Maternity Insurance Plan: A Boon to Protect Your Savings!

Pregnancy is a beautiful and joyous journey, a journey that is full of emotions. Imagine the idea of creating a new life, the happiness of holding the little one in your arms. Well, this feeling is surely beyond any description.

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    The pregnancy also brings in the fear of rising expenses and the uncertainty of the future. Yes, the happiness of motherhood is a different thing; however, the shadow of medical expenses will also be lurking in the background. A pregnant woman always requires medical care and attention. Right from the monthly tests to the baby getting delivered, the hospital expenses and bills will simply keep piling up. Moreover, the pre and post-delivery care is an expensive deal that can at times become a burden for the expecting parents. Therefore, it is advised and the viable solution to this is to avail maternity insurance.

    What Does a Maternity Health Insurance Coverage Mean?

    The maternity insurance is one plan that is designed to cover for maternity and health care expenses for the expecting mothers and the newborns. Mostly the maternity benefit is offered as an additional rider benefit or add-on with the existing health insurance policy.

    In case you have an existing health insurance policy, then you can opt for this add-on cover in an individual or family health plans that will cover all the maternity-related expenses. The maternity benefit cover will also compensate for the expenses incurred due to issues of fertility or due to any other sort of medical complications.

    The maternity benefit is sometimes provided by the corporate for the female employees under the group health insurance policy. However, the coverage provided within the maternity benefit also has a sub-limit that would not be sufficient to pay for the complete expenses of pregnancy. Therefore, a complete pregnancy health insurance package is going to be an ideal option.

    How Important is to Get a Maternity Cover in India?

    Well, undoubtedly rearing a child is not an easy task and is going to be an expensive affair. Therefore, it becomes important to have the well-constructed maternity insurance plan in place so that you can enjoy the priceless phase of life with your family without much stress. A good maternity plan will enable in easing off the rising expenses of child care. Listed below are some aspects highlighting the importance of availing a good maternity insurance plan in India:

    • Maternity Benefits Cover the Newborn from Day One: Generally, the health insurance policies in India do not cover the baby until they are 3 months old. But with the insurance policy with a maternity benefit covers the newborn babies right from the day they open their eyes in this world. Some policies also include the vaccination expenses for the newborn along with the cover until the end of the policy year with no additional charges.
    • Financial Backup with Benefits: This insurance cover will cover the expenses related to both types of delivery options that are caesarean and normal delivery. So regardless of the delivery option required, you or your partner need not think much about managing the finances. Moreover, there are policies available that cover both pre and post hospitalization expenses for 30 days before the hospitalization and 60 days post-hospitalization respectively. Besides, other charges such as the nursing and room, surgeon’s fee, and so forth are also included.
    • Initiate Family Planning Without Financial Stress: In the times we are living today, couples do a lot of planning for the baby, as raising a child is an expensive affair. With the right insurance cover that comes along with sub-limits usually one to four years on the premise of the insurer, you can plan for a baby without taking the stress of finances. Many insurers offer provide maternity insurance coverage with attractive benefits and features under their family floater health insurance plans as well. However, it is advisable to choose a separate maternity insurance coverage.
    • Private Hospitals are Expensive: The private hospitals are a preferred choice when it comes to availing quality health care. However, the treatments in the private hospitals are on the expensive side. For instance, when it comes to delivering the baby the expenses in the private hospital would be somewhere close to Rs 60,000 to Rs 70,000 for normal delivery and for a caesarean, it would be an extra Rs 40,000 to Rs 50,000. And in case some complication occurs then you do not know what affects the bottom line expense. This is when a maternity insurance plan will be beneficial and will act as the much needed soothing balm.

    The Bottom Line!

    The phase of maternity is one crucial journey not just for mother but for the complete family. Quality maternity care is important as it ensures the safe delivery of the child and health of both the newborn and the mother.

    When buying a maternity insurance plan, make sure that you are aware of all the important terms and conditions. Besides, other important aspects include the additional benefits, standard exclusions, sub-limits, waiting period, and so forth.

    Moreover, you can also avail the basic health insurance policy with sufficient coverage for pre and post-hospitalization including maternity, OPD, etc. Likewise, you can also include a top-up plan with the basic health insurance plan. Some plans also cover critical illness within a health cover, in case the plan doesn’t then it is advisable to buy a standalone critical illness insurance plan as well.

    Regardless of whether it is the first or second child, the journey of parenthood brings along with excitement, restlessness, nervousness, gratification and anxiety. Make sure that you have the best maternity insurance plan in place, after all, it is better not only to plan for the unplanned but even the planned as well.

    The milestone of parenthood doesn’t happen every day.

    Written By: PolicyBazaar - Updated: 02 August 2021

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