When one feels of securing the health of their loved ones, they certainly consider getting a health insurance plan for all of them. However, did you know that certain plans cater to your child’s medical necessities also? We’re talking about Child Health Insurance Plans. These are child health insurance plans that deliver financial cover for illnesses that most commonly affect a child.
Here are some great benefits of Individual Child Insurance Plans:
- Lower Premiums: The premium amounts of child health insurance plans are lower than 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 no claims are 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 90 days old, they also recommend buying an individual health insurance plan once they turn 25 years old. After this age, many plans do not cover the child any further. Therefore, it is prudent to get the health of your child insured and remain financially conserved from the rising health and medical expenditures in any untoward circumstance.
