Things you should know about Maternity Insurance
We all know that the entire maternity phase is a crucial time not only for a mother but for the entire family. Along with several responsibilities, expenses too, start from the day you come to know that you are expecting a baby. And the biggest of them is the delivery and hospitalisation expenses. An easy and modern way is buying a Maternity Insurance to take care of all expected and unexpected medical expenditures. After all, we all want the best maternity care from the best hospitals and a safe delivery, isn’t it?
Rising Maternity and related Medical Costs
With all the high-end hospitals spreading their reach across the country, quality maternity care is now accessible for everyone. But the average cost of a Normal delivery (along with the hospital stay and related expenses) could range anywhere between INR 60,000 – INR 2 Lakhs. The amount further depends upon the city or the type of hospital and of course your medical condition.
Moreover, we are in a time where women delay their motherhood due to constant juggling between their career and life. It’s quite possible that with the stressful lifestyle and delayed pregnancy they may face complications during their pregnancy. Along with it one must be even be prepared for all expected or unexpected expenses. And a right Maternity Insurance cover can really help here.
What is Maternity Insurance?
There are currently 34 General Insurers in India which offers Health Insurance plans. Each of these insurers has different Insurance plans and the degree of the coverage provided may also vary with different policies. These health insurance plans offer maternity benefits which include various expenses related to Maternity like
1. Delivery Charges –
The maternity insurance policy covers delivery charges or the in-patient hospitalization charges. This covers the cost for delivery, along with the hospitalization expenses of the insured. Usually, there is a Maternity Sum insured defined in various plans which varies for Normal or C-section delivery, which varies insurer to insurer.
2. Pre and Postnatal Expenses–
This coverage would include doctor’s consultation fees, various lab tests as well as the medication cost both pre and post Maternity. Though various insurers restrict the coverage to a specific amount. But as a single penny counts too, this can help you save a lot.
3. Vaccination Cover–
A couple of few health insurance policies also offer expenses towards the mandatory vaccination of the new-born. while most of the health insurance policies offer this coverage for the first one year only, but there are some plans available which offer the vaccination beyond one year as well.
4. Newborn Cover-
All health insurance policies cover new-borns after first 90 days, subject to his enrolment in the policy with an appropriate premium being paid. But if your policy provides for a New Born cover, this will include the coverage for expenses right from the birth time.
When to Buy a Maternity Insurance?
Well for Maternity Insurance, or any other Health Insurance product there is no right time as such. If you are thinking to buy, it’s better to buy as early as possible. Do not delay opting for the cover, as there are various terms and conditions in availing maternity benefits. These terms include
1. Waiting Period –
It is a specific time period during which you cannot avail the maternity coverage. opted. All Health insurance policies do not provide maternity coverage from the Day one, i.e. when the policy is bought. You will have to wait for 2-4 years depending on the plan opted. This time period is known as the waiting period in insurance lingo.
2. Pre-Existing Clause–
If you are already pregnant when you buy the policy, the maternity expenses will not be covered. As this is considered as a pre-existing condition, i.e. a condition which is existing at the time of policy purchase. Hence to avail this coverage, make sure you are covered in the policy for a continuous period of 2 years before you plan to conceive a child. So the best time to buy an insurance policy time of the wedding, since most couples plan a child 2-3 years after marriage.
3. Premium Hike with Age –
Just like all insurance policy, the premium of maternity coverage too increases with the age. So, you will have to pay a higher premium to get all the required benefits of maternity coverage. Therefore, if you delay buying the right insurance policy, you might not be able to opt for an affordable plan.
How I got my Maternity covered?
Many of you know that I was working in the Insurance sector for over a decade. Hence, I was aware of the importance of Maternity Insurance. And the first gift I gave my husband after marriage was to enrol him in my Health Insurance policy. Moreover, we also bought ourselves another plan specifically for Maternity Insurance.
While both these Maternity Insurance plans took care of my emergency C-section delivery, and we hardly had to bear a few thousand from our pockets. That little amount was nothing, compared to the huge bill which was raised by our hospital. Above all, we were relaxed and had nothing much to worry about. We just spent good quality time with our Newborn #LittleTuggu. As I was aware that my Insurance policy would take care of almost all the medical expenses during that hour of need.
In a Nutshell
So, If you are planning to buy a Maternity Insurance plan, now is the best time to get one. Or, if you are recently married or planning to have a child in a couple of years. Then this is just the right thing to do. You should ideally not delay in buying this coverage. Just make sure you opt for a comprehensive health insurance plan that also offers maternity coverage at an affordable premium.
Also, read all the offer documents carefully before making a purchase.
“This is a sponsored post meant to educate new couples about the importance of Maternity Insurance ”
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When I was giving birth, my regular health insurance did not cover maternity. I am better informed after reading your post.
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when I was looking for one.. I found the premium too high. which ones would you recommend?
Yeah all health insurance don’t provide maternity cover. I’m actually looking for good maternity insurance since there’s hike in prices for Anti natal treatment and for delivery
Hi Bushra, do read the terms carefully as most plans restrict the pre and post natal expenses to certain limit. Also lot many dont cover that all. So better buy now before you plan your family
With changing lifestyle; there are many complications that happen during pregnancy, delivery and post delivery…thank god we now have coverage to these risks..
I had no idea that there was a thing like Maternity Insurance. Does it cover new applicants who are already pregnant? My sister has just completed 1st trimester and doesn’t have a policy. Do u think she can get one?
Hey Ashh, just like all other health insurance, already existing medical conditions are not covered. There is a waiting period usually 2-4 years depending upon the plan, post which maternity expenses become payable. So already pregnant lady wont be eligible
Thanks for letting me know Gunjan xx
I wasn’t aware that there’s this type of insurance called “maternity insurance”. See, this is why we like blogs from you people. Suh an informative post it is.
Thanks Nimmy, I have been in insurance industry for a decade and just trying to help
I did not know about maternity insurance which is offered separately. Such a comprehensive and informative post .
Wow.. this is an ideal read for anyone preparing to have a kid.. i think u have covered it all. People don’t realise how expensive it is to actually cover all costs of maternity and how an insurance cover helps greatly.
This is truly an informative post, don’t have such idea about this insurance will suggest to my sister in law
With the rising maternity costs it is important to get insurance at the right time.
Thanks a lot for This insightful post.. got to learn a lot here.
wow. It is such an incredible post for new moms. I dint knew about such insurance type. Wl speak to my friends re. This info.
That’s a very informative post. Thankfully both I and my husband had a good medical insurance policy when I delivered my twins & had to bear expenses such as NICU etc. When we were discharged, we didn’t have to pay anything except for anesthesia charges, which was not covered in our policy. A very informative post.
Right Shalu, a good insurance can really help. And yes there are some IRDAI approved list of non payable items which are not payable under health Insurance. Also it depends on the terms and conditions of the plan opted. But considering the overall expenditure, it is totally worth it to be ready with a cover.
This is a very informative post…was not aware of such thing…I will be recommending this post to some of my friends
Thanks for sharing tis information. I had very little knowledge on this and this post was super helpful
I had very little knowledge about ‘maternity’ insurance. Because as per all the health insurance schemes & policies that are covered usually by all companies, I was pretty zenith about it.
Your post, Gunjan, clearly describes each of them in detail. On a light note, I found the point that you cannot buy a maternity insurance after becoming pregnant funny.
Thanks for this information.
Right Ashvini, normally Health Insurance policies cover Maternity in lieu of the premium. Also Maternity is available as an add on. ie you may opt in or opt out the cover. But nowadays with modernization and innovation, there are specific plan for women which covers related illness and maternity as well.
Also since Insurance is an indemnity product and not to make any profit out of it. The Cover is seized while you are pregnant and also has a waiting period. This also happen for any illness in Health policy. It is not expected that you would buy a cancer plan once you get diagnosed for cancer.
My maternity insurance was covered under general insurance. I was unaware of it existing as stand alone one. Awareness is needed for this. I don’t think many are aware of this option .
Normally Health Insurance policies cover Maternity in lieu of the premium. Also Maternity is available as an add on. ie you may opt in or opt out the cover, considering you age
But nowadays with modernization and innovation, there are specific plan for women which covers related illness and maternity as well.
A very informative post and I think more people should know about this. When I was a mom to be, I had no idea about such plans. its going to help all the mom to be for sure.
All these points are so important to know by every women and thus can be put to good use.
I knew general insurance covers maternity however I was unaware that there is a lockin period for this as well.
Yes Neha, In every Health Insurance policy/ or standalone Maternity policies there are waiting period. this is just to ensure that people do not make profit out of the cover. Morever any accident and related expenses are covered.
but since all 34 general Insurers have different covers/terms, it is suggested to read your policy carefully.
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I never knew thieris something like maternity insurance . It is shocking that people are not aware of it including me
Loved reading the blog, maternity imsurains is something that people are still unaware of, it was damn helpful, tjath you for sharing, will definitely pass on the link to others
I had no idea about maternity insurance . I will definitely check this about as i am expecting my baby now.
This looks to be a novel and important concept in insurance products. As there is steep hike in the cost of pre, delivery and post
birth costs. Plus the slots as per requirement is quite thoughtful
You got it so right. Insurance is the need of the hour, But sadly people think nothing gonnna happen and stay away from it. the little amount paid is so worth it to cover the risk.
I never knew that the pregnancy can also get insured. I mean this is so good and this will be a boon to many new parents.
That is something new for me. Never heard of it but I am impressed by the points you covered. Helpful post for moms.
I have never knew about maternity insurance. I will definitely share this with my pregnant friends. They really need this so much.
How lame of me that I was absolutely unaware of the existence of a maternity insurance. This is so important to know in details about it for expecting moms.
I am liking this wonderful concept. Shall share with others. Its a well thought program and makes a lot of sense.
Thank you for sharing this information. When I was pregnant with my first child, I looked for maternity insurance options and found none. I should invest now so I can avail of it when I plan my second child.
have heard of so many insurance but never maternity. Good you wrote about it; explaining in detail of its importance.
I was a bit aware of Maternity insurance. I will recommend my cousin who will be a mom in couple of months. Thank you for this informative post.
I learned something new today, had no idea about this. Glad that maternity is also covered under insurance and we should create utmost awareness about this.
Maternity cover is available in insurance industry for like more than 2 decades, Sadly it was overlooked by many as the coverage amount was so less and the premium was high. But today, we do a lot of research and are able to come out with a lot of competitive products to make it easy for young moms 🙂
I agree with you. It is big responsibility that one must have to plan accordingly maternity insurance is surely a great step toward better happy life
This is such an informative post. For us, maternity was covered as part of both my husband’s and my office insurance so we never bothered. But with the rising costs of delivery, one really needs to pay attention to this.
Ya Sonam, Glad to know that. The insurace provided by office is way better in terms of the coverage as there is a bigger pool. But today retail/individual polices are also way good. and with switching jobs/rising medical expenses these always help
Now this is totally a new concept for me. I have never heard about maternity insurance. But it sounds great because today the medical costs are really high.
This is something new to me . Thanks for sharing the details. I was not aware of premium hike with age clause.
There are a lot of things to be consoderdcowhen we walk on the path of Motherhood and maternity insurance is one of the things we all need to understand and opt for.
Exactly Jhilmil, I have personally seen people from good families going to govt hospitals just because they cant afford the rising medical expenses of a pvt hospital. though its more about experience and givt hospitals are good. but the issue is the rising costs which can be well covered with a good insurance plan
Wow. I really had very little clue about Maternity insurance. I’ll definitely recommend my friends who are planning to Start a family. It does make sense to invest.
Thats so sweet of you. Thanks and hugs 🙂
I never knew such things existed your article made me realize it how imp it is