Complete details of Maternity Insurance

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Maternity insurance is an insurance product that covers maternity related expenses. This was not covered until few years ago but because of increased awareness and competition, many insurers are covering it under the health insurance plan. This concept is not very popular in India but it is slowly catching up.

Maternity coverage is provided as a rider on a main health insurance package. You can pay extra premium to get the coverage. Some insurance companies do not charge extra premium but put a waiting period and cap the expenses claimed under maternity coverage. Some insurance companies cover it under OPD expenses. In majority of the cases, maternity insurance is covered by group policy in the company.

Currently all major insurance providers such as ICICI Lombard, Max Bupa, Apollo Munich, Star health, and others provide it as rider to the main health insurance.

Why should you take it

Maternity expenses are increasing because of increased complexity in delivery. Today the cost comes anywhere between 25000 to 1 lakh. Maternity insurance is a good way to reduce the burden on your pocket.

Important Points

First, you should check with your company whether maternity is already covered by group insurance plan. Most of the companies cover employees under a group plan. This is the best option.

Secondly, if you already have a health insurance plan, check if there is option to add maternity rider. Usually insurance companies are more open and liberal to give this rider if you have been doing business with them for some time.

There are some important points you should keep in mind while planning to add maternity insurance.

1. There is usually a waiting period of 3-6 years. This means you can only claim the maternity benefits after 3-6 years from the day you take health insurance. In case of group insurance under company plan, the waiting period is 9 months.

2. The coverage is limited to a maximum amount of 50,000. This number varies with insurance providers. The coverage again varies with the type of delivery; less for normal and more for caesarean.

3. Emergency cases are covered and hence this will be a big relief. However, you should check the sum insured in emergency cases as many insurance providers put a cap of 50,000.

4. Check all the features, clauses, and process with the insurer the exact coverage under maternity rider.

5. Start early in life. You will not get maternity insurance after pregnancy as insurance providers take it as pre-existing condition. Even otherwise, you should check with your insurance providers regarding the waiting period.

Inclusion and Exclusion

Here is a list of coverage under the plan. All insurers may not cover all the aspects but the first three conditions are usually covered by all.

- Expenses 30 days prior to hospitalization and 60 days post hospitalization

- Delivery expenses

- Any complications such as pre-mature birth, caesarean, and any other emergency

- Pre and post natal expenses

- A few insurance companies cover the baby under the maternity plan for 3 months for the sum of 10% of the sum insured for mother.

- There is also coverage of vaccination and nutrition consulting for baby by Max Bupa insurance which is a unique feature.

What is not covered?

- Visit to doctors for regular check-up and cost of medicine

- Termination within 12 weeks

- Consultation fee of doctor

Drawback of maternity insurance

Maternity insurance has a few drawbacks too. First, the amount insured may not be sufficient enough to cover the maternity expenses. Second, the waiting period is very long which makes it difficult for people to plan in advance.

Overall, maternity insurance is a good option to ensure your happiness and peace of mind when the expenses exceed your expectations.

Source: Economic Times

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