Pregnancy is one of the most joyful yet financially demanding phases of life. With rising medical costs, especially for delivery and prenatal care, it is essential to plan your finances well in advance. One way to safeguard your finances during this time is by opting for an insurance policy that covers maternity and delivery expenses. In India, several health insurance policies offer maternity coverage as an add-on or an integral part of the policy.
In this blog, we will explore what maternity insurance covers, why it is important, and the best insurance policies available in India that offer maternity and delivery benefits.
What is Maternity Insurance?
Maternity insurance is a type of health insurance policy designed to cover the costs related to pregnancy and childbirth. It helps manage the financial burden of delivery expenses, prenatal and postnatal care, and hospitalization costs. While maternity cover is not usually offered in basic health insurance policies, many insurers in India provide it as an add-on or as a part of a comprehensive health insurance policy.
Why is Maternity Insurance Important?
Maternity insurance ensures that you and your baby receive proper medical care without facing financial stress. In India, maternity-related expenses can be substantial, especially in private hospitals. Here’s why having maternity insurance is a wise decision:
1. Covers High Medical Costs
The cost of hospitalization, doctor consultations, diagnostic tests, and delivery (whether normal or cesarean) can be significant. Maternity insurance helps cover these expenses.
2. Pre and Postnatal Care
Regular check-ups and postnatal care are critical for both the mother and the baby’s health. Maternity insurance typically covers these visits, helping ensure comprehensive medical care throughout pregnancy and even after delivery.
3. Newborn Baby Coverage
Some maternity policies also extend coverage to the newborn baby for a few months, covering health issues and vaccinations. This additional coverage is a major benefit for new parents.
4. Financial Planning
By taking out maternity insurance, you can plan your finances more effectively and avoid sudden out-of-pocket medical expenses during pregnancy and childbirth.
What Does Maternity Insurance Cover?
Most maternity insurance policies cover a range of expenses associated with childbirth. These include:
1. Delivery Expenses
Maternity insurance covers the cost of both normal and cesarean deliveries, including doctor’s fees, nursing charges, and other hospitalization expenses.
2. Pre and Postnatal Expenses
The policy often includes coverage for expenses incurred before and after the delivery. This includes regular doctor visits, ultrasounds, medications, and postnatal care to ensure the health of both mother and child.
3. Hospitalization and Room Rent
The policy typically covers the cost of hospitalization, including room rent and ICU charges (if necessary).
4. Newborn Baby Cover
Some policies also offer coverage for the newborn baby for a limited period (usually up to 90 days). This can include expenses related to any health complications the baby may face after birth or vaccinations.
5. Ambulance Charges
In case of any emergency requiring ambulance transportation, many maternity policies cover the cost of ambulance services.
Popular Health Insurance Policies Offering Maternity Cover in India
1. Star Health Comprehensive Plan
Star Health offers a comprehensive health insurance plan with maternity coverage. The policy includes pre and postnatal care, delivery expenses (both normal and cesarean), and newborn baby coverage for up to 90 days. However, it comes with a waiting period of 24 months.
2. Religare Health Joy Plan
The Health Joy Plan from Religare offers coverage for maternity expenses and newborn care. This plan also provides coverage for infertility treatments, which can be an added benefit for couples undergoing fertility treatments. The waiting period for maternity benefits is 36 months.
3. ICICI Lombard Complete Health Insurance
ICICI Lombard offers maternity coverage under their Complete Health Insurance plan. The policy covers pre and postnatal expenses, delivery costs, and newborn baby care. The plan offers a waiting period of 3 years before maternity benefits can be claimed.
4. HDFC Ergo Health Suraksha Plan
The Health Suraksha plan by HDFC Ergo provides maternity benefits along with comprehensive health coverage. The plan covers pre-hospitalization, delivery expenses, and post-hospitalization care. However, the waiting period for maternity cover is 4 years.
5. Max Bupa Health Companion Plan
Max Bupa’s Health Companion plan offers maternity coverage along with newborn baby care and vaccination cover. It also covers hospitalization costs related to delivery and has a waiting period of 2 to 4 years, depending on the plan chosen.
Things to Keep in Mind When Choosing Maternity Insurance
1. Waiting Period
Maternity insurance policies come with a waiting period, which means you cannot claim maternity benefits immediately after purchasing the policy. The waiting period typically ranges from 2 to 4 years. It is crucial to plan ahead and buy maternity insurance well in advance if you are planning to start a family.
2. Coverage Limits
Many policies have limits or sub-limits on how much they will pay for maternity-related expenses. Be sure to check the sum assured and sub-limits for delivery expenses and other maternity costs.
3. Network Hospitals
Check whether your preferred hospital is included in the insurance provider’s network. Choosing a policy with a wide network of hospitals ensures cashless hospitalization, making the process smoother and hassle-free.
4. Premiums
Maternity insurance policies tend to have higher premiums due to the associated costs of pregnancy and delivery. Make sure to compare premiums and benefits across different insurers to find a plan that fits your budget.
5. Newborn Baby Coverage
Some policies offer additional benefits such as coverage for the newborn baby. Ensure that the policy you choose includes coverage for the baby’s health for at least 90 days post-birth.
Conclusion
Maternity insurance is a crucial financial tool for expectant parents, helping to cover the significant costs associated with pregnancy and delivery. By planning ahead and choosing the right insurance policy, you can ensure that both mother and baby receive the best care without straining your finances. With a variety of options available in India, it’s important to consider factors such as waiting periods, coverage limits, and network hospitals when selecting a maternity insurance plan.
