Why you need to get your children insured?

Health insurance plan can be subscribed to get protection from various kinds of ailments and diseases. Health insurance policies are offered for newborn babies and children by various insurance companies. The life insurance plan covers the death while the health insurance covers the hospitalization. The healthcare costs are increasing in India and a caring parent should choose the best policy to offer best protection for the child. Even though you are covered by a medical insurance offered by your employer, you should go for an additional policy as per your needs.

Purpose of health or medical insurance

Health insurance will cover eventualities such as surgery, hospitalization and medical treatment. There is a difference between Mediclaim policy and health insurance. The Mediclaim is limited to the hospitalization cost. You will want to claim the medical expenses towards the treatment and the insurance company will reimburse the amount.

With the health insurance plan, you will get additional benefits. The health insurance plan will cover the medical consultation fee, medical bills, cost of diagnosis, treatment cost, boarding charges, ambulance charges, pre-hospitalization & post-hospitalization expenses. Hence, it is a comprehensive policy to take care of your health in the best possible way.

There are some life insurance products which offer medical treatment coverage due to accident or sickness. The insurance company will pay lump sum amount and it will be helpful for treatment.

Benefits of health insurance

The following benefits are enjoyed by buying a health insurance policy from a reputed health insurance company which shows Why you need to get your children insured?

• Sufficient health cover – The health insurance cover offered by the corporate health cover will be insufficient to meet your children’s needs. The insurance plan offered by the employer will cease to exist as soon as you quit the job. Hence, you should want to buy a comprehensive health insurance plan.
• Ability to deal with life-threatening diseases – The number of children being treated for life-threatening diseases is increasing at a constant pace. The risk to various kinds of diseases such as anthrax, dengue, measles, rubella, viral hepatitis, mumps and acute diarrhea disease has increased in the past few years. The health insurance is a great option to fight deadly diseases. Even though the medical facilities are available, they are very expensive. With the help of a comprehensive medical insurance policy, you will get treatment and it is possible to save your child. The family will survive the financial hardship as the medical treatment cost will be borne by the insurance company.
• Healthcare planning – Your child’s health may be spoiled due to accident or injuries. If there is medical emergency, it will be borne by the health insurance company when you subscribe to the best plan. The health care planning and financial planning is essential so that you can live with great peace of mind.
• Income tax benefits – The premium paid towards the child health insurance plan will be exempted under the Section 80D of the income tax act. If you subscribe to a health insurance plan, you will get tax exemption up to Rs. 25,000 in a financial year.
• Additional benefits – In addition to the cost of treatment, you will also get additional benefits with the subscription of medical insurance plans in India. The additional benefits include daily cash allowance, recovery expense, and domiciliary treatment. You can also get additional benefits by customizing the plan as per your needs. Some insurance companies offer attendant benefit, alternative treatment and domiciliary hospitalization.
• Lifelong renewal – some health insurance plans are offered with lifelong renewal option. If you do not claim the policy in the previous year, you will get no-claim bonus.

Individual health insurance plan

You can buy an individual health insurance plan as per the needs of your child. If there are some hereditary health risks, you can choose a plan to include those risks. The sum assured will be in between Rs. 1.5 lakh to Rs. 50 lakhs. The individual health insurance plan covers the pre-hospitalization and post-hospitalization expenses.

Most of the insurance companies cover 60-days pre-hospitalization and 90-day post-hospitalization expenses.

You will get access to a network of hospitals managed by the insurance company. You can choose the policy term for 1, 2 or 3 years with a lifelong renewal option. When you buy an insurance policy at a young age, the premium will be very low.

Family floater insurance plan

The family floater plan is an affordable health insurance option. It is possible to cover all the family members with the help of the family floater plan. The insurance premium will be very low. The sum assured can be utilized by one or all the family members. Hence, one or more children plus parents are accommodated in the health plan. You can also include your parents in the family floater plan. However, the insurance premium will be high for senior citizens. Hence, instead of including parents who are above 60 years of age under your family floater plan, you can buy a separate policy to get your children insured.

Top up insurance plans

It is possible to subscribe top up plans so that the insurance coverage will be enhanced. Instead of buying another insurance policy, you can choose a top-up plan. Terminal illnesses such as cancer and AIDS are not covered by a basic health insurance policy. By choosing top up plans, you can get additional benefits. You can also subscribe to super top-up plans to make the most of your health insurance plan.

You should buy the health insurance plan by offering correct information to the insurance company so that your claim will not be rejected by the insurance company. You should also choose the most appropriate policy as per your child’s needs.

Conclusion

You can go through the various kinds of health insurance plans offered different insurance companies. The insurance plan that offers best features at a low premium can be selected so that you can cover various kinds of health-related risks very easily. A health insurance plan can be subscribed online and you will get assistance with claim reimbursement and 24/7 assistance so get your children insured.

Please refer other financial news in Newskart at Business & Finance section, also know top 20 General Insurance and Life Insurance companies in India.

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