Parenthood is a very important stage for a couple after they get married. The man becomes more responsible towards his family and on the other hand, a woman tries to adjust to the new environment and people. A lot many changes takes place for the couple but becoming a mother is truly a magical journey. Motherhood is the most important transition in a woman’s life. Nowadays, women are delaying pregnancy to focus more on their career, due to this the possibility of pregnancy-related complications is higher with the increasing age. In the current scenario, the expense related to pregnancy is so high. So if you are financially not prepared you should not plan your family. Another way to cover the expenses is to take pregnancy insurance. This insurance will take care of all the expense related to pregnancy. It is also recommended to have this insurance at the appropriate time so you can enjoy your parenthood without any financial burden.
The pregnancy insurance plan covers cost from the hospital stay to delivery cost to medical tests and pre and post pregnancy medicines. A well-constructed maternity insurance plan can help you ease off the rising costs so that you can enjoy the happiest moment of your life.
What is Pregnancy Insurance?
As the word insurance says, it covers the expenses related to baby delivery. It covers both the delivery option i.e. normal delivery and cesarean delivery. In India, many corporate companies are providing this insurance cover to their employee. Usually, this cover comes with the normal insurance policy as an additional rider. This policy not only covers the delivery expense but also covers the pre and post hospitalization costs like various medical tests and medical expenses. Though it covers all the expenses, it is imperative to check the nitigrity of the policy.
Let’s have a look at some of the points you should know before taking maternity insurance.
Key exclusion of the policy: Benefit of maternity insurance does not cover if:
- If pregnant at the time of purchasing the policy.
- If pregnant before the completion of the waiting period.
Congenital condition: A baby born with any kind of abnormality, diseases, deformity or any other condition is defined as congenital diseases. Some of the policies cover the congenital condition, but you need to check with the policy provider.
Add on with health insurance: If you have maternity benefits covers under your regular health insurance policy, the premium amount would be higher than the regular health insurance policy.
The right time to take the maternity insurance policy: Generally, maternity insurance policy has a waiting period of 3-4 years. It means if you to avail of the benefit under this policy, you should plan well in advance. So the best time to take this policy is at the time of marriage. As I mentioned above, couple these days anyways wait for few years before planning to have a child.
Policy Coverage: Pregnancy insurance plan covers both natural and cesarean delivery. Main benefits of the policy are as under.
- Covers both natural and cesarean delivery.
- Pre and post hospitalization expenses are covered.
- A newborn baby is by default covered.
Premium Amount: The premium amount of pregnancy insurance is usually higher than the regular health insurance policy. It is because the probability of an insurance claim is much higher than the regular insurance plan. If a couple is looking for the expanding the family in near future, it is highly recommended to opt for such insurance to reduce the burden on your pocket.
Claim denial: Generally, after the age of 35, if a woman conceives a child, the claim registered are likely to get rejected as at this age the risk and complications are high.
Now let’s look at some of the top pregnancy insurance plans.
In India, there is no exclusive insurance plan that covers pregnancy expenses. Most of the insurance company are offering this cover as an add-on plan along with regular health plans. In a corporate group insurance policy, this is generally covered. So if you are working with a corporate company in India, better to check the coverage before buying one for you on your own. The limit of such add-on is restricted to Rs. 50000.
Some insurance companies like Religare, Appolo Munich, ICICI Lombard United India Insurance, Cigna TTK etc. are offering this cover along with regular health insurance plan.
Easy Health Plus – Apollo Munich Insurance
The Easy Health Plus by Apollo Munich Insurance covers pregnancy insurance under it’s exclusive and premium plans. It offers maternity and newly born baby expense from the day 1 to 90 days. It covers pre and posts hospitalization expenses.
Max Bupa – Heartbeat Family Floater
The policy from Maxbupa offers maternity coverage and newborn baby coverage in all of its 3 plans i.e. Silver, Gold & Platinum. The policy also includes first-year vaccinations of the newborn baby. All the 3 plans cover delivery of 2 babies if the policyholder and spouse are covered under the policy for at least two years.
Royal Sundaram Master Product – Total Health Plus
This policy is the complete package which offers benefit up to Rs. 30000 to Rs. 50000 for pregnancy expenses. The policy covers maternity hospitalization and any other expenses arise then after. There is a waiting period of three years. So you have to plan well in advance to get the pregnancy insurance covered under this policy.
Star Health Wedding Gift Pregnancy Plan
The policy covers the maternity expenses up to two babies. The policy provides coverage for both normal and cesarean delivery including pre and postnatal complications. There is a waiting period of 3 years. It also covers the expenses of the newborn baby. Under this policy, the maximum health insurance covered is Rs. 10 lakhs.
Cigna TTK Health Insurance – ProHealth Plus Plan
The pro-health plan offers maternity, newborn baby expenses, and vaccination expenses. There is a capping limit for both normal and cesarean delivery option. There is a waiting period of 4 years. Maximum health cover on this plan is Rs. 10 lakhs. The plan covers the first year vaccination expenses for the newborn baby.
So, friends, these are the policies which cover the pregnancy-related expenses. Generally, there is a waiting period of 3-4 years, so you need to plan well in advance if you want to take advantage of this pregnancy insurance policy. It is not advisable to purchase this policy after you get the good news because you will not get any benefits. With the ever-increasing cost of medical treatment in India, it is good to have this cover at the RIGHT time so that you can enjoy your parenthood without any financial stress.