Thinks to know before buying an insurance cover for the new born
Date Published: March 8, 2024
Parenthood is certainly a beautiful journey of life. The newborn's arrival brings excitement that knows no bounds. But, simultaneously, it signals a sense of great responsibility for the parents. There are so many things that, as parents, we need to take care of – from making the house baby-friendly to giving the best care for healthy growth. Apart from this, parents must focus on their insurance needs and consider including the newborn baby in their family health insurance plans. This way, we can secure their child's health and access quality medical care without worrying. Health insurance for new born babies is a crucial aspect of parenting that often goes overlooked. As a responsible parent, it's important to ensure the well-being of your child from the very beginning. In this comprehensive guide, we will delve into the significance of health insurance for new born babies in India, the benefits it offers, and how you can choose the right insurance plan for your little one's future.
Creating a secure future for your child is one of the essential things parents must do, but some do not have enough knowledge about how to begin financial planning for their growing family and buy a new born baby health insurance. A newborn baby of a minimum age of 91 days is eligible for health cover under a family floater health insurance.
What is newborn insurance?
Newborn insurance is a type of health insurance that covers the medical expenses of a newborn baby. It can be purchased as an individual policy or as an add-on to a family health insurance plan.
In India, newborn insurance plans typically cover the following:
- Hospitalisation expenses, including room rent, doctor's fees, and surgery charges
- Medical expenses, such as the cost of medicines, tests, and procedures
- Neonatal intensive care unit (NICU) care
- Congenital disabilities, if any Some plans also offer add-on benefits, such as coverage for vaccinations. The cost of newborn insurance depends on several factors, including the sum insured, the age of the baby, and the coverage offered by the plan.
What to keep in mind while buying health insurance for a newborn?
Purchasing insurance for your newborn can provide a safety net for unexpected events. Here are the vital aspects to keep in mind.
- Types of Newborn Insurance Policies: Before deciding, explore the different types of insurance policies, for example, Individual newborn insurance, Family floater newborn insurance, and Add-on newborn insurance. Each policy has distinct features and benefits, catering to various financial needs.
- Coverage and Benefits: Review the coverage and benefits offered by the insurance policy. Look for coverage of medical expenses, hospitalisation, vaccinations, critical illnesses, and accidental death benefits.
- Policy Exclusions and Limitations: Thoroughly understand the policy's exclusions and limitations. Certain pre-existing conditions might not be covered initially. Additionally, policies may have waiting periods before certain benefits become accessible.
- Premium Payments:Evaluate the premium amount and payment frequency. Premiums can vary based on factors like coverage amount, policy type, and the child's age. Choose a premium amount that aligns with your budget while ensuring adequate coverage.
- Claim Process: Familiarise yourself with the claim process of the insurance provider. An easy and efficient claim process is crucial during emergencies. Look for insurers with a hassle-free and quick claim settlement track record.
- Policy Riders and Add-ons: Some insurance policies offer optional riders and add-ons that can enhance coverage.
- Waiting Periods: Be aware of waiting periods associated with certain benefits. Waiting periods can be different, depending upon the terms of the plan. This may affect the availability of specific benefits after buying the policy.
- Network Hospitals: Check the list of network hospitals where cashless treatments are available for health insurance policies. A wide network ensures accessibility to quality healthcare services without upfront payments.
How much premium do I need to pay to buy newborn insurance?
The cost of newborn insurance in India varies depending on several factors, including:
- The sum insured: This is the amount that the insurance company will pay in the event of a claim. If you choose a higher sum insured, then your policy will also be more expensive.
- The age of the baby: The younger the baby, the more expensive the policy will be. This is because babies are more likely to need medical care than older children.
- The coverage offered by the plan: If you chose comprehensive coverage, you may have to pay more premium. So, choose a plan that offers coverage as per your needs.
- The waiting period: Some plans have a waiting period for certain benefits, such as hospitalisation. This means that the baby will not be covered for these benefits until they have been insured for a certain period of time.
- The insurance company: Review the services and products offered by the insurance company.
Benefits of Health Insurance with New Born Baby Cover
Here are some of the prime reasons that make health insurance with newborn baby cover beneficial:
- The health policy ensures financial security by providing comprehensive coverage for hospitalization-related and various medical expenses, such as pre-and-post hospitalization, ambulance, modern day care procedures, etc.
- It offers an annual health check-up benefit that enables you to monitor your family’s health, including your newborn.
- You can get coverage for non-allopathic treatments, like AYUSH treatment, subject to policy terms and conditions.
- The policy enables you to avail of the cashless hospitalization facility at 22900+ cashless healthcare providers empanelled with us, thus being stress-free about hospital bills.
- The health insurance with newborn baby cover rewards you for staying healthy by offering a No Claim Bonus for each claim-free policy year.
- The pandemic has taken over the world, and that makes babies even more vulnerable to catching the Covid-19. Health Insurance with newborn baby cover will come to your rescue if your baby falls sick due to this noble virus. However, claims are subject to policy terms and conditions. Please refer to the brochure, sales prospectus, and policy documents carefully.
- You can look forward to increasing your savings by claiming Section 80D deduction for the premium paid and availing of discounts with a multi-year policy.
Conclusion
The arrival of a newborn also means a rise in overall expenses. It also implies a greater need to focus on your family's health and well-being. Thus, comprehensive health insurance plans are the best safety cushion as they come with lots of benefits at an affordable price. You will also get newborn baby health insurance coverage in the same plan. Moreover, features such as annual health check-up and no claim bonus help secure your health in the best way possible.