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Tuesday, December 5, 2023

Baby Health Insurance

A baby health insurance plan is a combined policy of insurance and savings, which helps in the baby’s financial future, like Educational, Health related issues. With a Baby Insurance Plan, parents are assured of the babies’ requirements even when the parents are not around.

 Baby insurance plans not only secure the baby’s future but also give the baby resilient payouts at a specific time so that they achieve whatever they want in the future.

The baby insurance plan will provide extensive profits to the baby. Baby health insurance not only provides the insurance’s future coverage but also meets the expenses of the child’s expenses and future needs.

As you see, the growing inflation rates and growing education rates, if you have a baby’s health insurance, will help you in the future to support your child financially, give them the best education and help them to grow in life. Now that you know about the importance of a baby health insurance plan, the question arises: Which is the best Baby health insurance plan? And where to invest?

Why Baby Insurance Plan?

The most important reason to buy a Baby insurance plan for your child is to secure their financial future. In the end, if you have any difficulties and face financial problems raising your child, you should be prepared for that and have the Best baby health insurance to help them in the future.

Many financial advisers argue for the term insurance, and this insurance job is to secure the family’s future after the policyholder’s death. Baby health insurance is costlier, but it will have guaranteed support for the baby’s future and provide long-term interest.

Best Baby Health Insurance Plans in India 

Health Insurance Plan Sum Insured Coverage for newborn baby
Care health Joy Health insurance planRs 2 lacs to 5 lacsDay 1 to 90
Digit Health Insurance with Maternity coverRs 1 lacs to 24 lacsIncluded
Active health platinum enhanced planRs 3 lacs to 2 croreincluded

New India assurance mediclaim policy
Up to 14 lacsIncluded
Smart Super Health Insurance PolicyRs 4 lacs to 100 lacsUp to 90 days

Top 3 Baby Health Insurance Plans in India discussed in detail: 

Here, we will discuss the best baby health insurance plans in India:

1) Aviva young scholar advantages plan

This Aviva young scholar advantage plan is not linked, and non-participating policy plans are specially designed to help the child financially. This policy provides complete security for the baby against any type of problem that happens in the future.

Features of Aviva Young Scholar advantage plan

  • This policy plan provides the option to pay in premium through top-ups.
  • This policy will provide extensive insurance policy coverage to the child.
  • In this policy, if the child’s parents are demise during the procedure, the plan provides the waiver of future premium, where all the least premium of the policy is waived.
  • This policy plan offers the offer to invest in 7 different funds for one’s suitability and requirements.

Benefits provided by Aviva Young Scholar Advantage Plan

  • If the 5 years of policy are completed, the approach offered to the policyholder is to withdraw the investment.
  • In this policy, if the insured survives the duration and maturity of the policy, then the maturity benefits will equal the fund value offered to the insured on the date of maturity.
  • In this policy, tax benefits can be availed in U/S 80C and 10 of the Income-tax Act.
  • This policy ensures the liquidity allows the partial withdrawal, but this partial withdrawal is permitted when the 5 years of policy are completed.

2) Bharti Axa Life child advantage plan 

In this Bharti Axa Life, the child advantage plan is a non-linked plan that offers the option to choose from endowment and money-back programs. This plan will come with a build premium retraction benefit option. This plan provides the policyholder to choose the payment term based on their needs. The policyholder may choose the regular and limited pay option, which is directly related to the premium method of payment in a term policy.

Features of Bharti Axa Life Child advantage plan

  • This Bharti Axa life child advantage policy will provide options for choosing the different term insurance policy tenure.
  • In the Bharti Axa, the child advantage plans minimum entry age is 18 years, and the maximum entry age for this policy is 55 years.
  • The policyholder will choose the policy plans for 11 to 20 years, depending on the child’s age.
  • This policy provides the maximum maturity age is 75 years.

Benefits of Bharti Axa Child advantage plan

  • This policy provides the offer to inbuilt the benefits of waiver of premium payments.
  • The policyholder can choose 2 maturity benefit options like endowment and money-back plans.
  • This policy gives tax benefits under section 80C of the Income-tax Act.

3) Exide Life Mera Ashirwad Plan

This plan has given you a guaranteed baby insurance plan specially designed to provide security to the child’s future and support them financially and achieve their life goals. This plan will highly assure parents because, in this plan, the policy was ay out the investment in critical conditions like Marriage and higher education, health problems, etc. This Baby health insurance policy is also the best option to buy.

Benefits of Exide Life Mera Ashirwad plan

  • This plan comes with an inbuilt waiver of premium payment benefits.
  • These plans also provide the receive the payouts.
  • The plan offers a guaranteed sum where they assured to secure the children’s future.
  • The policyholder can choose the option to take the maturity benefit.
  • In this policy, tax benefits can be easily availed under the 80C section of the Income-tax Act.

Future of Exide Life Mera Ashirwad Plans

  • In this plan, they provide a minimum entry age of 21 years and a maximum age of 50 years.
  • In this policy plan, the parents are life assured and guaranteed to receive the payouts to ensure the child’s future.
  • This policy offered a maturity age of 65 years.

Criteria for buying Baby health Insurance for newborn baby

This insurance policy which covers the baby from the day of birth is rare. When the baby completes the 90 days, the baby becomes eligible for this health insurance policy. After this baby will be added to the Health insurance policy of their family and is also available in options like a family floater health insurance policy, these are some criteria for buying a health insurance policy for both maternity and child coverage.

  1. Age: The newborn baby is insured in their parent’s insurance policy, which covers early postnatal care and vaccination. If the baby is completed the 90 days, then the baby is eligible for the term insurance policy. However, some health insurance policies provide the approach to the newborn baby after the birth.
  2. Required documents: If you renew the insurance policy, documents like hospital discharge, birth certificate, etc, will be required.
  3. Premium: After submitting documents, the premium is calculated, and you can pay the avail and premium of the policy benefits.
  4. Options: All insurance companies must be aware of childbirth within the duration of the fixed time period. This plan advises that the baby cover this insurance within 90 days or in 1 day, which will add more options while renewing the policy.

Needs for Baby Health Insurance Plans

Baby has a weak immune system that is not well developed that they will fight many diseases. Also, young children and newborn babies have slow reflexes as compared to adults. Children’s reflexes grow as they age; until then, they are accident-prone. Children are more uncovered to illness rather than adults. After considering the eating habits that include junk food, they are easily affected to get diseases. So it is important to buy Baby health insurance plans to secure them from mishaps. Baby Insurance policy will support your child if they get into any trouble in the future. It will also give full premium payment if you want to take all investments after the 5 years of tenure of the insurance policy.

Benefits of buying the Baby Health insurance policy

Baby insurance policy will generally cover a wide range of illnesses and provides benefits.

  • Additional Perks 

 In additional perks, they provide children with free consultations with their experts, diet information on nutrition, etc.

  • Lower Premium

 With lower premiums, babies are covered by their parents at a low cost.

  • No claim bonus

Some baby insurance plans do not provide any claim bonus, In which the prize will increase the sum assured amount for the great coverage or also gives a cession on the Baby insurance plans premium if there is no claim built during the policy’s tenure.

  • Comprehensive Coverage 

There are no restrictions to the coverage features for children as they provide comprehensive coverage.

Types of Baby Health Insurance Plans 

You can get your baby covered under 2 types of health insurance plans which we tell you about below.

1) Individual Baby health insurance plans

In this individual baby, health insurance plans are designed to cover the children. The sum assured here is dedicated to your children. This plan of coverage benefits provides ambulance expenses, ancillary services, hospitalization expenses, etc. Individual baby health insurance offers complete coverage of the baby’s medical costs and also the medical treatment. The individual insurance plan also covers ancillary services like medical check-ups, ambulance fees, and lab diagnoses. The individual plan also offers cashless transactions according to the condition and terms of the insurance policy.

Benefits of individual baby health insurance plans

  • Lower premium: The premium charged against individual baby health insurance plans is low as they have minimum risk included with the assured. Just because of this plan, you can have peace of mind by getting your child protected and safe at an affordable cost.
  • Additional Perks: Individual Baby health insurance plans involve various other perks. In this policy, they also get cashless hospitalization, and with this, you can easily be treated at any combined hospital with this policy.
  • No claim bonus: A few Baby health insurance plans provide no claim or NCB bonus benefits where the premium paid in the insurance plan is reduced or increased in sum assured without the extra charges.

2) Family Floater Baby Health Insurance Plans:

Unlike the Individual plan, the family floater baby health insurance plan covers all the family members. Usually, this plan offers a long-term plan, and it’s valid for up to 3 to 4 years. It all depends on the conditions and terms of term insurance plans. Family Floater Baby Health Insurance plans covered the assurer parent and spouse also. Family Floater Baby Health Insurance Plans cover newborn babies up to 90 days with the hospital’s benefits like vaccines and hospital stay.

Benefits of Family Floater Baby Health Insurance Plans-

  • Cost-effective = Family insurance plans have lower premiums than single insurance policies. The average premium started at 14 to 20 %, lowest of other health insurance policies.
  • Hassle-free claims = An insurer quickly checks the claim ratio of the policy because this claim ratio is digitalization, and you can also check other’s policy claim ratios.
  • Cashless hospitalization = Family members can use cashless hospitalization without any paperwork. 
  • Tax Benefit = The available tax benefit for this plan is up to Rs 50,000, including Rs30,000 for senior citizens and Rs 25,000 for self.

PurchasingPurchasing a Baby insurance policy for your children is the best way to get your needed peace of mind and ensure financial safety in times of unseen health emergencies. However, buying a health plan for your child at a young age will add some advantages of paying the low premium amount and allow you to protect the future and health of the baby.

Factors to consider when buying Baby Health Insurance for children

  1. Additional Benefits: There are many several insurance plans which provide added benefits to the policyholders. It is best to go for a Baby health insurance policy for children that offers additional benefits like no limit on room rent capping, cover for consultation with the experts, no co-payment clause, etc.
  2. Coverage Features: In Baby health insurance, checking the coverage plans is most important as if they are offers and appropriate cover so that it is helpful during requirements and needs. Before buying a Baby insurance plan, ensure they provide the plan to cover hospitalization expenses, pre-hospitalization and OPD treatment and post-hospitalization expenses, etc.
  3. Critical Illness Cover: Many Baby insurance plans do not offer critical illness coverage for children. Make sure when choosing the right Baby insurance plans that provide cover for the significant and maximum no. of essential cases.
  4. Network Hospitals: Network hospitals are those where the insurance company has tied up with hospitals where the policyholders can treat themselves in cashless treatment. So if you are buying a health policy for children, choose the policy which has a good number of hospitals and is also nearby from your residence because it will help them transfer the child without wasting time in case of an emergency.
  5. Sum insured option: If you choose a sufficient sum, an assured amount is a must that provides adequate coverage without any worry at the time of claim.

Mistakes to Avoid When buying the Baby Health insurance plans 

You can avoid these mistakes when you buy Baby health insurance plans. 

1. Missing the Co-Payment Clause

The last thing to avoid when you buy the Baby health insurance policy is the Co-Payment clause. Co-Payment will work when the assured and the term insurance policy companies pay partly for insurance claims. The % of the amount of the partial payment is pre-decided and depends on the insurance policy.

2. Not getting enough coverage for child’s 

When you decide to buy the health insurance plan, first check the premium to be paid at the same. For many people, the premium is the exclusive deciding factor to buy a Baby insurance plan, But this is not the case.

If you pay a higher premium for a baby insurance policy, you get higher returns in claiming time. But it would be best if you did not choose based on premium but on other factors like a waiting period, coverage benefits, renewability benefits, sum assured, etc.

3. Relying on a Single Policy

This is another mistake peoples make when they buy a Baby insurance policy for children relying on insurance coverage provided by an employee or a single insurance policy. In this employee insurance, you may mislay your child’s coverage when you let up the organization.

4. Hiding Relevant Medical history

Whenever you buy a Baby insurance policy for your children, never hide the issue related to your health history with the term insurance company. Because if you get the required insurance policy may not be able to claim if made under it in the case of a medical emergency.

Because you may not be able to hide the health emergency in the future in case you require any type of treatment and claim the same issue. And if you do this, then in the future, you may charge the insurance fraud.

FAQ’s 

Q1. What are the eligibility criteria for a Baby health insurance policy?

Ans1. As per the baby insurance policy, the maximum age criteria for health insurance is 18 years, and the minimum criteria for health insurance are 3 months.

Q2. What is Baby health insurance for children, and how it works?

Ans2.  The baby insurance policy provides healthcare protection to a child if one or both guardians are covered under the same health policy. 

Q3. Why should I buy Baby health insurance for children?

Ans3. A baby health insurance policy is made for your children, in which you can secure their future with it. If you are not here to help them, this insurance policy will also help them and give them financial support.

Q4. Will I allow to buy more than 1 health insurance policy?

Ans4. Yes, you can buy health insurance as per the plan based on your medical and health needs.

Q5. Can I pay my Baby’s health insurance premium in Installments?

Ans5. The premium payment of health insurance is generally paid every year, But you pay your premium in instalments, like quarterly, monthly, and half-yearly.

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