Every parent has a unique connection with their daughters. Maybe you already know that one day your adorable princess may fly away to start a new life with the prince charming of her dreams.
Your daughter is always going to be your top focus as a parent from birth until forever. Much financial planning needs to be done in addition to the love and care you show her to ensure she reaches important life milestones without difficulty. Hence, you need to buy health insurance! But why and where does it come into play? Find out by reading on!
Why should you think about using health insurance as a savings plan?
In India, a daughter’s wedding is a matter of great significance. There are a lot of things to take care of, including catering and event preparation, as well as her bridal trousseau, jewellery, and venue design. The expenses for a wedding can be quite high. Parents need to start making early plans for their children’s marriage. If you don’t plan in advance, the huge expenditure may come as a shock.
One good way to build finances is to buy health insurance. This can help you greatly.
Defend your finances against unforeseen occurrences.
Health insurance is typically thought of as a financial safeguard against any medical emergency that could deplete our savings. A quality health insurance programme states that the insurance provider shall pay for any medical claims, shielding us from potential financial hardship*. Additionally, it guarantees that our financial planning stays on track and that the rest of our financial objectives are pursued.
Advantages of getting your daughter a health insurance plan
The question that arises is when and how much in terms of health insurance should be purchased for your daughter. In a perfect world, you would immediately add your newborn child to your health insurance plans for family. there are family floater policies that provide coverage for a newborn child if the child is born while the policy is in effect.*
You can add the child starting with renewals by paying a small charge. Although adding your daughter to your health plan would increase your monthly expenses, comprehensive coverage is always preferable in the long term. After accounting for the child, the premium cost only would only increase slightly. As she grows, you can continue keeping your daughter covered under your health insurance plans for family, or you can buy health insurance just for her*.
Typically, insurers may permit a dependent kid to be covered under a floater plan until the child is 21 or 25 years old. Therefore, you should cover your daughter under a separate plan once she reaches this age. After that, your daughter can keep herself insured under an existing plan or buy health insurance for herself. She might also enrol in her husband’s floater plan, in which case your daughter’s spouse would assume responsibility for her health insurance.
Give her the life she deserves!
You are responsible for securing the necessary money for your daughter to have the fairy-tale wedding she deserves. Consider the possibility that your daughter falls ill. This illness could result in a high medical cost. Without a health insurance to help you, you may have to dip into the resources you laboriously accumulated for her wedding.
If you want to give her a beautiful wedding and priceless memories, you should not only save money but also protect that money from unforeseen events. A health insurance premium calculator can help you with deciding which plans suit you and your daughter’s needs well.
* Standard T&C Apply
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘