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3 Best Health Insurance Policy for New Born Baby in India (2020)

Kiran Verma

Written by Kiran Verma

The 3 Best Health Insurance Policy for New born Baby in India:

Did you ever hear of the health policy for a newborn baby? Most of the people are not aware of the health policy for a newborn, are you one of them? Well, certainly, it is a unique term or may I say a unique policy. Nearly numerous parents think that a policy for a newborn is useless. However,  health insurance for the baby is essential similarly like it is necessary for you.

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As no one can predict the mishappening and hope you will never face one but why not to be prepared for it in advance? There is nothing wrong in being prepared right? Therefore, I’m sure it is enough to go for the best health insurance policy for newborn baby in India. From now no worry about funds when your baby is not well.

Note: All the information in this article is for the general purpose only, please confirm from the other official sources also before going for any health insurance for your newborn baby. Read the terms and conditions carefully before choosing any health insurance policy for your baby.

3 Best Health Insurance Policy for New Born Baby in India

According to BankBazaar, here are the 3 health insurance policy for newborn:

  1. HDFC ERGO Health (Formerly Health Apollo Munich Health Insurance)
  2. ICICI Lombard
  3. Religare Health Insurance

Above are the best health insurance policies for newborn baby. Some of them have a direct plan while some cover the newborn policy under family health insurance package.

To add, what is the eligibility for the insurance for a baby to be insured? Every policy company has its own norms. So, what are the common things? Let’s dig into it.

Before going through a process you should know the eligibility. Let’s give it a quick look, first, your baby can only be insured if he has been 90 days old. On the other, finding a health insurance policy that ensures your little one right from birth is extraordinary. Therefore, we are here with the best health insurance policy for a newborn baby in India.

What’s next? The next step is to inform the insurance company about the birth of the little one within the week of the birth. After that, you have to fill a form that includes various norms such as renewal of the policy, documentation, etc. To add, at the time of renewal of the policy you need to submit a birth certificate and discharge card. The last step is to calculate the premium, i.e., done by the insurance company.

Why Buy Policy for New Born Baby?

Why Buy Policy for New Born Baby?

That’s a reasonable question, why do you need a policy for a newborn? Health policy does not only bear expenditures of health-related issues, but it also provides your baby money at the intervals, as mentioned in the policy.

Therefore, you can say that it is a long term investment as you can use it to fund the education of the baby later. As nowadays, education is quite expensive and what could be a better way to educate your little one with the money you invest in. Further, you have to pay less premium and get most of the benefit, i.e., high return.

With this, you have two choices, first to invest in equities and debt and another one is to only invest in debt, i.e., traditional method. While a life insurance policy also benefits you, how? The premium that you paid, results in reimbursement of the tax under Section 80C. It is of great help, isn’t it?

Benefits of Health Insurance Cover for New Born Baby

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Let’s make it a bit short, the best health insurance policy for the newborn baby in India.

  • Covers the expenditure of the health issues of the baby. As the insurance policy bears all the health expenditures.
  • To add, it also provides some sum of money to the baby at regular intervals, as specified in the policy.
  • Further, it will also benefit you as it deducts the tax.
  • Allow you to meet education expenditure.
  • Ensure the safety of the baby.
  • Reduce the fear of losing a baby as you know you are prepared.

Have you heard of maternity cover for a newborn? Obviously, choosing the best insurance policy for a newborn baby in India is not enough. As maternity also comes with lots of expenditure, then why not to go for a maternity cover for a newborn. Why is it essential? The foremost reason for having a maternity plan is covering all the expenditures of the newborn, from vaccination to vital treatment.

Apart from covering expenditures, the maternal plan helps you to deal with a difficult situation such as premature birth. Additionally, you can commence your life with happiness without being afraid due to expenses. Furthermore, even some of the best health insurance for a newborn baby in India does not cover the baby right from birth, but the maternal plan does.

How to Get Health Cover for Your New Born Baby in India?

According to Policy Bazaar, here comes the crucial steps and things that you have to keep in mind while going for any insurance policy.

Age Group: Due to various risk factors, the baby cannot be insured right from birth. However, to cover the expenditure of vaccine and postnatal care, you can insure your little one under the parent’s policy such as the maternity cover plan. While after the completion of the 90 days, your child is ready to be insured.

Check Options: Before completion of the 90 days, you have to inform the insurance company about the birth of the child. While you have to do this, within a week of the birth of the baby. Later on, the insurance company will acquaint you with the application plans that are important to insure the baby. Moreover, you can also avail more options at the time of renewal of the policy.

Necessary Documents: Certainly, you should know what documents you have to carry or submit after the renewal of the policy. So you require a birth certificate and discharge card.

Premium Periods: Next step is a calculation of the premium. After you are done with submitting the documents, then further the premium is calculated.

Now, what factors you should consider before buying the best insurance policy for newborn baby in India. Let’s have a brief description of all the factors.

Factors to Consider Before Buying Insurance Policy for Newborn

Waiting period:  Waiting period varies from insurance company to company. However, nearly all of the insurance companies insured the baby after 90 days of birth. So you can only insure your little one after this period.

Coverage: Typically, most of the companies offer insurance to the baby after 90 days although you have to find the insurance company that offers you the timeliest coverage. Why? It will be helpful if the baby needs any diagnosis.

Premium: After submitting the medical documents of the baby. The insurance company after checking and analyzing, if the newborn is suffering from any illness or genetic disorder inform you about the premium to be paid. On the other hand, specific insurance companies provide the facility of insurance coverage as the expansion of the family health insurance. That too, with less cost. Although, some companies asked you to pay extra money to cover the expenditure of the little one under the prevailing policy.

Employer coverage:  Being a part of the organization of health insurance is of great health. How? It enables you to augment your newborn in the same, simply by filling the form.

Terms and Conditions: As the terms and conditions of each insurance company is distinct, therefore, in order to choose the best insurance policy for newborn baby in India you have to read every policy in detail.

Conclusion

In order to find the best health insurance policy for newborn baby in India, you have to study the details of each term and conditions of the various insurance companies. However, the premium of the company depends on the age, type of coverage, size of coverage, and so on.

Well, the best health insurance policy for newborn baby in India is one that fits your needs and financial condition. Therefore, insurance is best to reduce the expenditure, not only of health but you can also insure your car, home, cargo and more. Lastly, also check some of the best and essential baby products in India.

We include all the essential things in finding the best health insurance policy for new born baby in India. Still, uncertain? No worries, we are here to help you.

Kiran Verma
Kiran Verma

Kiran Verma, founder, and author of BabyCart completed her post-graduation from CSJM University, Kanpur. However, the busy housewife that she is, yet, her being a mother changed her life when she had to face so many issues post-pregnancy, during pregnancy, and taking care of the baby. That encouraged her to commence the BabyCart blog with the motive to make pregnancy and parenthood uncomplicated, especially for new parents. Read more

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