Maternity Insurance: Do’s & Don’ts before buying 2020-21

Maternity Insurance

A women goes through different phases of life and motherhood is a phase which every women would like to embrace at least once in her lifetime.
No language can the express the feeling and emotions associated with motherhood. To begin the journey of motherhood women has to take a decision of giving birth to a child.
In earlier days, Women used to become mothers between the age of 20 to 25 years now increased to 30 and above. Hence there are chances of complication in bearing a child.
When a couple decide to have a baby they need to check their financial and health status. As with the addition of new member the expenses will increase.
Let’s take a deep look about Maternity Insurance.

What is maternity insurance?

Maternity insurance is a health plan that provide pregnancy cover.
The Best maternity insurance would be the one that cover hospitalization along with pre and post hospitalization expenses for 30 and 60 days respectively.
It should cover your newborn from Day 1 in the policy so that if the newborn require any treatment that should also be covered.

Read – Health Insurance : A Complete Guide | Truth behind Policy | Best Plan

Do’s & Don’ts before buying insurance

In this section, We will going to discuss the list of Do’s and Don’t before buying insurance:

Do’s

  • It would be best to buy maternity plan when you get married not when you are planning to have family as all maternity plan comes with waiting period which could range between 2-6 years.
  • Ensure you always read terms and conditions of the plan and should not ignored thinking it’s a big list.
  • Ensure you cross check the benefits outlined by insurance companies as advertisement are just the way to attract the customer.
  • Couple should buy the maternity insurance which meet their requirement. In case of working couple already having group insurance from their employer should buy maternity cover as top up or rider plan which would cost lesser premium.

Don’ts

  • It should not be generalized that all health insurance plan provide maternity coverage as it require hospitalization of more than 24 hours because most of the health insurance plan available in the market. Exclude maternity expenses as every couple like to embrace parenthood.
  • Don’t get lured towards lower premium maternity covers that directly links with the cover.
    Lesser the premium lesser would be the coverage and chances are high you may end up making this blissful journey more complex.
  • Don’t believe the insurance advisors blindly as they have target to meet their job requirement as insurance provide them highest percentage of commission.
  • Hiding medical history from the insurer is another very common mistake people tend to make while buying maternity health insurance.
    You can hide this information from insurer but during the course of treatment you have to disclose to your doctor so that right treatment could be provided.
    if insurer get to know about the non-disclosure of the facts your insurance get void and insurer is not liable to make any payment to claimant.

How to buy health insurance with maternity coverage

In this section, We will going to discuss “How to buy insurance”.
Kindly follow below steps.

  1. One can buy this maternity coverage from the companies website or visiting their company branches in person.
  2. One can buy these insurance plan from the insurance advisors also accredited by IRDA.
  3. In order to buy insurance one has to fill the application form with the required details your insurer may need in order to examine whether to give you an insurance or not.
  4. In case of online buying, you can make the payment by credit card, debit card , net-banking or UPI payment mode. Offline one can make the payment by cheque or demand draft.

Benefits

ParametersBenefits
Comprehensive CoverageNew born cover up to sum insured.
Domiciliary Hospitalization.
Emergency Ambulance Services.
Discount on Renewal Premium.
Organ donor cover for the individual donating the organ.
International Coverage.
Complimentary Health Check-ups.
Ambulance ChargesAmbulance cover as a fixed amount or percentage based on the sum insured.
Hospitalization CoverageDaily hospital allowance.
Room rent/ICU charges.
Cashless FacilitiesAt Network Hospitals Only.
Tax BenefitTax benefit of up to Rs. 75,000 on annual premium payments as per Section 80D of the Income Tax Act, 1961.
Premium PaymentDiscount on premium.
Reward program on premium paid.
Pre & Post-Natal ExpensesSome maternity health insurance policies cover normal as well as caesarean delivery, which includes pre and post-natal expenditures.
May cover post-delivery complications for the mother after childbirth.
EmergenciesEmergency medical evacuation of the insured at foreign locations.
Emergency medical evacuation in India through air ambulance or flight.
Source- Coverfox

Read – Health Insurance : A Complete Guide | Truth behind Policy | Best Plan

Top maternity insurance plan

  1. Heartbeat family floater plan from Max bupa.
  2. Joy from Religare.
  3. Easy Health Young Family plan from Apollo Munich.
  4. Lifeline Elite plan from Royal Sundaram.
  5. Wedding Gift Insurance Plan from Star Health.
  6. Health Suraksha Gold plan from HDFC ERGO.

Important points

  1. Maternity insurance without waiting period?
    Well to answer this there is no plan available in the market that provide maternity cover from Day1 except the employer insurance depending what terms they have agreed with the insurer.
  2. How to get maternity insurance, While pregnant?
    If you are already pregnant, getting a maternity policy would be redundant. You should time the purchase extremely well, to make it the most effective.
  3. Is Miscarriage Covered under Medical Coverage?
    In most cases, miscarriages are covered by the insurance policy you take. Forced terminations of the pregnancy in the first twelve weeks are the only related issue which is not covered by the companies giving insurance policies.

Insurance coverage with no waiting period

There is no private insurance which provide maternity coverage without any waiting period. However, best plans in the market available have waiting period ranging from 9 months to 48 months.

Conclusion

Last, but not least, Having a maternity policy when you are planning to start a family could help you immensely in your financial planning exercise.
Considering all factor, having a child is an objective and an achievement and likewise, it merits a painstakingly created money related arrangement as well.

Frequently Asked Questions

  1. Is maternity covered under health insurance?
    Yes. There is no exclusive plan that only cover maternity benefit and one should not even buy that.

  2. Maternity insurance without waiting period in India?
    In India up until now, No insurance agency giving maternity advantage without holding up period.

  3. Can i get maternity insurance while pregnant?
    No. It will not going the cover the maternity expenses as no plan in India comes with zero waiting period or Pre-existing covered from Day-1.

  4. How to claim maternity insurance?
    You can claim cashless at network hospital and file for reimbursement in case of non networked hospitalization.

  5. How to get maternity insurance?
    You can buy online from company website or offline from their branches.

  6. What does maternity insurance cover?
    It covers inpatient hospitalization which mean hospitalization of more than 24 hours and same can not be treated on OPD basis along with pre and post natal charges of 30 and 60 days respectively and newborn coverage.

  7. When should I opt for maternity coverage?
    You should opt for maternity plan, when you get married, not when you want to have family or already pregnant as it there is waiting period for maternity benefit in all plans.

  8. Is 2nd childbirth also covered in maternity coverage?
    Generally maternity benefit is provided up-to 2 child.

  9. Is the newborn baby covered in the maternity coverage?
    It does provide the newborn coverage when specially designed for maternity benefit as provide coverage for first 90 days post which extra premium could be paid for mid term addition of the child.

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