A baby health insurance plan is a combined policy of insurance and savings, which basically helps in the financial future of baby like Educational, Health related issues. With a Baby Insurance Plan, parents are be assured of the requirements of the babies even when the parents are not around.
Baby insurance plan is not only to secure the future of the baby also gives 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 future coverage but also meets the expenses of child expenses and future needs.
As you see the growing inflation rates and growing education rate 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, now the arises question is, 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 future, if you have any type of difficulties and facing financial problems to raise your child then 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 future after the death of the policyholder. Baby health insurance is costlier but it will have guaranteed support to the baby’s future and provide long-term interest.
Best Baby Health Insurance Plans in India
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, which is specially designed to serve the financial help to the child. This policy provides full 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 in the form of 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 time period of the policy, the plan provides the waiver of future premium, where all least premium of the policy is waived of.
- This policy plan provides the offer to invest in 7 different funds for one’s requirement and suitability.
Benefits provided by Aviva Young Scholar Advantage Plan
- If the 5 years of policy are completed, the policy offered the policyholder to withdrawal the investment.
- In this policy, if the insured are survive the duration and maturity of the policy then the maturity benefits will equal the fund value where they offered to the insured 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 allowed 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 non linked plan that offers the option to choose from endowment plan and money back plan. 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 the options to choose the different term insurance policy tenure.
- In the Bharti Axa, the child advantage plan minimum entry age is 18 years and the maximum entry age for this policy is 55 years.
- The policyholder will choose the plans of policy 11 years to 20 years which is depending in on the age of the child.
- 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 have to 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 which is specially designed for providing security to the child’s future and supporting them financially and achieving their goals in life. This plan will highly assure parents because, in this plan, the policy was ay out the investment in critical conditions like Marriages 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 provides the 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 age of entry is 21 years and the maximum age is 50 years.
- In this policy plan, the parents are life assured and they are guaranteed to receive the payouts to ensure the child’s future.
- This policy offered the maturity of age is 65 years.
Criteria for buying Baby health Insurance for newborn baby
This insurance policy which covers the baby from their 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 family floater health insurance policy. These are some criteria for buying a health insurance policy for both maternity and child coverage.
The newborn baby is insured in their parent’s insurance policy where they cover early postnatal care and vaccination. If the baby is completed the 90 days then the baby is eligible for the term insurance policy. However, there are some health insurance policies where they provide the policy to the newborn baby after the birth.
- Required documents
If you renew the insurance policy, a set of documents will be required like hospital discharge and birth certificate, etc.
After the submission of documents, the premium is calculated and you can pay the avail and premium the policy benefits.
All insurance companies must be aware of childbirth within the duration of the fixed time period. This plan advises the offers that the baby cover this insurance within 90 days or in 1 day and this will add more options while renewing the policy.
This table show you some maternity and newborn baby insurance plans.
|Health Insurance Plan||Sum Insured||Coverage for newborn baby|
|Care health Joy Health insurance plan||Rs 2 lacs to 5 lacs||Day 1 to 90|
|Digit Health Insurance with Maternity cover||Rs 1 lacs to 24 lacs||Included|
|Active health platinum enhanced plan||Rs 3 lacs to 2 crore||included|
|New India assurance mediclaim policy||Up to 14 lacs||Included|
|Smart Super Health Insurance Policy||Rs 4 lacs to 100 lacs||Up to 90 days|
Needs for Baby Health Insurance plans
Baby has a weak immune system that is not well developed that they will fight from many diseases. Also, young children and newborn babies have slow reflexes as compared to adults. Children’s reflexes grow as they age grows and until then the children are accident-prone. Children are more uncovered to illness rather than adults. After considering the eating habits that include junk food with they are easily affected to get diseases. So it is important to buy Baby health insurance plans for them to secure them from any mishappenings. Baby Insurance policy will give support to your child as if they get any trouble in future it will also give full premium payment if you want to take all investment after the 5 years of tenure of the insurance policy.
Benefits for buying the Baby Health insurance policy
Baby insurance policy will generally cover a wide range of illnesses and provides benefits.
In additional perks, they provide children free consultation with their experts, diets their information on nutrition, etc.
In lower premium babies are covered with their parents at a low cost.
No claim bonus
Some baby insurance plans do not provide any claim bonus, In which the bonus will increase the sum assured amount for the great coverage or also gives a cession on Baby insurance plans premium if there is no claim is built during the tenure of the policy.
In this, there are no restrictions to the coverage features for children as they provide comprehensive coverage.
Types of Baby Health Insurance plan
You can get your Baby covered under 2 types of health insurance plans which we tell you 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 the ambulance expenses, ancillary services, hospitalization expenses, etc. Individual baby health insurance provides full coverage of the baby’s medical expenses and also the medical treatment. The individual insurance plan also covers ancillary services like a medical check-up, ambulance fees, and lab diagnosis. 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 is 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 the no claim or NCB bonus benefits where the premium are paid in the insurance plan are reduced or increased in sum assured without the extra charges.
2. Family Floater Baby Health Insurance Plans:
As opposed to the Individual plan, the family floater baby health insurance plan covers all the family members. Normally this plan offers a long-term plan and it’s valid for up to 3 to 4 years and It all depends on 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 low premiums as compared to single insurance policies. The average premium started 14 to 20 % lowest than other types of health insurance policies.
- Hassle-free claims: A insurer easily checks the claim ratio of policy because this claim ratio is digitalization and you can check other’s policy claim ratios as well.
- Cashless Hospitalization: Family members can use cashless hospitalization without any paperwork.
- Tax Benefit: The available tax benefit for this plan is upto Rs 50,000 and including Rs30,000 for senior citizens and Rs 25,000 for self.
By purchasing the Baby insurance policy for your children is the best way to get your needed peace of mind and ensures 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
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 provides additional benefits like no limit on room rent capping, cover for consultation with the experts, and no co-payment clause, etc.
In Baby health insurance checking the plans of coverage are most important as if they are offers and appropriate cover so that it is useful at the time of requirements and needs. Before buying a Baby insurance plan make sure that they provide the plan to cover hospitalization expenses, pre-hospitalization and OPD treatment and post-hospitalization expenses, etc.
Critical Illness Cover
There are many Baby insurance plans which they do not offer critical illness cover for children. Make sure when choosing the right Baby insurance plans that provide the cover for the major and maximum no. of critical cases.
Network hospitals are those hospitals 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 then choose the policy which has a good number of hospitals and also nearby from your residence because it will help them to transfer the child without wasting a time in case of emergency.
Sum insured option
In this, if you choose the sufficient sum assured amount is a must that provides the assured the sufficient coverage without any worry at the time of claim.
Mistakes to Avoid When buying the Baby Health insurance plans
These are some mistakes that you can avoid 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 and the term insurance policy company’s 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 decided to buy the health insurance plans first you check the premium to be paid at the same. For a lot of people, the premium is the exclusive deciding factor to buy a Baby insurance plan, But this is not the case.
If you pay the higher premium for a baby insurance policy the higher returns you get in claiming time. But you should not choose based on premium but also the basis of other factors like a waiting period, coverage benefits, renewability benefits, and sum assured, etc.
3. Relying on Single Policy
This is another mistake peoples do when they buy the Baby insurance policy for children is relying on insurance cover provided by an employee or a single insurance policy. In this employee insurance, you may mislay the coverage of your child when you let up the organization.
4. Hiding Relevant Medical history
Whenever you buy the Baby insurance policy for your children, then never hide the issue related to 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 able to hide the health emergency in the future in case if you require any type of treatment and make a claim for the same issue. And if you do this then in the future you may charge the insurance fraud.
Baby Health Insurance – FAQs
Q1. What are the eligibility criteria for a Baby health insurance policy?
Ans. 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?
Ans. 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?
Ans. 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 then this insurance policy will help them and give them financial support as well.
Q4. Will I allow to buy more than 1 health insurance policy?
Ans. Yes, you can free to buy health insurance as per the plan based on your medical and health needs.
Q5. Can I pay my Baby health insurance premium in Installments?
Ans. The premium payment of health insurance is generally paid on yearly basis, But you pay your premium in installments, like quarterly, monthly, and half-yearly basis as well.