Child Health Insurance Plans are now becoming the need of the hour. Read on to know why it’s vital to have one!
When one thinks of securing the health of their loved ones, they surely consider buying a health insurance plan for all of them. But did you know that there are specific plans that cater to the medical needs of your child also. Yes, you heard it right! We’re talking about Child Health Insurance Plans. These are health insurance plans that provide a financial cover for ailments that might most commonly affect a child. Read on to know how important it is to have a child health insurance plan in your portfolio.
Benefits of Individual Child Health Plans:
An Individual child health plan is now the way to go. While one can surely cover upto 2 children in a family floater plan, there are specific child insurance plans in which you stand to gain more. Child Health insurance plans offer the following benefits:
- Lower Premiums: The premium amounts of child health insurance plans are lower as compared to other health insurance products. This is because the risk associated with the insured is considered minimal, due to no pre-existing diseases and high immunity in normal cases.
Therefore, as a parent you can save on premium amounts.
Additional Perks: Individual Child Health Insurance Plans make your child eligible for perks like cashless hospitalisation. This allows the child to be treated at partner hospitals so that parents are not financially burdened as the insurer shall settle the bills directly with the hospital.
No Claim Bonus: Certain child health insurance plans also offer a No Claim Bonus, where the premium payable for the next term is reduced. Alternatively, the Sum Assured is increased without charge, if there are no claims made during a particular period.
Tax Benefits: Health insurance plans also provide tax benefits under Section 80D of the Income Tax Act, 1961. Hence, along with securing the health of your child, you can also save on tax payable for the year.
While most family floater plans cover a child only after he/she is 90 days old, they also suggest getting an individual health insurance plan once he/she turns 25 years old. Post this age, most plans do not cover the child any further. Hence, it is wise to get the health of your child insured and stay financially secured from the rising health and medical expenses in any untoward situation.
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