How To Buy The Best Maternity Insurance Plan?

The past decade has seen a steep rise in maternity related expenses in India. These expenses include pre- and post-hospitalisation medical expenses, inpatient expenses, pre- and post-natal expenses, costs related to any complication during delivery and co

st of treating the child in case it is born with any medical condition. The medical bill that accumulates during maternity can have a serious impact on the family’s savings. Considering the importance of maternity health care and the exorbitant costs related to it, it is important for young couples to consider purchasing maternity health insurance.

There are many medical insurance policies that offer maternity cover as an add-on benefit, which you can avail by paying an additional premium. Alternatively, you have the option to buy a specialized maternity insurance policy from a general insurer. There are several factors to be considered before you decide on the right maternity insurance for you.

1. Waiting period

Most maternity insurance policies in India come with a waiting period of 2 to 4 years. This would mean that you should buy the product well in advance. Hence, prior to purchasing, take a note of the waiting period as you will not get any benefits from your policy during the waiting period.

2. Age of the insured

This is another essential factor to consider before purchasing a maternity insurance policy. In India, the maximum age up to which a woman can claim maternity insurance is capped at 45 years. Go through the policy document carefully and talk to your prospective insurer before availing the policy.

3. Maximum limit on the amount of claim

Generally, the maximum maternity and baby-related claim is between Rs.15,000 to Rs.30,000 for normal deliveries and between Rs.25,000 and Rs.50,000 for caesarean births. This is hardly sufficient to cover hospitalization expenses in private hospitals. The claim from your maternity insurance policy can only alleviate some of the financial burden that you face during maternity.

4. Exclusions

When you consider buying maternity insurance, you need to check whether there are any exclusions specified in the policy. You need to look for a comprehensive cover that takes care of most of your maternity-related expenses. You need to verify whether pregnancy-related complications and pre- and post-natal expenses are covered under your policy.

5. Insurance cover for the baby

This is another important consideration before purchasing a maternity insurance policy in India. Check whether your maternity insurance policy gives coverage to the newborn in case of any congenital disorder or critical illness.

6. Cost benefit analysis

Specialised maternity insurance offers comprehensive coverage of all maternity-related expenses, subject to certain upper limits. However, these policies come at a very high price. It may be more viable to buy a maternity coverage as add-on with your existing health policy by paying an additional premium. A cost-benefit analysis will help you take the right decision.

Working women are generally covered under a corporate group health insurance policy. It is important to check with your company whether maternity is covered under the policy.

Generally, maternity coverage is provided as an add-on benefit with an upper cap on the amount that you can claim. An individual maternity health policy will help you to cover any expense over and above what you can claim under your company’s group health policy.