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Top Maternity Insurance Plans

Jagrity Sharma Jagrity Sharma 07 August 2019

Are you looking for maternity insurance? Want to be entirely sure that both mother and newborn receive the best care? Know more about top six maternity insurance plans designed to cover all the expenses related to maternity.

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Pregnancy is undoubtedly a vital stage of life. Whether it's women or men, both need to stay prepared in advance to embrace parenthood. Bringing up a child can be expensive. It may involve a strong financial backing to meet requirements of growing a baby. Be it medical tests, delivery cost, hospital stay or the costs of medicine - a well-developed maternity insurance policy can help you cope up with the increasing cost of maternity expenses. Maternity insurance helps you to enjoy the happiest moments of your life without any financial strain.

What is maternity insurance?

Maternity insurance is generally offered as an additional cover with your primary health insurance policy. Maternity insurance covers the expenses associated with both types of baby delivery options – normal delivery and caesarean delivery. Maternity insurance comes with several benefits, which includes pre and post hospitalisation cost. The pre-hospitalisation cost is covered up to 30 days before the admission date. Maternity insurance covers expenses such as surgeon fee, anaesthetist consultation, doctor consultation, room and nursing charges, etc. However, it is crucial to understand various inclusions and exclusions in maternity insurance to make an informed decision.

Now let’s take a look at some of the top health insurance plans that also provide maternity coverage:

Max Bupa – Heartbeat Family Floater Plan

The heartbeat family floater policy offered by Max Bupa is one of the best health insurance policies. It offers maternity insurance and newborn baby cover in all of its three different plan types – Silver, Gold and Platinum. Under this plan, you can avail maternity insurance coverage as well as newborn baby care, including vaccinations for the first year. All three types of plans offered by Max Bupa offer maternity benefits for up to two deliveries, provided the policyholder and spouse are covered under the health insurance plan for two consecutive years.

Religare – Joy Health Insurance Plan

With the minimum entry age of 18 years, Joy Today and Tomorrow Health Insurance Plan from Religare offers two sum insured options of Rs. 3 lakhs and Rs. 5 lakhs for maternity expenses. The plan also covers pre-hospitalisation expenses up to 30 days before delivery. The post hospitalisation expenses are covered for up to 60 days. The waiting period varies from 9 months to 24 months based on the plan option chosen. Religare Joy Health Insurance Plan also offers newborn baby coverage up to Rs. 50,000 for the sum assured of Rs. 5 Lakhs which includes expenses such as medical termination, pre and post-natal expenses and vaccination expenses.

Apollo Munich – Easy Health Young Family Plan

The Easy Health Young Family Plan offered by Apollo Munich comes with three different plan options – Standard, Exclusive and Premium plan. While the standard health insurance policy is a regular health insurance plan with several benefits, the exclusive and premium plan options offer maternity insurance and newborn cover. The exclusive and premium plan options cover maternity expenses for pre and post hospitalisation. The expenses related to the infant baby are also included from day-1 until 90 days after the baby birth.

Royal Sundaram – Lifeline Elite

Royal Sundaram – Lifeline Elite plan offers maternity insurance, which covers delivery expenses for both normal and caesarean delivery. The plan covers pre and post-natal expenses. The plan offers coverage for newborn baby up to policy expiration. The vaccination cost is included for the child during the first year. The policy covers 30 days pre-hospitalisation and 60 days post hospitalisation expenses.

HDFC ERGO – Health Suraksha Gold Plan

Health Suraksha Gold Plan from HDFC ERGO offers complete coverage of pre and post-delivery expenses. Both normal and caesarean delivery is included in the plan. Medical expenses for the newborn are covered up to 90 days.

Eligibility criteria for maternity insurance

Any individual who meets the eligibility criteria of the insurance company can purchase a maternity insurance plan from that insurer. Different companies have their eligibility criteria for maternity insurance. The benefits of maternity insurance are payable after the completion of the waiting period.

Why do you need maternity insurance?

As a responsible parent, you should be equipped to bear the expenses related to pregnancy and the delivery of the newborn. With the rising medical expenses, it is crucial to be well-prepared for all expected and unexpected costs at the time of pregnancy and childbirth. This is why you should consider maternity insurance, which is generally offered with a health plan.

The basic health insurance policies do not cover maternity expenses. Thus, they are of no use at the time of the baby's delivery. Moreover, the cost of healthcare is rising at an inflation rate of 15% to 18% each year. The cost of hospitalisation is expected to be more than twice within the next five years. In such a scenario, a comprehensive health insurance plan with maternity cover provides you the financial protection during pregnancy.

Other features of maternity insurance plans

Cashless facility: Maternity insurance plans offered by leading companies provide cashless hospitalisation facility at their network hospitals across the country.

Claim-free bonus: Insurance companies offer a discount on the premium amount for the next year or an increase in the sum insured for the same premium if the policyholder does not raise a claim in a specific policy year. Moreover, insurance companies offer quick and streamlined processing of the application. Maternity insurance plans offer policyholders the convenience of online application with a few clicks.

Tax saving: Premiums paid towards maternity insurance plans offer tax benefits under Section 80D of the Income Tax Act, 1961. Flexibility to select coverage: Policyholders have an option to choose the sum insured they want to cover as maternity expenses. The expenses related to maternity are usually covered under maternity insurance after nine months to six consecutive policy years. Maternity insurance serves as an excellent supplement for your health insurance policy when you are planning to embrace parenthood. It is highly recommended to purchase comprehensive maternity insurance beforehand for a safe and strain-free pregnancy.

Jagrity Sharma
Written by Jagrity Sharma
A bibliophile who hates alliterations, but loves cream, comics and content immensely! On another note, a content marketer who leverages the power of words to explain...almost anything!