The moment of welcoming your newborn is special, and you would want to enjoy it without thinking about the hefty hospital bills. With health insurance offering maternity benefits, you can welcome your child into the world without worrying about the astronomical costs related to pregnancy and delivery related complications.
A maternity insurance plan can provide you the financial cushion at a time when you may experience both elation and joy as a new member joins your family.
What is maternity insurance?
Maternity health insurance is a plan designed to cover the maternity and healthcare expenses of expecting mothers and their newborn babies. Generally, maternity benefits are offered as an additional rider with your existing health insurance policy.
However, maternity riders have a sub-limit that may not be enough to pay for the entire expense of pregnancy and childbirth. Thus, buying a comprehensive maternity insurance plan can be a smart option.
Why do you need maternity coverage?
Medical expenses are increasing day by day. Thus, you must prepare yourself for the expenses related to your pregnancy and the delivery of your baby. By purchasing a health insurance with maternity coverage, you will be covered for the maternity-related expenses, and hence, safeguard yourself from the spiraling healthcare costs.
Things to consider before buying maternity insurance
Coverage: While buying maternity insurance, you need to ensure that the policy provides adequate cover for all pregnancy-related costs like check-ups, tests, medications, hospitalisation, delivery, and any other unforeseen pregnancy complication.
Waiting period: Most pregnancy insurance policies have a waiting period of 9 months to 4 years from the date of commencement of the policy to avail maternity benefits. Thus, it is advisable to purchase a maternity insurance policy in advance so that you can enjoy the benefits at the required time.
Terms and conditions: Just like any other insurance plan, before buying a maternity health insurance policy, it is advisable to read all the related literature thoroughly. Before buying a plan, you must analyse and compare all the features, benefits, and clauses.
Benefits of maternity insurance
1. Pre- and post-hospitalisation cover: Maternity insurance plans cover check-ups and medication required from 30 days before delivery. They also cover expenses up to 60 days post-delivery.
2. Delivery expenses cover: Whether normal or caesarean, the delivery of a child can be expensive. A maternity insurance policy’s sub-limit for normal delivery is Rs. 15,000 to Rs. 25,000 and sub-limit for caesarean delivery is Rs. 25,000 to Rs. 50,000.
3. Pre- and post-natal cover: A maternity insurance policy covers childcare expenses including consultation, medication, check-up, and incubation costs, thereby financially covering both the mother and the newborn.
4. Vaccination cover: Some maternity plans cover the mandatory vaccinations for the newborn for the 1st year of birth. These include vaccinations like polio, tetanus, diphtheria, whooping cough, measles, hepatitis etc.
5. Newborn cover: Some maternity plans cover the expenses for the newborn for up to 90 days from birth. This is useful when the newborn needs special care for congenital diseases and other complications.
6. Cashless facility: Upon availing maternity insurance plan from a reputed insurance company, you can avail cashless facility at the network hospitals/nursing homes across India.
7. Tax benefits: As per Section 80D of the Income Tax Act 1961, you can avail tax benefits of up to Rs. 75,000 on payment of an annual premium for your maternity health insurance policy.
Several health-related issues may occur during pregnancy and you may be diagnosed with pregnancy complications like gestational diabetes and ectopic pregnancy. These complications demand prompt medical attention and may incur high expenses.
To cover yourself against such conditions, you may check out the health insurance plans offered by Bajaj Finserv. The company also offers a Pregnancy Complications Cover under its Pocket Insurance policies. This cover offers you coverage of up to Rs. 50,000 at just Rs. 499.
Bajaj Finserv also offers affordable health insurance solutions like Monsoon Cover, Infection Cover, Dengue Cover, Kidney Stones Insurance, Water Borne disease Cover, Tuberculosis Cover, Meningococcal Meningitis Cover and Hospital Cash Cover under Pocket Insurance. These insurance plans are designed to address your specific requirements and provide you a large amount of coverage at pocket-friendly yearly premium.