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Best Health Insurance Plans From Top Insurers

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Parenthood comes with a lot of new things which makes a couple happy and nervous at the same time. We know that the anxiety related to the parenthood will take many days to settle, but you don't have to worry about the associated hospitalization expenses if you have an adequate insurance cover for your newborn.

One cannot overlook the cost involved during maternity along with several factors which a couple should definitely keep in mind to make sure about a healthy pregnancy. The expenses related to normal delivery in a decent hospital in any metro city might cost between Rs 60,000 to Rs 2 lakh as high-end hospitals spreading their web across the country. Such sky touching figures only suggests a need for proper planning of finances towards the expenses that will be incurred. Therefore, a cover for the newborn offered by several health insurance companies is the best solution to deal with the same.

What It Means To Insure a Newborn

As we already said, along with the fact that parenthood is the time to experience a whole new world, parenthood is also the time to be extra responsible and careful about your newborn child. From attending to the newborn’s needs and making adjustments in the work life, to taking care of its health, there is nothing that is as fulfilling as the role of a parent.

When it comes to the well being of a newborn, health insurance should be at the top of the list. The reason for this is the rising medical issues which can easily drain off one’s funds, leaving him/her in a debt. Hence, make sure the baby is protected during any medical emergency, purchasing a comprehensive health cover is the right way to go, in order to the health of your newborn baby. One can always benefit from multiple family floater policies or maternity insurance coverages in order to get your newborn insured, despite the fact that there are only a handful of health insurance policies created specifically for newborn babies.

Meanwhile, there is one more option to secure your newborn’s life, other than core insurance. Here comes maternity insurance, few of which covers the newborn as well along with the mother. However, the only thing it lacks that is not covering the newborn for long. Depending upon the policy, maternity insurance covers the newborn baby until 18 months only. It may vary from plan to plan and insurer to insurer.

What Maternity Health Insurance Means

Maternity health insurance is a form of cover that offers assistance to deal with expenses associated with pregnancy, pre and post-natal care, pre and post-hospitalization expenditures, ambulance charges, and delivery costs. Also, the fact being all expenses are covered whether it is a Caesarean or a normal delivery. Not only this, but a newborn baby is also liable to get the covered by the maternity health insurance plan until a fixed tenure.

Salient Features of Maternity Health Insurance Plans

 

  • Comprehensive Coverage: It offers cover against pre and post hospitalization, ambulance services, medicines hospital room rent and doctors’ consultation fees, are covered and much more
  • Pre and Post-Natal Care for The Newborn: Most maternity health insurance financially protects the newborn, along with the new mommy, in case she is diagnosed with critical illnesses.
  • Hospitalization Coverage: As mentioned in the maternity health insurance policy document, pre and post hospitalization expenses related to pregnancy will get the required cover.
  • Cashless Facility: At the cashless facility at the network of authorized hospitals across India, maternity health insurance plans of leading insurance companies offer the cashless facility.
  • Claim-free Bonus: Maternity insurance plan comes out with no claim bonus as well on completion of every claimless year.
  • Fast and Systematic, Streamlined Online Application: Just at the click of a few buttons, maternity health insurance plans offer individuals the convenience of online application.
  • Tax Savings: As per section 80(d) of the Income Tax Act, 1961, tax benefits are applicable to maternity health insurance policies.
  • Waiting Period: After nine months to six consecutive policy years, expenses related to maternity will be liable to get the required cover.
  • Flexibility to Select The Insured Sum: The applicants can choose the adequate sum assured as per his/her needs.

Insurance for Your Newborn

As we already discussed, becoming parents is, indeed, one of the most wonderful feelings, but however, that signals too of time to be more responsible. And to help with this, in recent years one more step that is taken by various families to ensure they remain shielded from a lot of diseases in the future, is preserving the stem cells of a newborn is also a major step. Another vital that parents can take to easily handle the medical expenses and at the same time secure the health of the newborn, is taking a health insurance cover for him/her. The new parents can take advantage of various family floater policies or maternity plans to insure the healthcare needs of the newborn.

Checklist While Choosing a Plan For The Newborn

Here are a few factors that are vital to analyzing these factors before finalizing the health care plan that matches your needs: 

  • Premium: Insurance for a newborn baby as a part of family health cover, without any additional charges, are some of the top beneficial offers by insurance companies.  However, an additional premium for covering the medical expenses for the newborn and insuring the infant under the existing health insurance plan may be levied by others. 
  • Coverage: The coverage is a feature that varies from insurer to insurer. Some companies may include cover related to illnesses or congenital disorders, whereas others may cover only vaccination-related expenses. 
  • Upgrades After 90 Days: This is a basic feature of a health cover that most of the companies allow the individuals to include their children into floater policy after they attain an age of 90 days. It is advised to make sure that to choose a company that offers the newborn to be included at the earliest as insured under the health plan. 
  • Customization: It is advisable to select a company that allows a policyholder to customize the plan as per his/her budget and needs, in case anyone is planning to include multiple members of the family for a health insurance cover. 
  • The Terms And Conditions: Under some health insurance policies by several insurance companies, it is a compulsion to inform the insurer about the birth of their child immediately for availing the benefits. Hence, it is necessary to go through terms like these in a detailed manner.

You may also like:- Health Insurance for Women in India

Benefits of a Health Insurance Policy for The Newborn

    • Secure Health of The Newborn: We have to agree that the health of a newborn is a very sensitive thing. As because of weak immune, they get it very quickly. Hence, it becomes a worrisome thing for new parents. Here, having health insurance for the newborn acts as a support system and secure the lil baby’s health. 
    • Minimised Medical Expenses: If someone purchases a health insurance policy for his/her newborn, it benefits the policyholder with an overall minimized medical expense.
    • Premiums, if Applicable, are Reasonable: Though the health of a newborn is the main thing of concern for the parents, this is to keep in mind that the premiums must be justified as well. So, when a new parent buys a health insurance policy for his/her newborn, it benefits him/her with a reasonable premium with maximum benefits.

Top Health Insurance Plans For Your Newborn

Though there are quite a number of options when the new parents decide to go for a health insurance plan for their newborn, here is a list of top companies offering secured health to the baby:

  • Bajaj Allianz Health care supreme
  • Max Bupa Heartbeat family first health insurance
  • Apollo Munich Easy Health Insurance
  • ICICI Lombard
  • Religare Health Insurance

Bajaj Allianz Health Care Supreme

The plan is a comprehensive health plan. The Bajaj Allianz Health Care Supreme offers a coverage Rs 5 lakh-Rs 50 lakh. However, it is offered as a part of its maternity section, a newborn Child Plans is covered with a sum of up to Rs 1 lakh, up to 90 days of his age.  Additionally, the plan comes out with a wide range of both inbuilt benefits and add-on coverage features and allows you to customize the coverage as per your requirements. The main feature of Bajaj Allianz Health Care Supreme are:

  • Covers physiotherapy expenses 
  • Offers both maternity and newborn baby cover
  • The cover provides coverage for medical treatments of the newborn and vaccination expenses up to the first 90 days

also Read:- Cancer Insurance Versus a Critical Illness Plan

Max Bupa Heartbeat Family First Health Insurance

The Max Bupa Heartbeat Family First Health Insurance plan provides coverage for a maximum of 14 family members. Under this plan, the newborn baby is covered as an insured individual from birth without any extra premium. And, in case the maternity claim is part of the policy, this facility is applicable until the next policy year. For the first year, the company covers vaccination expenses of the newborns, if the individual includes the baby in the plan for the next year of the policy. Additionally, this plan comes in two variants of Silver and Gold with coverage going up to Rs15 lakh. Some features of the Max Bupa Heartbeat Family First Health Insurance are: 

  • Till the sum assured limit, the newborn baby cover is available 
  • Even if it is more than 90 days, the newborn baby is covered until the end of the policy term 
  • Till the baby reaches one year of age, the plan offers coverage is for the vaccination of the newborn baby

Apollo Munich Easy Health Insurance

Generally, the family floater policy under Apollo Munich easy Health Insurance includes up to two adults and five children in a single policy. For being eligible for the policy the children should be aged 91 days to 25 years. If the policyholder adds newborn baby benefit by paying an extra premium, then the children between 1 to days of age can also be covered. The Apollo Munich’s Easy Health plan offers three variants and the newborn baby plan is there in the last two variants. The variants are named as Exclusive and Premium. However, it is basically an optional cover that can be added if required. Some features of the plan include:

  • Sum insured going up to Rs 50 lakh
  • Daily cash benefit for accompanying a minor child and choosing shared accommodation 
  • The coverage limit for the newborn ranges from Rs 2000 to Rs 5000

ICICI Lombard

Luckily there are multiple plans under ICICI Lombard Health Insurance that include maternity and newborn expenses, namely Health Protect Plus, Health Smart and Health Smart Plus. Under the plans generally, the newborns are covered during hospitalization from the day one of the birth till 91 days. The plan allows both inbuilt and optional coverage benefits. The salient features of ICICI Lombard health insurance for a newborn include:

  • Reinstatement of the sum insured by 100%
  • Wellness programs to promote the motto of healthy living
  • The newborn baby cover is available along with maternity coverage at additional premium
  • The newborn benefit covers the newborn baby for up to 91 days from the date of birth

Religare Health Insurance

The Religare Health Insurance Company offers two plans under its maternity and newborn cover.  The names of the plans are Joy Today and Joy Tomorrow which offers a maternity cover with a short waiting period only. A maximum of Rs 30,000 and Rs 50,000 is covered for the insured sum of Rs 3 lakh and Rs 5 lakh, under both the plans. Additionally, under the Joy Tomorrow plan, a lump sum of Rs 50,000 is covered for newborn birth defects.  Salient features of Religare Health Insurance include: 

  • The plan offers maternity waiting period of nine months only under Today variant
  • The cover for the newborn baby is available up to Rs 50, 000
  • Under the Tomorrow variant, the plan also covers birth defects of the baby

Related Articles:- Types of Health Insurance Policies by Religare Health

To Sum Up

We all agree that their children are a bundle of joy for every parent. Each and every parent wishes to provide the best care to their newborn babies. Therefore, every parent wishes to choose the best health care plan for their baby. But undoubtedly, healthcare expenses have gone through the roof that has made affording such high expenses is a difficult task. And here a health insurance policy for a newborn comes as a savior, providing the newborn baby coverage either as an optional cover or as an inbuilt cover with maternity. If the newborn baby cover is optional, the policyholder would have to pay an additional premium to opt for the cover. But In the case it is inbuilt, it charges no additional premium. 

We hope that the insurance companies soon start offering the healthcare plans that are tailor-made for children covering all the minor ailments and major disorders. But until this happens, relying on family floater plans and maternity plans is the wisest option. It is advised by the experts of the field that it is vital to read all the terms and conditions before finalizing the best plan for the family and a newborn baby. The policyholder can get rid of the worries related to the health of his/her child, by selecting the appropriate plan. By following this, a policyholder enhances the focus on the betterment of his/her newborn’s future. We PolicyX, wish you good luck, with choosing the best suitable plan for your newborn baby.

Naval Goel is the founder of PolicyX.com. He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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