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Health insurance with maternity cover and childcare benefits provide for the expenses incurred before, after, and during the delivery process of a child.
Expecting parents are often bombarded with expenses related to pregnancy and childbirth. If there is no backup plan to cover financial responsibility, one could end up draining a lot of savings or may leave with no savings for the future. Here comes maternity insurance as a boon to provide a financial shield in the time of need.
An appropriate maternity health cover or insurance should be enough to pay out the entire expenses incurred during the pregnancy. A maternity plan should provide:
Now, that the importance of having an adequate health cover with maternity benefits is evident, all available options out there should be analysed for buying the best:
The total sum offered under this plan ranges from Rs 1.5 lakh to 50 lakh and a portion of this can be used as maternity coverage as per specified.
The policy offers maternity benefits with 9 months waiting period. The policy benefits can be availed up to 2 deliveries which is available only with a 3-year policy. Newborn babies can be covered for the first 90 days. The policy sum insured ranges from Rs 5 lakh to 1 Crore.
After 3 continuous renewals, the policy covers maternity benefits up to Rs 1 lakh per delivery. The coverage can be availed for 2 deliveries, where newborn baby coverage is also offered up to the floater sum insured.
Under its group and regular health cover, the insurer provides maternity coverage. While it is an in-built cover under the group plan, in case of regular health insurance option, the coverage is offered as an add-on with a waiting period of 2 years. The policy covers delivery and pregnancy expenses. Infertility treatments could also be covered along with newborn baby up to the first 90 days.
Both of these plans offer maternity cover after a waiting period of 4 years. The gold plan offers up to Rs 50,000 and platinum offers up to Rs 2 lakh as maternity coverage. NCB benefit up to 50% is to be availed for every claim-free year.
This plan offers medical benefits along with maternity cover after a waiting period of 2 years. The policy offers sum insured raging from Rs 1 lakh to 1 Crore. Family discount of 10% is to be availed in case of more than one individual is covered.
Formerly known as Apollo Munich Health Insurance, this policy is offered by HDFC Ergo Health Insurance that covers maternity as in-built cover. However, the newborn cover is to be added as an add-on cover in payment of an additional premium. Some of the key features are:
Maternity coverage with this plan can be availed as optional cover with an additional benefit. Some of the key features include:
This is a health plan with added maternity benefits, which requires the insured to take a combination of maternity, newborn baby cover and vaccination cover altogether. Up to 2 deliveries are covered in this plan, with pre- and post-delivery benefits and childcare. Vaccination charges are also covered for the first two years.
This policy offers maternity benefit under its two variants namely Gold and Platinum. Under Gold Variant up to Rs 1,00,000 coverage is offered, while under the Platinum variant, Rs 2,00,000 as maternity benefit is offered. Some of the key features are:
Maternity, childcare expenses with vaccinations are covered under this plan. After four years of waiting period, the maternity benefits can be utilised.
It is an all-inclusive health plan with maternity benefits included in plans with at least Rs 5 lakh as the sum assured. But the waiting period is of 3 years. Where newborn baby cover is in-built, maternity cover is to be availed as optional cover.
Maternity cover is provided along with the health cover. Rs 3000 and 5000 are given for normal and caesarean delivery, respectively. The policy offers higher sum insured up to Rs 50 lakh, under which maternity expenses are too covered along with newborn cover. The policy provides expenses incurred in treating infertility, vaccination charges for newborn and children etc.
Happy Family Floater Plan by Oriental Insurance offers maternity coverage an inbuilt feature to this policy. The policy also provides newborn baby cover.
This plan is available as a health cover that has added maternity benefits after a waiting period of 9 months. It can also cover the expenses incurred from alternative medicine treatments. The policy is loaded with features like 10% no claim bonus, extensive SI options, no pre-policy medical check-up to the age 55 years etc. with these; the policy can be a good health coverage option along with a maternity benefit.
When it comes to offering maternity insurance, Royal Sundaram has covered this benefit under its Master Product-Health Total Plus. It is a complete health insurance package, where maternity benefit is offered as in-built cover.
Some of the key features are:
To avail for the term 1, 2 and 3 years, the policy offers maternity coverage up to a maximum of Rs 50,000. In case of the birth of a girl child, Rs 60,000 is ensure as maternity benefit. Some of the policy benefits include ambulance cover, cashless services at more than 4000 network hospitals, lifelong renewability, global cover etc.
It is a comprehensive medical cover that covers dependent children as well under the same family plan. It also denotes a fraction of the sum assured that can be utilised as maternity and childcare cover. Under its maternity and newborn benefit cover the policy includes medical expenses associated with a normal pregnancy and child birth. It offers coverage for normal delivery, complicated delivery and caesarean expenses while hospitalised.
Maternity coverage is beneficial for an expecting mother and her family. The striking features and benefits of this plan are:
The inclusions provided in the plan could be different from provider to provider, but generally, the following are covered:
Disclaimer: *Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Buying the right health cover is a tough task for anyone, and even more so when people have to look for the appropriate maternity and childcare plan. Comparing plans provided by various insurance providers should be the only way to buy the best insurance plan pregnancy.
Most insurers have their comprehensive health care plans with maternity benefits or just pure maternity plans available on their online portals that can be analysed by the buyer. It is also available as an add-on product with individual or family floater health insurance plans.
Any married woman between the ages of 18 to 45 years is eligible to apply for the plan, and a child between the ages of 1 day to 24 years can utilise the benefits offered by a childcare plan.
Like any other health insurance plan requires, the buying process of Maternity Insurance requires the documents such as ID, age, and address proofs, medical check-ups for assessing the risk profile and photographs to be submitted without fail.
Healthcare in India is getting expensive with time, which makes the expenses associated with childbirth a big concern for expecting parents.
Many expecting mothers these days opt for a cesarean operation, or due to unforeseen complications, the cost of a hospital stay could be a burden. Above all, these expenses might not be covered by a normal health plan.
An individual Mediclaim/health plan might not even offer maternity or childcare benefits, or the sum assured might not be enough, even if it provides the required coverage.
Coverage under the group health plan provided by the employer could have an upper limit on the sum assured that might be insufficient for covering all expenses incurred.
For living out the best moments of any parent’s life stress-free, a maternity plan should be bought after a thorough comparison. One can opt for online comparison options, which can be done within a few minutes.
There are certain aspects that a prospective buyer should look out for when buying a maternity cover, such as:
Ans: A maternity insurance policy in India has the following exclusions:
Ans: After the waiting period is completed, an expectant mother can avail of the benefits of the maternity cover at any of the hospitals on the network of the insurer or get the final bills reimbursed. Since pregnancy is a natural phenomenon, one can do the necessary preparations in advance for availing a cashless treatment as well.
Ans: Expatriates or people residing in countries other than their country of origin are offered a policy called ‘Expat Maternity plan’, and this can be bought separately, or the insurance provider might extend the same maternity policy to expats.
Ans: Some insurance providers offer protection to the child under the same maternity cover until the time that they might be eligible for an individual health cover or could be added to the family floater program.
Ans: The insured does not need to settle bills with the hospitals upon discharge; instead, this is done by the TPA or the insurer. However, if there is an overhead, it is paid by the insured individual only.
Ans: It is possible to do so, but the coverage is not provided to hospitalizations occurring abroad.