Meera and Sameer are happily married for 2 years now and are planning for a family. Meera’s best friend Riya was recently blessed with a baby through a c-section and when Meera visited her to see the baby, they discussed about the maternity expenses which turned out to be 1.25 lakh in Riya’s pregnancy.
Meera got worried, as she was completely unaware of the ever-increasing maternity costs and medical inflation. Riya told her about the advance planning for the delivery by buying a Maternity Insurance Plan which also includes health insurance for infants.
She discussed the same with Sameer, but both of them had a few apprehensions in their mind regarding the pregnancy insurance. This isn’t just the case with Meera and Sameer. A large section of people are quite apprehensive about such maternity insurance plan and are often to be seen in a lookout for answers relating to questions about maternity insurance plans.
So, here we present to you some common questions about maternity insurance and their answers to help you understand the term better.
Maternity insurance is an insurance product that covers expenses related to childbirth up to a certain limit. It comes as a standalone policy and can also be opted as an add-on cover with your base health plan by giving an extra premium. Maternity insurance falls under the health insurance arena.
With skyrocketing medical costs and increasing complexities of childbirth, the delivery expenses in a good hospital may range from Rs.50,000 to 1.5 lakh or maybe more, varying as per the complications involved in the childbirth process i.e., from normal delivery to caesarean. In these cases, insurance for the new born turns out to be a blessing.
Maternity insurance with coverage for baby health care eases out the financial burden in such times by covering the related medical expenses that are often so-costly. Every benefit under the maternity plan has its own particular limit subject to the base sum assured.
Please Note: Coverage is limited to the plan type and may not be covered beyond that. Also, it varies from insurer to insurer.
Most insurers impose a waiting period for maternity benefits varying from 9 months to as long as 36 months. So it is wise to plan early for such insurance. "A plan offering maternity benefit is worth buying at the time of one's wedding because most couples plan a child only after three or four years," says V. Jagannathan, CMD of Star Health and Allied Insurance.
In case of maternity and pregnancy insurance plans, premiums are higher as compared to other health plans (which do not include maternity benefits). This is because in maternity insurance plans, there is a full certainty of the event for which insurance is taken. So, from the insurer’s perspective, a claim is bound to happen.
Due to this fact, most insurers choose to keep the premium high for such plans. It is prudent to make a cost benefit analysis before buying such plan. Group insurance health plans do cover maternity benefits. It’s imperative to check the cover provided by your employer based health scheme before buying a standalone policy.
Rightly said by prominent American author, Rick Warren - “The Wise Look Ahead and Make Plan”, it makes sense to get acquainted to the concept of maternity insurance well in advance and buy it at the right time to enjoy the joyous occasion of parenthood in future without having to worry about financial planning.
Every year, Insurance Regulatory and Development Authority of India (IRDA) announces a list of health insurance companies. There are few important features that help it to rate the insurance companies, such as their perf...read more
Maternity or pregnancy is an important phase of life, and one needs to prepare in advance to embrace parenthood. Though rearing a child is an expensive affair and may require good financial backup to meet the requirement...read more
A quiet revolution has swept through India’s health care sector in the past five years- best evidenced in the fact that now nearly 27% of the nation’s population is insured. The Indian healthcare sector is projected ...read more
From the air we breathe to the food we eat, everything is intentionally or unintentionally subjected to adulteration. Due to this, the disease rate in India is rising drastically. Naturally, more and more people are visi...read more
There has always been a doubt in customers mind about whether the private company will keep its side of the bargain i.e. it will settle the claim or not. A customer spends premium annually which will cover his medical ex...read more