Parenthood is an important stage in life. To embrace parenthood without letting finances bother you, choose a maternity benefit rider or maternity insurance plan to meet maternity financial expenses and offer the best medical care to your spouse and newly born child.
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Maternity insurance is insurance coverage that gives financial protection to the mother and the newly born child, for certain tenure and covers ambulance charges. Pre and post hospitalization cover, natal care, delivery and hospitalization expenses are covered under the plan. Maternity insurance also comes as an add-on rider with the main health insurance policy. A maternity benefit plan offers financial independence to the policyholder to avail adequate and quality treatment at the best network hospitals.
Comprehensive Coverage: The maternity benefit plan offers comprehensive coverage for maternity-related expenses like delivery expenses, pre and post hospitalization cover, ambulance charges, medicines, hospital room rent and doctor’s fees.
Pre and Post Natal Care: Maternity health insurance plans offer insurance cover to both the mother and the newborn. It offers financial help in case the newborn is diagnosed with a critical illness.
Hospitalization Coverage: The pre and post hospitalization expenses related to maternity are also covered by the maternity benefit plan for a certain time period as mentioned in the policy.
Cashless Facility: Some maternity insurance plans also offer the cashless facility at network hospitals across India.
Claim-Free Bonus: You enjoy claim-free bonus for not raising claims in a financial year. The claim-free bonus is offered either in the form of a discount on premium in a financial year or a percentage of the NCB is added to the sum assured.
Tax-Saving: The policyholder enjoys tax benefits on maternity health insurance plans. The premiums paid towards maternity insurance plans enjoy tax benefits under Section 80D of the Income Tax Act, 1961. These insurance plans have a waiting period of 9 months; post which expenses related to maternity may be claimed.
Flexibility: The maternity insurance plans allow the policyholder, the flexibility to choose the sum assured for maternity expenses. The sum assured must be chosen at the time of availing the maternity insurance policy.
Given below are the names of some of the maternity insurance plans available in the market today:
The maternity benefit plan can be availed by any person, who seeks insurance cover for maternity expenses. Any individual, who meets the prescribed eligibility criteria as set by the insurance company, can purchase the maternity benefit plan from the insurer. The eligibility criteria for maternity benefit plan differ across insurers.
The maternity benefit plan has a lock-in period of 6 to 9 months, post which the policyholder can enjoy the benefits of the plan. The insurance company will not settle claims raised during the waiting period.
You must avail a maternity benefit plan if you are newly married or planning to become a parent. Maternity benefit plans must be purchased in advance as they have a waiting period. So, you can avail this cover to take care of all expected and unexpected expenses related to delivery and hospitalization. Listed below are points which show the importance of maternity insurance:
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