How Long Can a Child Stay on a Parent’s Health Insurance Policy?

Poor lifestyle choices and the growing prevalence of chronic conditions have put children at the risk of many medical conditions, the treatments for which are expensive. In these times, a parent should consider getting health insurance coverage for a child right from when they are born. 

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Till What age Can a Child Stay On their Parent’s Health Insurance Cover?

Most health insurance companies allow a parent to add their children to their family floater policies from the time they were born. This can be done by intimating the insurer about the birth of your child and paying an additional premium against their coverage.

The only clause is that children can remain covered under the health insurance policy of a parent till the time they turn 25-26 years of age or become independent (whichever is earlier). However, the maximum age differs across insurers, and you should check with them before claiming the benefits of your policy.

How Long Can a Girl Child Stay On their Parent’s Health Insurance Cover?

Please note that the age limitation varies for a dependent girl child. If the policyholder’s daughter is above the age of 25 and is dependent on the parent, unmarried, or divorced, she can continue to retain coverage under her parent's health insurance. If she chooses to get married, her insurance cover shall cease.

This feature is, however, subjective. Not every health insurer will allow covering the policyholder’s daughter endlessly. One should confirm the same with his/her insurance provider.

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What Can a Child Do after Attaining 25 Years of Age?

By the age of 25, a child is most likely done with his/her studies to start earning. Once he/she becomes financially independent, he/she should buy him/herself individual health insurance as a priority. Medical emergencies do not come knocking, and one should be prepared to tackle such situations without stressing out his/her finances. Here are some types of insurance plans that one should consider investing in as soon as he/she turns 25 and his/her parent’s health cover expires.

  1. Individual Health Insurance Plan

    Notably, health insurance is significantly cheaper for a young person, given the low risk of contracting a disease. Therefore, it makes sense for one to start planning and investing in health insurance the minute he/she comes out of his/her parents’ health cover. Moreover, with an individual health insurance plan, you don’t have to worry about the sum insured reducing every time a member makes a health claim (like in the case of family floaters).

  2. Term Insurance Plan

    Now that a child has reached an age where he/she is financially independent, his/her parents will eventually retire. Now, parents become the dependents. At this age, one may also consider getting married, which then makes your spouse a dependent too. Therefore, it is ideal to plan for their financial future with a term plan.

    A term insurance cover offers financial protection to the dependent in the event of the policyholder’s unfortunate demise during the policy period.

  3. Riders Against Critical / Terminal Illness

    Every insurance plan comes with optional riders that can enhance its coverage by paying a nominal fee. One can add riders against a life insurance policy for extra protection against critical and terminal illnesses. This will give a policyholder an extra amount in addition to the assured benefits of the life insurance plan.

  4. Capital Guarantee Solutions

    Capital guarantee insurance plans are excellent means to get a life cover while enjoying increased savings. Such plans allocate a part of the premium amount towards market-linked funds such as equities and stocks and the other part towards life insurance coverage. A policyholder can enjoy high returns on investments from these plans if the market performs well.

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How can your health insurance cover protect your children?

A serious illness often leads to draining finances as a result of treatments, hospitalization, surgeries, etc. Did you know that medical costs in India have been increasing at a rate of 15% per year?

A child health insurance plan can help you offset this risk and protect your hard-earned savings. Therefore, every parent is advised to add their children to their family floater health insurance policy and secure their child’s health. This makes sure that you don’t compromise on the quality of the treatment and care that your child deserves.

Summing Up!

As a parent, remember that your child is only covered till the age of 25 years under your health insurance plan. These terms vary for every insurance provider and across different types of plans. You should consult with your insurance provider for more insights. There are many options for your child to invest in once they turn 25 to ensure continued comprehensive protection, some of which have been briefly described above.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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