Children Health Insurance

Health insurance plans for children are one of the most preferred ways to meet the healthcare costs in case the child gets ill, sick, contracts a disease. These plans cover the child against several expenses including roaming ambulance expenses, in-patient hospitalization expenses, pre-hospitalization expenses, post-hospitalization expenses, etc. at the time of all health-related contingencies.

Children have weaker immune systems that are not fully developed that limit their ability to fight several diseases. Also, young children have slower reflexes as compared to adults. Their reflexes grow as they age and until then they may be accident-prone. Thirdly, children are more exposed to illnesses than adults. Considering their eating habits that involve unhealthy food, they are more prone to illnesses. So, it is imperative to purchase health insurance that provides children the adequate coverage they need. Dependent children can be covered on a family floater basis along with either of their parents.

Benefits of Buying Health Insurance for Children

Health insurance plans for children generally cover a wide range of illnesses and offer the following benefits.

1. Lower Premium: Children can be covered along with their parents at a lower cost.
2. Comprehensive Coverage: Usually, there is no restriction in the coverage features for children as they are offered comprehensive coverage.
3. Additional Perks: Children are offered added perks like a consultation with experts, information on nutrition and diet, etc.
4. No Claim Bonus: Some health insurance plans for children offer No Claim Bonus. This bonus increases the sum insured amount for greater coverage or gives concession on health insurance premium if no claim is made during the policy period.

Types of Health Insurance Plans For Children

You can get your children covered under two types of health insurance plans. These are:

1. Family Floater Plans: These plans cover the entire family. Apart from self, these plans can include a spouse, up to 4 dependent children, and parents of the policyholder. Many health insurance plans have limitations on the age of children, teenagers, newborn babies, toddlers, etc. The plans allow dependent children to be covered only till the age of 25 years, but this may vary from plan to plan. These plans come at lower premiums and cover the entire family under single sum insured.

Benefits of Family Floater Health Insurance Policy

The benefits highlighted below are offered under Family Floater Health Insurance Policy:

• Special Discounts: The policyholder is offered special discounts related to including members to an insurance plan, and the less is the age of the member added to the plan, the lower would be the amount of premium payable.
• No-Hassle: As all the family members get covered under a single health insurance plan, it is much simpler to maintain a track of the plan and the coverage related to it. Moreover, registering for a claim is also easy as the entire procedure can be streamlined.
• Fixed Premium: There are fixed premium amounts for a policy duration. The premiums payable are freezed for that entire duration of the policy.
• Tax Benefits: You can avail tax benefits on family floater health insurance plans under section 80 D of the Income Tax Act.
• Add-On Covers: There are various add-on covers that you include with your family floater health insurance plan as and when you require it.

2. Individual Child Health Plans: These are standalone plans that are especially designed to cover children. Unlike family floater plans, the sum insured here is entirely dedicated to your child. Coverage benefits under these plans include hospitalisation expenses, ancillary services like lab tests, ambulance expenses, etc. Another benefit that these plans offer you is cashless treatment in network hospitals.

Benefits of Individual Child Health Insurance Policy

The following benefits are offered under Individual Child Health Insurance Plans:

• No Claim Bonus: A few child health insurance plans offer NCB or No Claim Bonus benefit, wherein the premium payable towards the insurance plan gets reduced or there is an increase in sum insured without extra charges. This is done to reward the policyholder for taking care of their health and not raising any claims in the previous policy duration.
• Lower Premiums: The premiums charged against Individual child health insurance plans is low as there is minimum risk involved with the insured. Therefore, the parents can have the much needed peace of mind by getting their child protected and at a very affordable cost.
• Additional Perks: Individual Child Health Insurance Plans generally included various other perks like cashless hospitalisation. With a cashless hospitalisation facility, an insured can easily get themselves treated at any tie-up hospitals without requiring to pay anything from their pocket as the insurance provider would directly settle the bill with the hospital.

Purchasing a health insurance plan for your children is an ideal way to get that much needed peace of mind and also to ensure financial safety in times of unforeseen medical emergencies. Moreover, buying a health plan for kids at a young age comes with an additional advantage of paying a lower premium amount, and allows you to protect the health of your children without drilling a hole in your pocket.

How Many Members Can Be Covered Under Health Insurance Plans For Children?

Children can be covered on a family floater basis along with either of their parents. Usually, these plans cover Self, Spouse, and up to 4 children. But the number of members who can be included under the health insurance may vary from insurer to insurer and from plan to plan.

Factors to Consider When Buying Health Insurance For Children

To make an informed decision when buying a health insurance plan for children, one must consider the following parameters:

1. Coverage Features: Checking the plan coverage features is important in order to choose a plan that offers an adequate cover so that it is useful at the time of need. Make sure to choose a plan that covers OPD treatment, in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, etc.

2. Additional Benefits: Several health insurance plans offer added benefits to the policyholders. So, it is better to go for a health insurance policy for children that offers added benefits like cover for consultation with experts, no co-payment clause, no limit on room rent, etc.

3. Network Hospitals: Network hospitals are the hospitals that insurance companies have tie-ups with and where the policyholders can avail cashless treatment. So, it is recommended to choose a health insurance policy for children that has a good number of hospitals and preferably nearby the place of residence, so that they can transfer the child to the nearest hospital without wasting any time at the time of emergency.

4. Critical Illness Cover: Not all health insurance plans for children offer critical illness cover, and those that do, offer it for specified illnesses. So, make sure when choosing a health insurance policy, to opt for a plan that offers cover for the maximum number of critical illnesses.

5. Sum Insured Options: Choosing a sufficient sum insured amount is a must as it provides the insured sufficient coverage without having to worry at the time of claim. So, one must opt for a sum insured amount that suits best their requirements and falls within the budget.

Things to Remember while Purchasing Health Insurance for Children

You should keep in mind the below mentioned important things while purchasing health insurance for children:

• Early Age: When it comes to purchasing a health insurance plan, it is always recommended to start at an early age. You can get insured a young adult as well as a newborn baby to a right health insurance plan.
• Individual Plans: It is ideal to go ahead with an Individual health insurance plan for your children as they mature. These plans offer wide coverage but at a high premium amount. People in their early years or 20’s are often more focused towards building their career and may not be able to take out the time to buy health insurance. Therefore, being a parent you can take the initiative and assist them in buying the right insurance plan. It is recommended not to unnecessarily delay in buying the insurance as with an increasing age, the premium would also go up.
• Family Health Insurance: If your children are below 21 or 25 in age ( according to the company's policy), you can include them in your family health insurance plan. The advantage is that you are not required to spend money individually on buying plans for each family member, all can be covered under a single plan.
• Critical Illness Plan: In case, you are worried about your child being vulnerable to a critical illness, then you can also go for a critical illness insurance cover. If the illness gets detected, then a fixed payout is offered.
• Employee Group Insurance: In case, you are a salaried individual, there is a possibility that you may be insured under a group health insurance plan provided by your employer. Generally, many insurance providers provide the option of covering your immediate family members including your kids in the plan. However, in case you decide to separate from the company in future, then the plan would cease to exist. Therefore, one should not depend solely on these types of plans.

How to Buy Health Insurance Plans For Children Online At InsuranceDekho?

InsuranceDekho has a simplified process when it comes to buying health insurance plans for children online. The steps given below need to be followed:

1. Visit www.insurancedekho.com, and click on the ‘health’ tab.
2. Select gender, enter your name and then enter your mobile number. You will receive a One Time Password (OTP) on the provided number. Please enter the same.
3. Tell us when you can purchase the health insurance policy for children. Then click on the ‘View Instant Quotes’ button to proceed.
4. If you want to add family members along with yourself in the policy too, then select them and their age. Click on ‘Continue’.
5. Enter your Email ID. Then enter your city and click on the ‘Submit and View Quotes’ button.
6. You will see many health insurance quotes for children. Choose the most suitable one out of them considering your requirement and budget.
7. Select the policy term. Then enter the required details. Pay the premium online via any flexible mode of payment offered.

Health insurance for children can also be purchased offline at InsuranceDekho by contacting the experts on the toll-free number 7551196989. In case of any further query or doubt, you can even write an email to us at customersupport@insurancedekho.com.