Today, new parents bank cord blood stem cells to secure the child as well as family from future diseases. However, majority of parents don’t recollect securing the newborn under online health insurance policies to cover medical costs of the child.
But, insurance companies in India may not provide an individual plan to a newborn. Hence, insurance experts suggest including the baby to current group mediclaim coverage of the parents or under the family floater plan.
•Age
Generally, most healthcare plans allow addition of a child to the parent’s policy when the child has completed 90 days. Also, few insurance companies in India provide the facility of health coverage from day one of birth as maternity benefit given under group health insurance India. Such plans may insure post-natal care or initial vaccination.
•Premium
When applicant submitted the documents, then the insurer will recalculate the premium amount after addition of the child’s coverage and inform the revised amount. Once customer pay the revised premium, then the plan will be issued insuring the child also.
•Documents
To add newborn in a policy at the time of annual policy renewal, applicant has to submit a copy of the child’s birth certificate, copies of medical records documents, and maternity charges to the insurer.
•Conditions
The insurance service provider must be informed within a week of birth if insured need coverage from day 1. Then, insurer may suggest the maximum coverage applicable for a child under the health insurance policy online. In case the insurer gives coverage when the baby is completed 90 days of period, then the process of additioncan be done at the time of annual policy renewal.
Facts to Remember
Usually, family floater plans cover a child till they turn 21 years of age.
Insurance companies in India may allow individual coverage for children over five years.
Submit a photo to the Third Party Administrator for issue of cashless card.