Top 10 Factors to Consider While Buying Maternity Insurance in India

Why Should You Buy Maternity Health Insurance?

Maternity health insurance plans cover medical expenses resulting from pregnancy, including delivery charges and pre-natal & post-natal expenses, along with newborn baby treatments. Check out some of the reasons why you should buy maternity insurance if you are planning a pregnancy:

• Covers Pregnancy-related Expenses: Maternity insurance plans cover pregnancy-related expenses, such as delivery charges, pre and post-natal care, antenatal care, newborn baby cover, etc., which are generally not covered under regular health plans.
• Coverage for Pregnant Women: A few maternity health insurance plans provide coverage to women who are already pregnant, which is not an option under regular mediclaim policies.
• Cashless Hospitalisation: Maternity insurance enables you to receive cashless treatment at hospitals without paying upfront. This comes in handy at the time of childbirth when you do not want to get into the hassle of handling hospital bills.
• Better Financial Planning: With maternity insurance, you can plan your finances better without worrying about unexpected medical costs. This allows you to focus on the new phase of your life without any stress.

10 Things to Keep in Mind While Buying a Maternity Insurance Plan

Bringing a child into this world is a big responsibility. Considering its importance, here are 10 things you should remember while buying a maternity insurance policy in India:

1. Maternity Coverage Amount

   The most important thing to consider is the coverage amount of your maternity insurance plan. Different pregnancy insurance plans come with different delivery expenses limit, ranging anywhere between ₹12,000 to ₹2 lakh. Thus, it is important to analyse your health needs & childbirth expenses in your city to decide on the coverage amount.

   Make sure you opt for an amount that is sufficient to cover all your maternity-related expenses amidst medical inflation.

2. Comprehensive Maternity Coverage

   When choosing a maternity health insurance plan, make sure it provides extensive coverage for all pregnancy-related expenses. These may include coverage for delivery charges (both normal and C-section),, pre & post-natal care, day care treatment, etc. Additionally, many plans offer coverage for assisted reproduction treatments, IVF treatments, etc.

   Opt for a plan that offers comprehensive maternity cover to expectant mothers eliminating any financial stress during their pregnancy.

3. Waiting Period for Maternity Insurance

   All maternity plans in India have a waiting period. The maternity insurance waiting period ranges from 3 months to 48 months during which you cannot raise any pregnancy-related claims under your mediclaim insurance policy. However, the waiting period may vary between insurers and plans. Opt for a plan that comes with the lowest waiting period for maternity insurance.

   Also, it is better to buy pregnancy insurance as early as possible so that you finish serving the waiting period before you start your family.

4. New Born Baby Cover

   Another significant factor to consider while purchasing a maternity plan is the newborn baby cover. With this cover, you do not need to worry about your child's early vaccinations, medical treatments and post-natal care until the baby turns 90 days old.

5. Eligibility Criteria for Maternity Cover

   Almost all maternity health insurance plans come with eligibility criteria. For instance, most pregnancy insurance plans are available to women aged between 18 to 45 years. Besides, maternity plans offering coverage to pregnant women require scans of specific weeks before issuing the policy. However, the eligibility criteria may differ between insurers and plans.

   So, make sure to check the maternity eligibility criteria before you choose which plan to buy.

6. Maternity Insurance Premium

   The premium is a critical factor when choosing any health insurance plan, including pregnancy plans. Usually, maternity insurance premiums are slightly higher than regular health plans due to the pregnancy cover. Therefore, you must compare the premiums of different maternity plans to find a plan that offers comprehensive coverage at an affordable cost.

   However, remember not to blindly opt for the plan with the lowest premium, as it may not offer the coverage you need.

7. Policy Exclusions

   Every maternity insurance policy has a set of exclusions or medical expenses that are not covered. However, these exclusions may differ from one plan to another. So, make sure to carefully read the policy document to understand what the insurer will not cover. Being aware of these exclusions can help you make a more informed decision and avoid any disappointments later.

8. Co-payment

   Some pregnancy insurance plans may come with a co-payment clause. Under this clause, policyholders are required to pay a fixed percentage of the claim amount from their pockets while the insurer pays only the remaining amount. So, while buying a maternity insurance policy, always check for any applicable co-payment and prefer a plan with no co-payment.

9. Sub-limits

   A few maternity health insurance plans may come with a sub-limit or a fixed cap on the coverage amount. This can limit the maternity expenses covered by your insurer. Therefore, make sure to check for maternity sub-limits before choosing a plan and prefer the one with no sub-limits to keep your out-of-pocket expenses low during childbirth.

10. Hospital Room Category

    Some maternity insurance plans come with a fixed room category that you can opt for at the time of getting hospitalised for your delivery. To ensure greater flexibility and comfort, it is best to choose a pregnancy insurance plan that allows you to stay in any hospital room of your choice with no restrictions.