Child Health Insurance Plan

Introduction of Child Health Insurance Plan

Child Health Insurance Plan in India are offered as Individual Child Health Plans and Family Floater Plans. Some of these plans come with lower premiums, tax benefits, added perks, discounts, add-on covers, etc.

Every parent aspires for a healthy childhood, just like the best education they can provide to their children. Children have lower immunity compared to adults and are more vulnerable to diseases. So, regular check-ups are vital. These protect them from infectious diseases like diphtheria, mumps, measles, and a host of other infections. With several children now being born with fatal allergies, parents have to pay for expensive treatment and medication right from childhood. Making frequent trips to doctors is also very expensive nowadays.

Investing in a children’s health insurance plan ensures that you wouldn’t spend all the money you earn in keeping your children healthy. Health insurance companies offer several plans for children, covering every stage of their growth, with the plans tailor-made for specific coverages. Child health insurance plans generally cover a broad range of illnesses, with some also including annual check-ups as part of the plan.

Types of Child Health Insurance Plan

Individual Child Health Insurance Plan

Individual child health plans provide health coverage for your child with benefits such as cashless hospitalizations and comprehensive coverage. Besides hospitalization, these plans also cover medical check-ups, ambulance charges, specialist costs, etc.

Features

1. The premiums charged for these plans are low as the risk associated with the insured is minimal. So, parents can save on premium amounts.

2. These plans offer cashless hospitalization, allowing the insured to be treated at partner hospitals without the need to pay as the insurer will cover the costs directly.

3. Some plans offer a No Claim Bonus, where the premium amount payable for the following policy gets reduced or the Sum Assured is raised without any charge if, there are no claims made during a particular period.

Family Floater Health Insurance Plans

A Family Floater Health Plan is a health insurance plan that covers the entire family, primarily the holder and spouse, as well as up to 4 children in case of most plans. These plans are generally long-term plans and new members can be added as early as birth.

The advantage of such plans is, your children get covered right from birth including hospital stay to infant vaccinations. As the children grow, they will be included as separate entities under the plan and they will receive the same benefits availed by the parents. While family floater plans cover your children as infants and teenagers, they have an upper limit of 25 years, after which they wouldn’t get coverage under the policy.

Features

1. With all the families covered under one plan, it is easier for the policyholder to keep track of the plan and cover associated with the plan. Raising a claim is also simple as the process can be streamlined.

2. There are special discounts that can be availed with adding members to a plan, the younger the added member, the lower the premium.

3. Premiums are fixed for the duration of the policy.

4. several add-on covers can be linked to the plan depending on the requirements.

5. You can get tax benefits of up to Rs. 30,000 on plans for senior citizens and up to Rs. 25,000 for others.

What is covered under child health insurance plan?

When it comes to children, most insurance companies focus on the cost of raising children through education insurance and endowment plans. Some insurance companies even sell life insurance products that are specific to children. But, none of these are focused specifically on the cost of Healthcare directly related to the child.

Investing in child health policy means you will pay a little for your children but, the potential is very beneficial for the long run in terms of your children’s health. If you are looking for a comprehensive plan to cover your child, then the best option is to opt for a family health insurance plan as these plans double up as a children’s health insurance policy.

The plans generally do cover 4-7 family members including children and insurers also provide facilities like cashless claims, reimbursement, and tax benefits through the policies. The sum assured for each family member ranges from Rs. 2-10 Lakhs or more depending on the insurance company and the plan you choose. Comprehensive health plans even for children are much more feasible compared to individual mediclaim children’s health insurance.

Benefits of child health insurance plan

A health insurance policy is important for you and your family so, you should opt for a children’s health insurance plan or a family floater healthcare coverage policy as early as possible.

As children are less immune to disease and fall sick more often than adults and If you are living in a city that suffers from seasonal bouts of malaria, jaundice, typhoid, and much more, it is advisable to cover each of your children under a comprehensive child health insurance coverage plan.

Due to the recent COVID-19 pandemic and the rising cost of hospital treatment, almost all child plans cover COVID-19 related expenses.

  1. Since children are young, the premium charges are less expensive than a standard healthcare policy.
  2. A child plan provides comprehensive coverage for your children by default.
  3. You can avail value-added services such as diet and nutrition counseling, and much more.
  4. A child plan also comes with the benefit of No Claim Bonus that you can avail during the time of renewal.
  5. You can avail various rider options and enhance your existing child plan at the cost of an additional premium.
  6. A child policy helps you manage your children’s finances and lead to a worry free situation regarding the cost of medical treatment and hospital bills.

How to select the right child health insurance plan

  1. The scope of cover and the amount of sum insured should be enough to meet all types of in-patient hospitalization expenses, pre/post-hospitalization expenses, OPD treatment, AYUSH benefits etc.
  2. Select a child plan which has a wide range of rider options.
  3. The child health insurance policy should come with a cashless and reimbursement facility.
  4. Look for an extensive number of cashless network hospital list across India.
  5. Opt for a plan that has critical illness cover.
  6. Lifetime Renewal Option is a must
  7. Many child plans offer the dual benefits of savings and health insurance, check and get benefitted in both ways.
  8. The newborn baby cover should be applicable from the age of 91 days.

Important Factors While selecting a child health insurance plan

  1. Policy offering coverage for your child aged 5 years and above.
  2. Children younger than 5 years should be covered under the policy from the 91st days onwards.
  3. Policy offering the maximum renewal ceasing age (should ideally be a lifetime renewable policy).
  4. Policies offering the highest amount of coverage for your child.

Most importantly, read all the details before selecting a policy, understand all the wordings and figure out the effectiveness with the inclusions and exclusions.

Some of the best child health insurance plans in India

Here is a list of the best child health insurance coverage policies in India now, along with the entry age, maturity age, the sum insured, and premium amount.

TATA AIA Super Insurance Plan

I. Entry age – 25-50 years.
II. Maturity age – 70 years.
III. Premium(annually) – Rs. 24,000.
IV. Sum Insured – 10 times the annual premium.

SUD Life Bright child health insurance plan

I. Entry age – 19-45 years.
II. Maturity age – 69 years.
III. Premium(annually) – Rs. 5,00,000.
IV. Sum Insured – Depends on age, coverage, tenure, PPT, PT.

Shriram New Shri Vidya Plan

I. Entry age – 18-50 years.
II. Maturity age – 70 years.
III. Premium(annually) – NA.
IV. Sum Insured – Rs. 1,00,000.

Smart Future Income Plan

I. Entry age – 18-55 years.
II. Maturity age – 80 years.
III. Premium(annually) – NA.
IV. Sum Insured – 100 times of chosen monthly income.

SBI Life Smart Scholar Child Education Plan

I. Entry age – 18-57 years.
II. Maturity age – 65 years.
III. Premium(annually) – Rs. 24,000.
IV. Sum Insured –
20/7 X annual premium for Regular Pay.
1.25 times single premium for single pay.

Wealthsurance Future Star Insurance Plan

I. Entry age – 18-54 years.
II. Maturity age – 64 years.
III. Premium(annually) – Rs. 25,000.
IV. Sum Insured – Higher of 10/7 times the annual premium or 0.5/0.25 term annual premium.

SBI Life Smart Champ Insurance Plan

I. Entry age – 21-50 years.
II. Maturity age – 70 years.
III. Premium(annually) – Rs. 6,000.
IV. Sum Insured – Rs. 1,00,000.

Reliance Life Child Plan

I. Entry age – 20-60 years.
II. Maturity age – 70 years.
III. Premium(annually) – Rs. 25,000.
IV. Sum Insured – equal to policy.

Metlife College Plan-Child Education

I. Entry age – 20-45 years.
II. Maturity age – 69 years.
III. Premium(annually) – Rs. 18,000.
IV. Sum Insured – Rs. 2,10,040.

Max life Siksha Life Super

I. Entry age – 21-50 years.
II. Maturity age – 65 years.
III. Premium(annually) – Rs. 25,000.
IV. Sum Insured – Rs. 2,50,000.

Kotak Head Start Child Assure Plan

I. Entry age – 18-60 years.
II. Maturity age – 70 years.
III. Premium(annually) –
Rs. 20,000(regular pay)
Rs. 50,000(5 pay)
Rs. 20,000(10 pay).
IV. Sum Insured – Higher of 10/7 times the annual premium or 0.5/0.25termannual premium.

Indiafirst Happy India Plan

I. Entry age – 18-50 years.
II. Maturity age – 60 years.
III. Premium(annually) – Rs. 12,000.
IV. Sum Insured – Higher of 10/7 times the annual premium or 0.5/0.25 term annual premium.

ICICI Pru Smart Kid Assure Plan

I. Entry age – 20-54 years.
II. Maturity age – 64 years.
III. Premium(annually) – Rs. 48,000
IV. Sum Insured – Rs. 45,000.

HDFC SL YoungStar Super Premium

I. Entry age – 18-65 years.
II. Maturity age – 75 years.
III. Premium(annually) – Rs. 15,000.
IV. Sum Insured – 10 times the annualized premium.

Future Generali Assured Education Plan

I. Entry age – 21-50 years.
II. Maturity age – 67 years.
III. Premium(annually) – Rs. 20,000.
IV. Sum Insured – NA.

Exide life Mera Ashirwad Plan

I. Entry age – 21-50 years.
II. Maturity age – 65 years.
III. Premium(annually) – NA.
IV. Sum Insured – Rs. 3,50,000.

Edelweiss Tokio Life Edu Save Plan

I. Entry age – 18-45 years.
II. Maturity age – 60 years.
III. Premium(annually) – Rs. 6,968.
IV. Sum Insured – Rs. 2,25,000.

Birla Sun Life Insurancevision Star Plus

I. Entry age – 18-55 years.
II. Maturity age – 75 years.
III. Premium(annually) – NA.
IV. Sum Insured – Rs. 1,00,000.

Note

Raising a child requires planning and finances. Good education and healthcare are essential for your child’s overall development. Give your children the best of health with a child plan today. 

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