First things first, did you even know about a thing like insurance cover on pregnancy? We have all heard about life insurance, health insurance, vehicle insurance, asset insurance but what about insurance to cover pregnancy or maternity?
Did you know about it? No? Yes? Well, not many do and so this blog is here to help you get a better understanding around the insurance to cover pregnancy in India. I shall be touching upon various important topics related to maternity insurance in this blog.
Whether you are new to insurance cover on pregnancy or you already know about it, this blog shall take you through all the key things that one needs to know about the what, why and how of the maternity insurance plans in India.
This blog is divided into four major parts, which are:
- What is Pregnancy/ Maternity insurance?
- Why do I need Maternity insurance cover?
- What are all expenses generally covered by a maternity insurance plan?
- Which insurance companies provide Maternity cover in India?
Let’s begin and get into these questions.
What actually is insurance to cover pregnancy or maternity?
Maternity insurance is a type of insurance product that covers pregnancy, labor, delivery and baby care of the newly born up to a specified time and monetary limit. It generally falls under the health insurance category. In India, there are various options wherein you can either get only maternity cover under some policies and in other cases, maternity coverage is provided by your base health insurance plan only. You can always confirm from your health insurance provider if maternity cover is already built into your existing insurance plan or not.
1. What is the premium that I pay?
Talking about the premium to be paid for such covers, maternity insurance plans tend to have higher premium payment requirements but all the benefits and ease of use provided by these plans is worth it all.
2. How about the waiting period?
The waiting period involved in maternity insurance plan is generally higher and usually ranges from 9 months to 2 years. Therefore, its best advised going for policies that require the minimum waiting period and share maximum benefits with you.
3. Can I get this cover if already pregnant?
Another important question is can you get the maternity insurance cover if you are already pregnant? The answer is Yes for most of the policies but you still need to check with your insurance provider of this coverage.
Why do I need maternity insurance cover?
Well, the most important question – Do I really need it? But before we jump onto a conclusion, think about the average expenses involved in delivering a baby at a decent multi-specialty hospital. Not sure? Let us share, the average pregnancy expenses involved in regular check-ups, diagnostics and mere delivery of the baby through C-section are around INR 1 lakh – INR 1.5 lakhs! Now, that’s huge.
Insurance is an extremely important component of our financial planning, when we plan various types of insurance in order to cover unforeseen or unexpected expenditure then why not cover the pregnancy expenses. The hospitalization expenses are rising each passing day and it is time that we start planning these well in advance to avoid any unwanted financial worries.
What expense includes in the insurance to cover pregnancy?
You need to put in extra care while deciding which maternity insurance policy you are opting for and from which company, because that very much determines what all, to what extent and for how long your expenses will be covered. Here is a brief description of the expenses that are generally covered by a maternity or pregnancy insurance cover.
1. Expenses for diagnostic and ultrasound
Regular diagnostics and ultrasounds are important to keep a soundtrack of your own and your baby’s health and thus these are not avoidable, any good maternity insurance plan would cover these expenses for you.
2. Pre and post hospitalization expenses
Both pre and post-delivery hospitalization and admission charges are covered. Pre and post-delivery charges are covered up to a specified period which is usually 30-60 days. So, you can rest assure of any post-birth hospital visits for check-ups and healthcare.
3. Post birth expenses of the newborn baby
The healthcare-related expenses of the newborn baby are also covered by most maternity plans for a specified period after birth, usually 60 to 90 days or even more in certain cases.
4. Expenses for medicines
You read this right, many maternity insurance plans also cover the expenses for necessary medicines and treatments. There are usually pre-specific in nature of the medicines that such policies covers. Generally, the ones which are necessary for the general purpose in pregnancy.
5. Regular check-ups and consultations
On top of all of the above, check-ups, consultations and post-delivery follow-ups which are absolutely important to ensure right health conditions and avoid unwanted complications are also covered. A good maternity insurance plan shall cover the expenses that these check-ups and consultations involve.
Which insurance companies cover Maternity in India?
The important question, which all insurance companies provide maternity cover in India? Well, if you go to policy bazaar right away and look for best maternity insurance, here is what you get:
- Star Health Wedding Gift Pregnancy Cover
- Max Bupa – Heartbeat Family Floater
- Cigna TTK Health Insurance – ProHealth Plus Plan
- Apollo Munich Insurance – Easy Health Family Floater
- Royal Sundaram Master Product – Total Health Plus
- Religare Maternity Plan
- Insurance to cover pregnancy or maternity insurance policy by Life Insurance Corporation of India (LIC) and
- Last but not the least, Maternity coverage provided by other trusted providers like ICICI/ HDFC and SBI Insurance
So go ahead, get in touch with our insurance experts. They will advise you on which of these plans best fits you. They will also guide you for what is best for the new comer’s needs in the best possible way.
That is it for this blog! Please note that each policy and the related coverage provided by it is different. All the above information I share to provide an insight. Insight into what generally includes in the insurance for pregnancy in the Indian market.
Remember life, after your newborn comes to life, is full of happiness and joy. Moreover, your baby brings lot more responsibilities for you to take charge of. It is therefore always wise to plan and get a suitable maternity cover. This will save yourself the cost of unexpected heavy expenditures.
If you still have any questions on your mind, Let our experts do the thing. Just post your questions in the comment box below. Our Expert Health insurance Advisors shall reach out to you with the right answers!