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All About Child Health Insurance In India

Updated On Apr 28, 2021

Health insurance plans are quickly becoming an important part of every growing family's financial planning. The rising cost of health care, along with the inflation rates, is placing the burden of medical costs squarely on the shoulders of low- and middle-income families. Overall, health insurance is a game changer in these cases, allowing families to spend over time in coverage plans and then draw on the insurer's guaranteed benefits.

All About Child Health Insurance In India

All About Child Health Insurance In India

Children's health insurance policies typically cover a wide variety of diseases and have the following benefits.

The Benefits of Purchasing Children's Health Insurance

  1. Reduced Premium: Children will be insured at a lower rate while their parents are.
  2. Extensive Coverage: Children's coverage features are usually unrestricted and they are provided with comprehensive coverage.
  3. Additional Benefits: Children are given additional benefits such as professional consultations, nutrition and diet knowledge, and so on.
  4. No Claim Bonus: Certain children's health insurance policies have a No Claim Bonus. If a claim is made during the contract period, this incentive increases the sum covered amount for greater coverage or provides a discount on the health insurance premium.

Selecting the Most Appropriate Children's Health Insurance Policy

Family floater policies, also known as comprehensive health care plans, provide a number of advantages in terms of your child's health. Value-added advantages such as health risk evaluation, health therapy, and primary consultation with trained doctors and experts are likely to be included in such initiatives. Critical conditions, as well as prenatal care, which accounts for a large portion of your child's expenses, are covered by such stringent policies. However, compensation for maternity expenses is normally subject to a waiting period of four years or less.

Consider These Factors When Purchasing Children's Health Insurance

The following criteria must be considered when purchasing a health insurance plan for children in order to make an educated decision:

  • Plan Coverage Features: It is important to review the plan coverage features in order to choose a plan that provides sufficient coverage and would be effective in an emergency. Choose a package that includes outpatient care, inpatient hospitalisation, pre-hospitalization and post-hospitalization costs, and so on.
  • Additional Benefits: Most health care policies provide policyholders with additional benefits. As a result, it is preferable to choose a health insurance package for children that includes additional benefits such as coverage for specialist consultations, no co-payment provision, no room rent cap, and so on.
  • Network Hospitals: These are hospitals in which insurance providers have partnered and where policyholders can receive cashless care. As a result, it is advised to choose a health insurance package for children that includes a large number of hospitals, ideally close to the home, so that the child can be transferred to the nearest hospital without wasting time at the time of need.
  • Critical Illness Coverage: Not all children's health insurance policies have critical illness coverage, and those that do only cover certain illnesses. So, when considering a health insurance package, make sure to choose one that covers the greatest number of serious illnesses.
  • Sum Insured Options: Choosing a sufficient sum insured amount is important because it ensures that the insured is adequately covered in the event of a claim. As a result, one must choose a sum insured amount that best meets their needs while remaining within their budget.

Take Away

The most important thing to remember when purchasing a children's health insurance policy is to read the fine print thoroughly. Understanding the policy wording is crucial to determining how successful the children's health care policy is and what is covered and what is not.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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