- Waiting Period in Plans
- Types of Waiting Period
- Reduction
What Does No Waiting Period in Maternity Insurance Mean?
Maternity insurance plans with no waiting period mean that the policyholder can claim medical coverage for maternity from the date of inception of the policy without having to wait for a waiting period to get over. Where waiting period is the duration of the policy term in which the policyholder cannot claim any benefit which is related to maternity expenses, having no waiting period means that you do not have to wait to get medical assistance against your maternity-related bills. Maternity insurance coverage with waiting period is tailored specially to prevent last-minute buying of the policy, instead, it encourages the policyholder to buy the policy way in advance, which will ensure proper coverage throughout the pregnancy period.
Is There Any Maternity Insurance Without a Waiting Period?
Well, the answer to this question is ‘No’. At present, every maternity insurance plan has a waiting time. Maternity coverage under standard health insurance policies too, does not consist of a zero waiting period. So, if you intend to build a family soon, plan it ahead by buying a maternity plan. This will help you as well as your family to bear the heavy expenses. You will get all the benefits of the plan such as pre and postnatal care, c-section surgery, medication, doctor consultations and many more covered. And in some cases, companies also provide coverage for the newborn.
But, there might be a little relief hearing that the waiting period for maternity insurance can sometimes be reduced. Some insurance providers offer a reduced waiting period as a benefit, while others allow policyholders to choose a reduced waiting period for an additional premium. It is important to carefully review the terms and conditions of a policy before purchasing to understand the waiting period and any options for reducing it.
List of Health Insurance Plans With Minimum Waiting Period
| Plan Name | Waiting Period |
| Care Joy Maternity Plan | 12 Months |
| Star Women Care | 9 Months |
| Star Comprehensive Health Insurance | 9 Months |
| SBI Arogya Premier Policy | 9 Months |
| Niva Bupa HeartBeat | 24 Months |
Why Waiting Period is Necessary in Maternity Health Insurance
Out of all health insurance coverages, maternity insurance always comes with a waiting period. Following are the reasons why:
- Risk Management So maternity insurance coverage with no waiting period will prove to be of huge loss for the insurer as policyholders will buy the policy at the time of pregnancy and file for claims in some months and then cancel the policy without continuing it for a long time.
- Maternity is Pre-Decided Pregnancy is a big step in an individual’s life and thus, is usually pre-planned. Also, people only buy maternity plans when there is a chance that they will utilize them. So, it becomes necessary to impose a waiting period since there is a very high chance that the claim will arrive. And, if the waiting period is missing, all of the policies bought at the time of delivery will file a claim within some days.
- Fraud Claims Will IncreaseMaternity insurance plans with no waiting period makes it really difficult for the insurer to differentiate between genuine and intentional claims.
- Unfair Cost Distribution Maternity health insurance with no waiting period will lead to a financial burden that is unequally distributed between the customer and the insurer. Hence this will increase the premium amount for any one side, either insurer or the insured.
- Discourages Long-Term Coverage Buying a maternity plan with no waiting period will lead to short term coverage from the policyholder’s end. People will buy a policy just before they plan a baby and get done with the policy intentionally as soon as it happens. A waiting period helps to maintain continuous and comprehensive coverage.
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No Waiting Period in Maternity Insurance : FAQ
1. Is there a maternity insurance plan with no waiting period?
No, maternity health insurance always comes with a waiting period. However, different insurers provide different waiting periods.
2. How much do I need to wait before I get coverage for maternity?
The waiting period for maternity ranges from 1 year to 3 years.
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Written By: Naval Goel
Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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