Guide to Health Insurance for Children Under 18

Guide to Health Insurance for Children Under 18

The escalating healthcare costs pose a major chance for the financial risk that might arise when there is a medical emergency for any one member of the family. The risks are greater when there are senior citizens or children in the family. That is why insurance service providers in Indi are keen and have developed health insurance products that offer comprehensive cover. The Religare Health Insurance Plans have been developed with the aim to ensure that you and your family stay worried free about meeting the financial requirements for the treatment when you or any member of your family are hospitalized for some reason.

Child insurance plans

In general, since health insurance plans itself were opted for the sake of tax saving and was considered to be a safety net for the family in case something happened to the breadwinner of the family, it was a common scenario to find only the breadwinner of the family holding health insurance. But with increased awareness of the benefits of health insurance and the escalating medical expenses including the family members into the net called the floater plan was prominent. At, present there are a number of people who consider taking up individual child health plans.

Types of child health plan

There are two types of child health plans for children under 18 years of age. It includes

  • Individual Child Health plans
  • Family Floater Health plans

Family floater health plans cover children under 18, but after the age of 25, the child would not be covered under the floater plan. He/She then has to hold an individual health insurance policy.

What are the features and benefits of individual Child Health plans?

Individual child health plan would provide health care coverage for your child. It is comprehensive coverage that includes almost all expenses that your child might need including

  • Coverage for medical check-ups
  • Specialist costs
  • Ambulance charges
  • Cashless hospitalization
  • Vaccination
  • Dental expenses
  • Personal accident cover
  • Air ambulance cover
  • Automatic recharge of sum insured after it is used
  • Everyday care
  • Room rent for hospitalization even if it is less than a day
  • Lifelong validity as there is no upper age limit and renewability
  • Coverage for treatment at home
  • ICU charges
  • Post-hospitalization expenses for a period of 60 days
  • Coverage when you opt for alternative methods of treatment such as Ayurveda, Siddha, etc.
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Religare Health Insurance Plans for children under 18 years offers almost all these benefits. You can buy an individual health insurance plan for your child as early as 90 days after birth.

Benefits of Child insurance plans

An individual Child insurance plan is beneficial because

  • The premiums are low– Though the individual child plans offer almost all the benefits that a health care insurance for an adult offers, the premium you have to pay for the sum insured would be relatively lower than that of the normal health plans for adults. This is because of the low risk associated with the insured. The risk is minimal. This translates into lower premium rates.
  • Additional perks– The individual child health plans come with additional perks like allowing the insured child to get treated at partner hospitals. The insurance company would cover the cost and thee will be no need for you to pay for the treatment of the child.
  • No claims bonus– No claim bonus might be in the form of a bonus amount that is added to the sum insured when you do not make any claim during a year. Some of the general insurance companies might offer the bonus in the form of reduced premium which is quite rare. Religare Health Insurance Plans offer NCB starting from 10% going up to 50% in case there is no claim for five consecutive years.

Why should you hold policy at a young age?

Since a child health insurance policy can be availed as early as 90 days after birth, it is better to buy a policy at a younger age. Buying when the child is young would be better because

  • The health insurance premium generally tends to increase with age –older the child, higher would be the premium you have to pay
  • The policy would make it possible for your child to be covered for medical conditions that may be diagnosed over the years if the individual child health policy is held without a break.
  • Though the ‘no-claim’ bonus varies from company to company, the sum insured in the individual child health insurance policy would keep increasing at no extra cost. This will happen for every single year that passes without a claim. This would be beneficial when the child actually needs it.
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Family Floater policy

Floater policy is considered to be an insurance policy that is tailor-made or customized to suit the requirements. It is a policy held by an individual, but it offers coverage for the members of the family as well. It usually includes the spouse of the holder as well as the children. There are family floater policies that are offered by a number of insurance companies that has a possibility to add up to 4 children. The family floater insurance plans are long-term plans, and the new members to the family would be covered soon after birth or after 90 days after the birth at the latest. But, you would have to buy an individual policy for your children when they reach the age of 25 because the would not be covered after the age of 25 in the family floater policy by almost all insurance providers including Religare Health Insurance Plans.

Benefits of the family floater plans

The benefits include

  • No separate dates to remember– Since all members are covered in a single plan, it is easier to keep track of premium payment and to make claims as well.
  • Discounts– The family floater policy comes with special discounts. When the youngest member is added the premium would be very low.
  • Tax benefits– You can enjoy greater tax benefits while getting better cover as well
  • Fixed premiums– Since the premium is constant and fixed for a long-term, there is no element of uncertainty.

Religare Health Insurance

The Religare Health Insurance plans meant for children under 18 which include both individual plans as well as family floater plans that offer complete peace of mind because of comprehensive coverage it provides. It is one of the best insurance providers in India that is known for lower premiums and greater and hassle-free coverage. Taking up either one of the policies would ensure that your child is covered adequately and there would be no need to empty your savings in case of a health issue for your child.

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