dental, Hearing, and Vision

Health insurance plans designed for kids do not cover costs related to dental, hearing, or vision. These expenses include spectacles, hearing aid, lenses, etc.

  • Cosmetic Surgery

Cosmetic surgery to improve appearance is not covered under family floater plans or individual policies. However, if the surgery is needed as a result of an accident, it shall be covered.

  • Participation in Adventure Sports

Health insurance plans do not cover the kids for illnesses and injuries arising due to participation in any type of adventure sport.

 

Mistakes to Avoid While Buying Children 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.

Conclusion

Right from birth to the time they become adults, kids require special attention and care at all times. Thanks to increasing pollution and adulteration, they are prone to multiple health problems. While you cannot completely avoid illnesses, you can at least ensure your child gets the best treatment with a health insurance plan designed for kids. At Bajaj MARKETS, we have a range of health insurance plans in store that will cover your child against multiple health conditions and medical expenses.

 

Best Health Insurance Plans Available at Finserv MARKETS

FAQs on Health Insurance Plans for Kids

  • ✔️What is the maximum age limit for a child to be included in the family floater plan?

    The maximum age limit for a child to be included under the family floater plan ranges between 20 and 25 years.

  • ✔️ Can I buy health insurance for my 18-year old child?

    Yes. You can buy health insurance for your 18-year old child.

  • ✔️Can I claim tax benefits against children’s insurance plans premiums?

    Yes. You can claim income tax deductions under Section 80D of the Income Tax Act, 1961, against children's health insurance premiums.

  • ✔️What are the documents required to get a children's insurance policy?

    You need to furnish the following documents to buy children's insurance plans:

     

    • Birth certificate

    • Health certificate of your child

    • Proof of address

    • Photo identity

  • ✔️Can I buy a children's insurance plan online?

    Yes. You can buy health insurance for children online.

     

  • ✔️Where can I get the children’s health quote?

    You can get the children’s health quote online on Bajaj MARKETS.