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Why is It Important to Have Maternity Insurance?

As a responsible parent, you must prepare for the expenses related to pregnancy and delivery of the baby. Today, with the rising medical expenses, it is important to be well prepared for all planned and unplanned expenses with a maternity insurance policy.

Parenthood is one of the crucial decisions that one makes in life. It is something to which every couple looks forward to. While the anxiety about parenthood may take a few days to settle, one thing you don’t need to worry about is the hospitalisation expenses if you have sufficient maternity insurance. While there are several other factors that couples should consider before and after the baby is born, one cannot overlook the cost involved. With the escalating medical costs across the country, the expenses of a normal delivery in a decent hospital could range anywhere between Rs. 50,000 to Rs. 2 lakhs. These figures are shocking and suggest a need for proper financial planning towards the medical expenses that will occur during pregnancy. Hence, maternity insurance policy offered by several health insurance companies is one of the best approaches to tackle these expenses.

The benefits of maternity insurance include financial protection during maternity, pre and post-natal care, pre and post hospitalisation expenses, ambulance charges, delivery expenses, irrespective of whether it is a normal or caesarean delivery. The maternity insurance plan also covers the new-born baby until a specific period.

Below listed are the top five reasons why it is important to get maternity insurance in India.

  • Acts as a financial backup : Maternity insurance covers expenses related to normal as well as a caesarean delivery option. So, no matter what type of procedure is needed, you won't be stressed out about the finances. Moreover, some policies also cover pre, as well as post hospitalisation expenses wherein all kinds of pre-hospitalisation expenditures up to 30 days and 60 days of post hospitalisation expenses, are covered. Moreover, medical expenses such as surgeon's cost, doctor's consultation, room charges and nursing are also covered under the policy.
  • Delivery in a private hospital is expensive These days people prefer quality healthcare which is why private hospitals are high in demand. However, treatment at these hospitals is quite expensive. The cost of normal delivery in a private hospital could cost anywhere between Rs. 50,000 to 70,000 and for caesarean delivery, the amount goes up by an additional Rs. 50,000 to Rs. 1 lakh. Besides, pregnancy is subject to complications, it is highly unpredictable, and you may not know what affects the total cost. This is where a maternity insurance cover acts as a financial relief, and you can take a baby step into the world of parenthood without having to worry about the finances.
  • Covers new-born baby from day 1 : Generally, health insurance policies do not cover new-born babies until they are 90 days old. However, an insurance policy with maternity coverage covers the new-born baby right from birth. Some of these plans even include vaccination charges for the new-born right till the end of the policy year.
  • Prepares the couple for complications: In the case of complexity like premature birth, a new-born needs to be kept in an incubator for a certain period of time. The cost of such treatment can go up to about Rs. 10,000 per day. These are unforeseen circumstances that can become more stressful due to the expenses. With a good maternity insurance plan, you could find some relief from the financial burden as it would cover most of the expenses. Some maternity insurance plans offer coverage for the new-born baby if he/she is born with a critical illness or is observed to suffer from a congenital disorder.

  • Helps a couple to start a family without the financial burden : Most couples these days take time to plan their baby because of the expenses that arise with having and raising a kid. Now, a maternity insurance policy that comes with sub-limits of 1 to 4 years, depending on the insurance company, you can plan for a kid without facing a financial burden.

The following are some of the top maternity insurance plans offered by insurance companies in India.

Max Bupa – Heartbeat Family Floater

Religare – Joy

Apollo Munich – Easy Health Young family

Royal Sundaram – Lifeline Elite

Star Health – Wedding Gift Insurance Plan

HDFC ERGO – Health Suraksha Gold

Other value-added features of maternity insurance plans

  • Cashless hospitalisation: Maternity insurance plans from leading insurance companies offer cashless hospitalisation facility at their network hospitals spread across the country. You can avail medical facilities at network hospitals without having to pay the medical bills.
  • Claim-free bonus: Several insurance companies offer a discount on the insurance premium for the next year or an increase in the sum insured at the same premium if the plan does not raise a claim in a policy year. Moreover, insurance companies offer a simple and streamlined online application facility to make the entire process easy for the policyholders. These insurance plans can be bought online with just a few clicks.
  • Flexibility to choose the sum insured: Policyholders have an option to choose the sum insured. They can choose the desired sum insured at the time of buying the maternity insurance policy.
  • Tax benefit: Policyholders can avail tax benefits for the insurance premium paid towards maternity cover under Section 80D of the Income Tax Act, 1961. Maternity insurance cover serves as an excellent supplement for your health plan when you are planning to embrace parenthood. Hence, it is recommended to purchase maternity insurance for a financially secure pregnancy. Rising medical inflation and risking uncertain hospitalisation costs usually pose a significant challenge in meeting the medical expenses and may get in the way of the joy of being a parent.

There are several insurance companies offering maternity coverage. It is advisable to compare these plans by studying their features and benefits offered by them and then decide which policy is best suitable for you.

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