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Health Insurance Coverage for Maternity Research Team | Posted On Monday, July 15,2019, 03:39 PM

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Health Insurance Coverage for Maternity



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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Health Insurance Coverage for Maternity

What is Maternity Insurance?

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.

Features of Maternity Insurance Benefit Plan:

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.

Maternity Insurance Plans in India:

Given below are the names of some of the maternity insurance plans available in the market today:

  • Apollo Munich Insurance - Easy health insurance for young family
  • Royal Sundaram – Lifeline elite health plan
  • Max Bupa – Heartbeat family floater health insurance plan
  • Star Health – Star wedding gift insurance plan
  • HDFC ERGO – health Suraksha gold policy

Eligibility of Maternity Insurance Plan:

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.

Why Do You Need a Maternity Insurance Benefit Plan?

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:

  • Cover Maternity Expenses: The regular health insurance plans do not offer insurance cover for maternity related expenses. The regular health plans only cover hospitalization. But, a maternity plan covers ambulance charges, hospitalization, medicines and doctor’s fee.
  • Safeguard Against Rising Healthcare Costs: A maternity health insurance plan is the best way to shield your spouse and avail quality treatment at network hospitals. The cost of delivery at network hospitals is huge and can cost around Rs 1 Lakh or more. The rising cost of maternity expenses can leave a hole in your pocket, if you do not avail a maternity benefit plan.
  • Provide Insurance Cover for the Newborn: The maternity benefit plan is designed to offer insurance cover to both the mother and the newborn. This is beneficial for complicated pregnancies or in case the child is born with a disease.

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