Giving birth to a child is the most valuable experience for a woman where she sails through myriads of new experiences and emotions. While the happiness in carrying a baby can't subside with anything in the world, sometimes the financial aspect incurred during the pre & post-natal period can become a hindrance in this magical journey. The average cost to deliver a baby is around Rs. 45,000 to Rs. 75,000, and the cost of cesarean deliveries has risen to Rs. 2 lakhs in most metro cities in India. Therefore, maternity insurance is a great means to ensure that there are no roadblocks in the nine-month magical journey.
Maternity insurance is one of the underrated categories of insurance which people generally neglect, but if looked closely then this can really help the to-be-parents in managing a huge chunk of finances throughout the journey. Maternity insurance provides coverage for all the expenses associated with childbirth up to a certain period.
What is Maternity Health Insurance?
Maternity insurance is a type of health insurance that is designed to offer comprehensive coverage to a woman and helps her prepare in advance for the financial requirements of growing a baby. Such plans are designed to cover medical expenses incurred during pregnancy like delivery expenses, hospitalization, pre & post-natal care, medical tests, medicines and other newborn baby expenses.
Benefits of Maternity Insurance
Maternity insurance, generally, comes as a standalone policy and also comes as a benefit or add-on rider with general health insurance in individual and family floater plans. This insurance covers all maternity-related expenses such as delivery, both options, normal and cesarean, and other medical expenses including nursing, room charges, doctor consultation, anesthetist charges, and surgeon's fees. Moreover, the maternity benefit covers the treatment taken for complications in the pregnancy or medically necessary termination, in case required.
The maternity insurance is proven to be supportive post the birth of the baby. It pays for expenses arising out of hospitalization charges of the newborn baby due to any medical complications, vaccination charges, fertility issues of the mother usually up to 90 days from the date of delivery. This add-on benefit can be opted for both the first or second time of having a child by the policyholder.
Best Maternity Insurance Plans in India 2022
Choosing a suitable plan for maternity can require a lot of juggling of available plans in the insurance market. Some of the cruicial factors that should channelize your decision in choosing the right plan should include, inclusion of pre and post hospitalization expenses, pre and post natal expenses, delivery charges and inpatient hospitalization, vaccination cover, newborn coverage in your maternity plan. Here is a list of Best Maternity Insurance Plans available in India which can help you enjoy a financially stress-free pregnancy:
Edelweiss Complete Health Insurance
This plan offers two deliveries or lawful termination of pregnancy during the first 12 weeks from the date of conception. The insured gets coverage for all medical treatment expenses traceable to childbirth including complicated deliveries and cesarean sections that are incurred during hospitalization. Besides, the policy gives a maximum benefit of Rs. 50,000 under Gold Health Insurance Option and Rs. 2,00,000 under Platinum Health Insurance Option as maternity benefit to cover medical expenses. The waiting period of this plan is 48 months.
Bharti AXA Smart Super Health Insurance
This plan offers medical coverage for two deliveries or medically recommended lawful pregnancy termination after completion of a 9-month waiting period. Maternity coverage is only available in a family floater plan and is applicable only to the insured who has chosen the policy term of 3 years.
Reliance General Group Mediclaim Insurance
Reliance General Group Mediclaim Insurance provides maternity cover as a value-added benefit. It offers one-day cover for maternity expenses for both normal and cesarean delivery. The policy does not have any waiting period to start availing of the benefits.
Universal Sompo Complete Health Insurance
This health care plan comes with a three-years waiting period and covers medical expenses for two deliveries or lawful pregnancy termination. This includes complicated deliveries and cesarean sections that are incurred at the time of hospitalization. Maternity benefits are available in two of the variants of the policy which are Essential and Privilege.
The policy covers up to Rs. 15,000 (Normal delivery) and up to Rs. 25,000 (Cesarean delivery) under the Essential option whereas the Privilege option covers up to Rs. 25,000 for normal delivery and up to Rs. 50,000 for cesarean delivery. Both the variants offer coverage for pre and post-natal expenses up to Rs. 2,000.
Magma HDI One Health Policy
This comprehensive health care plan offers maternity benefits in its Premium variant. It offers coverage for medical expenses involved in pregnancy up to Rs. 1,00,000. The plan provides financial coverage in case of normal as well as cesarean delivery.
Considering the maternity benefits and features offered by various companies and in their health plans, one can take a sigh of relief from the financial burden. Compare the top maternity covers and choose the one, fulfilling all your requirements to experience cheerful pregnancy. Enjoy this beautiful phase of life to the fullest.
Care Joy Plan
Joy Health plan is a specially designed maternity plan that offers coverage to expecting mothers and their newborns. The prime objective of this plan is to give maternity coverage to the parents at an affordable premium and reduce the couple's financial worries for delivery-related expenses.
The Care Joy comes in two variants, that offers different benefits and gives the customer a choice to choose as per their needs and requirements. The 2 available variants are:
Health Premia is a comprehensive health insurance plan that covers all the health needs of you & your family including maternity & new-born baby coverage. The plan ensures that you get the best possible health coverage in the market, and comes in three variants- Silver, Gold & Platinum. The policy gives a maximum benefit of Rs. 60,000 under Silver variant, Rs. 1,00,000 under Gold variant & Rs. 2,00,000 under Platinum variant.
Star Comprehensive Plan
Star Comprehensive is a complete health insurance plan that looks after all the healthcare needs of you and your family. The plan offers the necessary financial protection at a time of medical emergency. Above all, the plan also offers the coverage of up to Rs. 50,000 & Rs. 1,00,000 for normal & caeserean deliveries respectively. The pla ensuresyou or your family doesn't have to worry about the expenses.
Bajaj Allianz Health Guard Family Floater Health Insurance Plan
The plan offered by Bajaj Allianz is a family floater plan that covers maternity and new-born infant expenditures under its Health-Guard Gold variant.. In the Gold family floater health plan, the coverage offered ranges from Rs. 3 lakhs to Rs. 50 lakhs.
Activ Health Platinum is a comprehensive health insurance plan that offers comprehensive coverage against medical bills. The plan comes with access to Chronic Management Program.
A comprehensive plan with 3 different variants and up to 1 Cr sum assured covering medical treatment expenses incurred during hospitalization resulting from serious illness or accident.
A maternity health insurance plan with child cover. This plan protects individuals and families during medical emergencies.
Unique Benefits
100% increase in SI as NCB
Newborn Cover
541 day care treatments covered
Chola Healthline Plan
This particular plan is an ideal option if you are looking for coverage for yourself, your spouse, and your children. The plan offers four smart health insurance solutions.
Unique Benefits
Lifelong renewal available
One-time premium payment
Maternity cover available
Future Generali Health Total Policy
Future Generali Health Total policy is a comprehensive health insurance plan that provides coverage against you and your family’s medical expenses. Moreover, the plan also looks after your overall well-being.
A comprehensive medical policy that blends well with the lifestyle of your family while offering SI options from 5 Lakhs to 3 Crores.
Unique Features
Maternity benefits available
10% increase in SI annually
International coverage available
SBI Arogya Supreme
A comprehensive health insurance plan that offers a 15% increase in cumulative bonus for every claim-free year and comes with 8 optional coverage options.
This policy is designed to provide complete protection against all health care eventualities to you and your family.
Unique Features
Health check-ups for claim-free years
Hospital Cash Benefit
100% Automatic Restoration
Premium & Waiting Period
However, the real question arises when one should take maternity policy. Though a maternity plan can be bought at the time of pregnancy but the benefits can't be claimed as maternity plans come with a good time of waiting period ranging from 9 months to 48 months, depending upon the company. In fact, most insurers don't provide maternity insurance plans at the time of pregnancy as it is considered a pre-existing disease category.
The premium payable on a maternity insurance policy is relatively higher than a regular health plan. The certainty of a claim being filed under the policy is absolute, hence, the insurers levy a higher premium on these policies. Therefore, when one decides to buy such coverage, it is recommended to undertake a detailed cost-benefit analysis between different plans offered by various insurance providers. It is crucial to remember that as one grows older, the premium for maternity insurance increases. And top of everything, maternity insurance plans are worth buying considering the escalating cost of pregnancy-related expenses.
1. When is the best time to buy Maternity Insurance?
Most of the maternity insurance plans come with a waiting period, which means the maternity-related expenses would not be covered. So, it is recommended that all newly wedded couples should opt for it and plan pregnancy accordingly.
2. Do all insurance companies offer Health Insurance with Maternity coverage?
Usually, pregnancy, birth, and post-natal care are not covered under a standard family health insurance policy. However certain companies offer Health Insurance with Maternity coverage as an inbuilt or an add-on feature. Therefore, for a plan with maternity insurance coverage, you can get in touch with your insurance company provider for the same.
3. Which is an ideal maternity insurance policy in India?
Well, it depends on your needs and requirements. Every maternity insurance plan comes with certain unique features which may or may not suit your requirements. Therefore, go through your chosen policy documents and choose your ideal maternity plan.
4. Do maternity insurance plans cover cesarean delivery as well?
Yes, maternity insurance plans in India offers coverage against the expenses incurred during the delivery of a newborn baby, be it a normal delivery or cesarean delivery.
5. What do the Best Maternity Insurance plans cover?
It covers 30 days pre-hospitalization and 60 days post-hospitalization expenses, normal and C- section delivery expenses, hospitalization expenses related to nursing, room rent, OT charge, anesthetist fees, and doctor's fees.
6. What is the waiting period to get the best maternity insurance plans?
Generally, when we talk about maternity insurance, the waiting period lies between 9 months to 6 years. Therefore, it is important to maintain a proper balance between your budget and the maximum waiting duration before it gets important for you to claim the insured amount for expenses related to pregnancy.
7. Can I get maternity insurance while pregnant?
Most insurance companies do not provide maternity insurance if you are already pregnant. This is because they consider your pregnancy as a pre-existing condition and is beyond the policy cover.
8. How do I claim maternity expenses?
The documents that you need to claim maternity expenses are:
Claim form
Policy Documents
Admission Advice
Fitness certificate
KYC documents
Consultation bill
Original hospital bill
9. Is there any Maternity Insurance coverage with No Waiting Period?
No, all maternity health insurance come with a certain waiting period which may vary from insurer to insurer. Be it a specialized maternity health plan, or a rider, you need to fulfil the waiting period before availing of the benefits.
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