A woman goes through different phases of life and motherhood is a phase that every woman would like to embrace at least once in her lifetime.
No language can express the feeling and emotions associated with motherhood. To begin the journey of motherhood women have to take the 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 complications in bearing a child.
When a couple decides to have a baby they need to check their financial and health status. As with the addition of new members, the expenses will increase.
Let’s take a deep look at Maternity Insurance.
What is maternity insurance?
Maternity insurance is a health plan that provides pregnancy coverage.
The Best maternity insurance would be the one that covers 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 requires any treatment that should also be covered.
Do’s & Don’ts before buying insurance
In this section, We will go to discuss the list of Do’s and Don’t before buying insurance:
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- It would be best to buy a maternity plan when you get married not when you are planning to have a family as all maternity plan comes with a waiting period that could range between 2-6 years.
- Ensure you always read the terms and conditions of the plan and should not ignore thinking it’s a big list.
- Ensure you cross-check the benefits outlined by insurance companies as advertisements are just the way to attract the customer.
- The couple should buy maternity insurance that meets their requirement. In the case of a working couple already having group insurance from their employer should buy maternity cover as a top-up or rider plan which would cost a lesser premium.
- It should not be generalized that all health insurance plans provide maternity coverage as it requires hospitalization of more than 24 hours because most health insurance plans are 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 link with the cover.
The lesser the premium lesser would be the coverage and the chances are high that you may end up making this blissful journey more complex.
- Don’t believe the insurance advisors blindly as they have a target to meet their job requirements as the insurance provides them the 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 the insurer but during the course of treatment, you have to disclose to your doctor so that the right treatment could be provided.
if the insurer get to know about the non-disclosure of the facts your insurance gets void and the insurer is not liable to make any payment to the claimant.
How to buy health insurance with maternity coverage
In this section, We will go to discuss “How to buy insurance”.
Kindly follow the below steps.
- One can buy this maternity coverage from the company’s website or visit their company branches in person.
- One can buy this insurance plan from insurance advisors also accredited by IRDA.
- 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 insurance or not.
- In the 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.
|Comprehensive Coverage||– New 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 Charges||– Ambulance cover as a fixed amount or percentage based on the sum insured.|
|Hospitalization Coverage||– Daily hospital allowance.|
– Room rent/ICU charges.
|Cashless Facilities||– At Network Hospitals Only.|
|Tax Benefit||– Tax benefit of up to Rs. 75,000 on annual premium payments as per Section 80D of the Income Tax Act, 1961.|
|Premium Payment||– Discount on premium.|
– Reward program on premium paid.
|Pre & Post-Natal Expenses||– Some 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.
|Emergencies||– Emergency medical evacuation of the insured at foreign locations.|
– Emergency medical evacuation in India through air ambulance or flight.
Top maternity insurance plan
- Heartbeat family floater plan from Max bupa.
- Joy from Religare.
- Easy Health Young Family plan from Apollo Munich.
- Lifeline Elite plan from Royal Sundaram.
- Wedding Gift Insurance Plan from Star Health.
- Health Suraksha Gold plan from HDFC ERGO.
- Maternity insurance without a waiting period?
Well to answer this there is no plan available in the market that provides maternity cover from Day1 except the employer insurance depending on what terms they have agreed with the insurer.
- 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.
- 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 that is not covered by the companies giving insurance policies.
Insurance coverage with no waiting period
There is no private insurance that provides maternity coverage without any waiting period. However, the best plans in the market available have a waiting period ranging from 9 months to 48 months.
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
Is maternity covered under health insurance?
Yes. There is no exclusive plan that only cover maternity benefit and one should not even buy that.
Maternity insurance without a waiting period in India?
In India up until now, No insurance agency giving maternity advantages without holding up the period.
Can i get maternity insurance while pregnant?
No. It will not go cover the maternity expenses as no plan in India comes with zero waiting period or Pre-existing covered from Day-1.
How to claim maternity insurance?
You can claim cashless at network hospital and file for reimbursement in case of non-networked hospitalization.
How to get maternity insurance?
You can buy online from the company website or offline from their branches.
What does maternity insurance cover?
It covers inpatient hospitalization which means hospitalization of more than 24 hours and the same can not be treated on OPD basis along with pre and postnatal charges of 30 and 60 days respectively and newborn coverage.
When should I opt for maternity coverage?
You should opt for a maternity plan, when you get married, not when you want to have a family or are already pregnant as it there is a waiting period for maternity benefits in all plans.
Is 2nd childbirth also covered in maternity coverage?
Generally, maternity benefit is provided up-to 2 child.
Is the newborn baby covered in the maternity coverage?
It does provide newborn coverage when specially designed for maternity benefit as provide coverage for the first 90 days post which extra premium could be paid for mid-term addition of the child.