What is Maternity Insurance

Maternity insurance is usually offered as a rider on regular health insurance plans. It helps cover any expenditure related to both caesarean and normal deliveries.

When a woman gets pregnant, she has a lot more doctor's visits and other such medical expenses. The kind of diet they are on and everything changes. Not to mention, if there is some slight complication, that also includes hospitalization charges. All these costs add up and make pregnancy a very financially difficult time.

Of course, the rewards of pregnancy are magnificent. But that said, having maternity health insurance is an excellent way to avoid the additional headache that money becomes. And this brings us to the three significant needs for maternity health plans.

  • Reducing Financial Burden: Like other types of health insurance, pregnancy health insurance also aims to reduce the financial burden at this time. It helps the couple or the mother by easing any financial burden through the assured sum.
  • Assured Quality of Care: Once you have a maternity plan, you no longer need to worry about the quality of care. Most network hospitals under your insurance provider give you a high-quality of care. Therefore, with insurance by your side, you are sure to be comfortable and looked after well!
  • Post-Pregnancy Financial Help: Depending on your plan, it could even extend to your child/children. If they are born and diagnosed with a congenital disorder or a critical illness.

Such benefits highlight the need for such a plan. Maternity plans make the mother’s life much easier.

And this is why our experts at Cover360 are finding the best plan that meets your requirements, so you have a smooth and comfortable pregnancy!

The Need for Maternity Insurance

Maternity insurance is usually offered as a rider on regular health insurance plans. It helps cover any expenditure related to both Caesarean and normal deliveries. With the amount of hospitalization and check-ups, an expecting mother undergoes, having maternity health plans is logical.

So, what are the needs for maternity health insurance?

Hospitalization and treatments are expensive. They can rake up substantial medical bills. And, while the results of pregnancy may be worth it, those 9 months can be very exhausting for a woman. They can take a mental toll on her. Adding to the existing burden with medical bills is downright cruel. And this is what medical plan counters. By offering an assured sum, financial security is guaranteed during pregnancy.

A lot of health insurance plans have a maternity benefit. This means that they cover the maternity period, too. However, a separate maternity plan has many more benefits and gives better coverage. This is because the plan is formulated, keeping the pregnancy needs in mind. Therefore, you get better coverage under a pregnancy plan.

A baby needs a lot of care. And your maternity does not end as soon as the baby is born. That is why corporate maternity leave policies also extend post-birth. For the same reason, your insurance policy term also extends. Providing coverage under a single plan prevents the need for multiple plans.

A lot of people choose at-home births due to hospital and ambulance charges. A maternity plan eliminates this need by covering these costs. And these costs are covered at the insurer’s network hospitals which offer a higher quality of care.

At Cover360, we understand the needs of expecting mothers and their families. And we provide for them by pairing them with the ideal maternity plan for them!

Benefits of Maternity Insurance

Maternity health insurance, although sometimes a benefit of regular health insurance, is also offered separately. And this is good because it has better coverage this way. It also reduces the financial burden by taking care of hospitalization and ambulance charges. This makes it very desirable.

So what are the features of maternity health plans and how do they benefit an expecting mother and her family?

The first feature is coverage.Maternity insurance offers financial coverage to the insured through an assured sum. This is how it reduces the financial burden during pregnancy. One of the main benefits this feature provides it covers multiple aspects:

  • Pre and Post-Hospitalization costs: Pre-hospitalization expenses of up to 30 days before the date of admission are covered. And, in most policies, up to 60 days post hospitalization costs are covered. You also get a financial cover of up to Rs. 5000 or more.
  • Ambulance and Hospitalization charges: These are usually covered in need of emergency ambulance services alongside hospitalization fees. The hospitalization coverage is of room charges, boarding, and nursing—additionally, surgeon, anaesthetist consultation charges, medical practitioner and consultant fees.
  • Pre and post-natal care, i.e. newborn costs: Some plans also cover post-delivery complications for the mother. They may also include the child's hospital expenses if they are diagnosed with a congenital or critical illness.

Such exhaustive coverage allows for more significant financial support during this time.

Like most health insurance covers, maternity plans also have waiting periods. These can range from 9 months to 36 months and need to be taken into account. Therefore, applying for insurance as soon as you start trying ensures you are covered when the waiting period ends.

Maternity plans are considered higher risks than other insurance plans due to the almost 100% claim rate. Therefore, making a cost-benefit analysis is crucial in determining the purchasing of a plan. However, the plan itself is highly beneficial.

There are several other features and parameters along which to judge the ideal plan for you. These include sub-limits, co-payments, room-rent tariffs, tenure, renewability etc. All these features matter and clauses are always included in the fine print. So always do adequate research before making your choice.

Our seasoned analysts at Cover360 evaluate your best options based on these very parameters!

Right Time to Buy

Maternity health insurance is a genuinely beneficial policy to buy. It includes coverage of aspects that regular health insurance would not be able to cover. Additionally, it provides financial coverage for the expecting mother and ensures she has a comfortable, financially secure pregnancy.

However, there are some problems with deciding the right time to buy pregnancy insurance.

  • The problem for the insurance provider is the claim rate.
  • The chance of claiming maternity insurance after purchasing it is a high possibility. After all, the couple cannot wait until after the pregnancy to purchase the policy.
  • After that, pregnancy becomes a pre-existing condition which is not covered.
  • Comparing maternity health plans as soon as you decide to have a child is crucial.
  • The waiting periods before the policy comes into force also need to be taken into account.
  • Waiting periods can range from 9 months to a few years.
  • The process becomes an early bird gets the worm situation. Applying early on is highly necessary for this reason.
  • It takes the average couple a year to conceive. So if you are planning to wait a few years after marriage to have a child, get maternity insurance quickly.
  • Getting it early on also ensures that you purchase it quickly and then can build your wealth in the remaining time, so you are also financially secure when the baby comes.

Therefore, buying pregnancy care as early as possible is highly necessary. It ensures you get coverage when you become pregnant and do not have to worry about the finances.

At Cover360, we collate and contrast various maternity plans, so you don't have to and find you the perfect one!

Inclusion in Maternity Insurance

Maternity health insurance goes above and beyond regular health insurance. While several health plans have a maternity benefit, maternity health plans take the next step. They provide more exhaustive coverage. They cater to the needs of the expecting mother. And, what’s more, they cater to her childcare needs afterwards, too! The entire system is designed so the mother is more comfortable during her pregnancy and after. This blanket of financial security is ideal for expecting couples.

Maternity insurance, therefore, is what most couples should buy sooner rather than later. These policies usually have a longer waiting period and higher premiums. Accounting for them ensures that you get the greatest benefits when you do conceive.

So, what are these benefits? What do maternity plans include?
  • Pre and post-hospitalization expenses are covered for 30 and 60 days respectively.
  • Normal and C-section delivery costs.
  • Hospitalization expenditure on nursing, room rent, OT charge, doctor’s fees, and anaesthetist fees.
  • Daycare treatment.
  • Vaccination costs for the newborn.
  • Ambulance expenses for the commuting of the insured, especially in the case of an emergency delivery.
  • Cashless treatment in network hospitals. This means that there is no reimbursement process. Instead, you just submit your claim form to your insurer and they transfer the money directly to the hospital.

Of course, all these inclusions may or may not be included in your plan of choice. This is just a generalized list. When choosing your particular plan, reading the fine print is necessary so you can make a proper, educated choice.

At Cover360, it is our job to help you make such an educated choice with our high-quality analysis skills!

Exclusions in Maternity Insurance

Maternity health insurance is the kind of coverage usually offered as an add-on to existing health-care plans. It is a carry-on or a benefit more than anything else. However, it sometimes has its plans, too. The problem with maternity health plans, specifically, is that they have an almost 100% claim process. This means that the insurance providers are almost certain to make a loss on these policies.

This, inevitably, leads to some exclusions. These exclusions make sense as cost-cutting measures. It is, therefore, only through such exclusions that an exhaustive list of inclusions can exist. Those inclusions ensure that maternity insurance continues being comprehensive and genuinely meeting the needs of the insured.

While these exclusions differ from policy to policy, this is a general list:
  • Consultation fees
  • Regular check-ups
  • In-vitro fertilization and infertility-related expenses
  • Dental treatment expenses
  • Congenital diseases
  • AIDS treatment-related expenses
  • Termination of pregnancy (under 12 weeks)
  • Pre-existing ailments or injuries diagnosed within 48 months of the policy commencement
  • Non-allopathic treatment costs
  • Expenses related to self-inflicted injuries, drug use or alcohol
  • Medicine costs

As mentioned previously, the specific inclusions and exclusions differ from person to person. When choosing the perfect maternity plan for yourself, ensure that you go through the coverage thoroughly. This means looking at all the inclusions and exclusions. You need to know what you are getting into.

At Cover 360, helping you know what you are getting into is our specialty! We carefully analyse your options, so you get only the best of the best!

Best Plans for Maternity Insurance

Among other many add-on benefits of health insurance, Maternity health insurance is a primary one It comes as a rider or an add-on benefit because the claim rate is exceptionally high. The people who are sure to claim maternity insurance only buy this benefit with their health insurance plan. Thus, insurance companies often undergo more than expected expenses while offering claims for maternity insurance.

However, that has not prevented specific providers from having separate maternity insurance. That said, most insurers continue offering maternity cover under health insurance. Maternity insurance being separate is not an option. In other cases, if you pay a higher premium or opt for a more expensive plan, you get maternity coverage.

Some major maternity health plans are:

  • Coverage: Hospital room rent and boarding expenses, Nursing expenses; Post-delivery complications covered for the mother; Newborn baby cover which includes existing diseases at birth; Pre hospitalization expenses; Post hospitalization expenses; Emergency ambulance charges; Cost of medicines and drugs; Doctor’s fee.
  • Entry-Exit Age: 18 years and five months for children (Minimum); 40 years (Maximum)
  • Sum Assured: Rs. 3-5 lakh.
  • Policy Term: 1-2 years.
  • Waiting Period: N/A
  • Benefits: Ambulance charges for emergency transportation to hospital as per specified limits; No pre-acceptance medical screening; Tax benefits; Specific day care procedures; Cashless facility available.
  • Coverage: Room rent for single A/C room covered; Offers coverage for newborn babies; 30 days Pre hospitalization and 60 days Post hospitalization provided with the plan.
  • Entry-Exit Age: 18 years - 65 years (Adults); 1 day - 24 years (Children); 1 day to 90 days (Newborns)
  • Sum Assured: Rs. 3-5 lakh.
  • Policy Term: 3 years.
  • Waiting Period: 9 - 24 months.
  • Benefits:
    • The plan offers the option of no-claim bonus equal to 100% of the basic sum assured for policy duration's of 3 years.
    • Only 9 months waiting period for maternity related claims (For Joy Today).
    • Only 24 months waiting period for maternity claims under Joy Tomorrow.
    • Daycare treatments also covered; In-patient care for hospitalization with duration's of at least 24 hours.
    • Cashless Treatment
    • Tax benefits offered with payment of premiums.
  • Coverage: Ambulance service coming up to Rs. 2,000 that is used on the way to the hospital for hospitalization; Daily cash is provided for the shared accommodation at the hospital; If the adult is accompanying the insured child during hospitalization, daily cash is paid; For the newborn baby, the policy gives the policyholder an option to cover from day 1 till the baby is 90 days old; Both pre and post maternity expenses are covered.
  • Entry-Exit Age: 5 years- 65 years. A dependent child is covered from the 91st day that is if either one of the parents is covered under this policy.
  • Sum Assured: Rs. 3-50 lakh
  • Policy Term: 1-2 years.
  • Waiting Period: 4 years.
  • Benefits: Get 7.5% additional discount if you buy a 2-year plan; Policyholder will get a 10% Cumulative Bonus for every claim-free year; A policyholder can obtain cashless service if they get a pre-authorisation for the planned admissions, they need to obtain it 48 hours prior to the admission; Any emergency admission can be notified within 24 hours; Sum insured can be enhanced at the time of renewal.
  • Coverage: Pre and Post-hospitalization: 30 days before you get admitted to a hospital and 60 days after; Emergency ambulance cover; Maternity cover for up to 2 deliveries; Cover for newborn starts with birth; Vaccination cover for newborn.
  • Entry-Exit Age: Right from birth to 65 years
  • Sum Assured: On Individual Silver Policy Rs. 2-3 lakh; On Individual Gold: Rs. 5-50 lakh; On Family First Silver: Rs. 1-5 lakh; On Family First Gold: Rs. 1-15 lakh
  • Policy Term: 1-2 years.
  • Waiting Period: 30 days - 24 months.
  • Benefits: Discounts available on 2-year policy renewals; Cashless approval within 4 hours in 3500 network hospitals; No TPA, direct claim-settlement; Tax exemptions under Section 80D of the Income Tax Act; Complimentary health check-up; A healthy loyalty program that promises an increase in sum insured or redemption of points.

These plans give you an idea of what to expect when looking at maternity health insurance. Some of these are primarily health insurances that include maternity insurance. Several other health plans do the same.

Cover 360 looks at all these maternity health plans and carefully evaluates them, determining the ideal one for you. Accordingly, we find you the best plan that suits your needs!

The benefit of Buying Maternity Health Insurance from Cover360.in

Maternity health insurance is pregnancy and post-pregnancy health-care policy specific to delivery and neonatal care. Although there are very few pure maternity health plans, the provisions and coverage offered by maternity insurance are unparalleled. Usually provided as an add-on to health insurance, these policies provide the necessary financial support. Labour and neonatal care can be very expensive. Maternity plans ensure that you are covered in such a time.

However, even though there are only a few, choosing the right plan can be very difficult. There are so many factors to consider while buying. So how do you choose the ideal plan? What is the answer? Well, this is where our expert analysts at Cover 360 come in!

What do we offer you?
  • A high-quality, comprehensive understanding of every plan on the market.
  • Helping you during the decision-making process. Weighing the pros and cons of each plan with you. Maternity plans cost a significant amount, so doing a cost-benefit analysis is crucial.
  • We ensure that you read all the fine print before making your decision.
  • Following up with you after you purchase your policy in case you have any questions. This way, we ensure that all our clients are satisfied with their policies; we ensure the policy lives up to their expectations.
  • We understand the importance of after-sales service. We want you to have the most beneficial policy. Therefore, we also give you advice regarding the claim process and every single policy.
  • Choosing your insurance policy determines your future financial stability. You deserve such stability, especially considering how uncertain new parents are about everything. So we help you lessen the mental burden.

Therefore, we at Cover 360 are here to make your life better and easier!