Let's not be killjoy to our kids. While they have fun at school and learn during their school years, let's secure their health with a simple health insurance.
It is never too early to buy insurance for kids. Along with skyrocketing education costs, you are worried about children hurting themselves, falling sick, etc. In particular, children are at higher risk for any infection in the long summer vacations. It’s hard to stop them from going out & playing in the strong sun, having ice cold water or licking away that ice-candy or sherbet.
An exposure to this scorching heat outside could result in dehydration, diarrhea and other similar ailments. So, April and May would be a good time to invest in insurance for your kids. Plus, if you have a family visiting, there are so many additional expenditures & responsibilities to take care of. Being sorted on the financial end for your child would relieve some pressure off your shoulders.
Should you go for individual child health insurance?
For your children, you can pick from either individual health insurance policy or a family floater plan. They both have their set of benefits in terms of finances, conveniences, etc. Here is how you can evaluate them and select a plan that suits your requirements.
Benefits of family floater health insurance plans
The self-explanatory plans are customized for families. They incorporate some features of individual plans, with an additional benefit of health coverage for the entire family. It can cover up to 15 different kinds of relationships including your kids.
For a fixed sum insured, the entire family is covered. You can use the insurance for an individual or sum total for treatment of one person. Multiple claims are available during the tenure of the policy. The only downside, perhaps, is that comprehensive coverage for the entire family means that the premiums are slightly on the higher side. The many pros include-
It is a hassle-free way to ensure that your entire family is covered. So you don’t have to keep tab of separate premiums for everyone.
Special discounts are available along with incentives. In particular, the younger your kids, the lower premiums you get.
- You can add new family members in this plan too. Thinking about the future, your grandchildren could be made a part of the plan too. Even in your absence, your children can continue with the family floater plan.
You get continuous policy cover for up to 2 years. During this period, there is no increase in premium.
Additional features like newborn baby cover and maternity are available too.
Under section 80D of Income Tax act, a maximum of Rs. 25,000 as tax rebate can be availed. This is extended to Rs. 30,000 for senior citizens.
Benefits of individual health insurance plans for your child
Individual health insurance policy provides coverage against a range of illnesses with benefits of cashless hospitalization and many other add-on features. As the name suggests, this policy only covers your child. But you gain financially here because they have very low premiums for children - considering fewer risks of payments and claims.
- Your child is entitled to a separate insurance policy. So comprehensive coverage is provided including cashless benefits.
- There are others advantages like No Claim Bonus. If there is no claim for a particular period, discount in premiums or increase in sum assured is given.
- Medical check-ups, ambulance cover, etc. are taken care of.
Remember the earlier you get insurance for your child, the more you save. Buying insurance at an early age will help them in the long run even if they don't claim. You can just hope they may not need it for years. But as a parent it is your responsibility to ensure they are well covered under a sustainable health insurance plan.