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What is maternity benefit?
04 March 2020
A child heralds a new phase for the entire family with a promise of joy and happiness. While this new life may bring a whole new atmosphere into your home, expecting mothers require constant care and medical attention. The entire nine months of the maternity period leading up to the delivery are filled with regular visits to the doctor.
Especially with the trend of rising prices, pregnancy can get expensive, even more so if you are seeking private care in India. To alleviate the financial burden and ensure the best care for both mother and child, it is imperative that couples seek a maternity insurance cover. However, there are a lot of questions that go along with this demand. For instance, what should a cover include and how much should be paid for it?
We're here to breakdown the basics of a maternity insurance plan for you today.
What is maternity benefit ?
Maternity benefit provides a comprehensive healthcare coverage for expecting mothers and their new-borns. The coverage extends to the period of pregnancy, the delivery and post-natal care.
How can you purchase a maternity insurance cover?
A maternity benefit is usually purchased as an add-on cover/ rider to your existing health insurance plan. Some women may also receive maternity benefits through their employer as a part of the group benefits plan; however, group insurance benefits are relatively limited and may not suffice for the entire cost of pregnancy.
Since most families already have an existing family floater cover, the easiest option is to add the maternity benefit to it.
What is covered under maternity insurance?
New regulations in India have made getting health insurance simpler in today's times. As per the IRDAI, insurance companies in India have to follow a uniform code for maternity benefits. This maternity coverage is also applicable for normal as well as caesarean deliveries, and any other post-delivery complications for the mother. Additionally, all hospitalisation costs such as room rent, doctor visits, surgeon charges, anesthetist consultation, ambulance charges etc. are covered in your maternity insurance plan.
Note: The maternity cover is extended to the newborn baby as well in some cases. For instance, Max Bupa's plans offer coverage to the newborn for a whole year after birth.
When to purchase a maternity cover?
All maternity insurance benefits come with a compulsory waiting period. This period can range anywhere between two to four years, depending on the insurer. If you are already pregnant, you will not be able to avail a maternity cover.
Therefore, it is recommended to get a maternity insurance cover at the earliest even if you do not have plans of starting a family in the near future. This way, you can exhaust the waiting period well in advance only.
What are the premiums like for maternity insurance in India?
The premium for a maternity insurance cover is usually higher when it is added to a standard insurance plan because while there is a possibility you may not need healthcare cover for other ailments, a maternity cover is purchased for a certainty. Hence, insurance companies levy a higher premium for such a cover.
What are the exclusions to a maternity cover?
The specific exclusions of a maternity insurance plan tend to differ with respect to the insurance providers. However, some common exclusions include a cap on the age of the policyholder, purchase of vitamins and tonics, etc.
Rising healthcare costs may stress your pockets while planning for a baby. Since a standard health cover does not come with maternity benefits, you need to invest in a maternity insurance plan at the earliest. Look for an affordable cover that suits your budget and provides maximum benefits through this important journey. To know more about what maternity coverage can offer to you, head on over to www.maxbupa.com