Maternity Insurance

It is crucial to carry out a detailed and appropriate cost-benefit analysis before choosing the best maternity insurance plan.

Maternity insurance premiums are usually higher than individual health insurance premiums because claim settlement ratios are very close to 100%.

While determining the premium amount, Mediclaim policies, the age and medical history of the woman, the health of her family, etc., are considered. The health condition of her mother and father are normally considered.

Some must-have features of a maternity insurance plan in India are:

• Premium and coverage:As nearly everyone who takes out maternity insurance will need to file a claim at some time, premiums are generally high because maternity insurance has a claim-settlement ratio of nearly 100%. The amount of the premium payable depends on whether the insured has a base health insurance policy. When calculating the premium, the age of the mother, the background of critical illness, any genetic disorders, the hazards of her profession, nutrition levels, etc. are considered. Pre-and post-hospitalization, ambulance charges, consultation fees, room rent, and the newborn's entire inoculation schedule for the first few years are covered under the medical insurance policy with maternity coverage. Caesarean sections are also covered as part of a maternity plan, so insurance companies will reimburse it for you in case you undergo a C-section instead of a vaginal delivery.
• Waiting period:An important part of maternity insurance is the waiting period. Maternity policies require you to serve a waiting period of at least 9 months, and you cannot make a claim just after purchasing one. Depending on your policy, the waiting period may be longer. Depending on the insured's health condition, the waiting period can be different for each person. The policy premium payable will increase if the woman reveals she has certain health problems as the insurer will assume that she may experience certain complications during delivery. For maternity plans, the waiting period generally ranges from three to six years.
• Newborn coverage:Vaccines are recommended for a newborn baby's continuous care, so the doctor prescribes a complete vaccine schedule. A maternity insurance plan covers vaccination costs and other important health-related expenses. Postpartum coverage will extend for at least 90 days following delivery. The actual duration of coverage may vary from plan to plan.
• Plan Exclusions:Some expenses are explicitly exempt from the list of admissible expenses under a maternity policy. A typical maternity insurance policy does not cover the cost of various tonics and vitamins prescribed by your doctor, daily checkups by your doctor, consultations with your doctor during your 9 months of pregnancy, and treatment of infertility. The insurance company is also not responsible for providing maternity benefits to a woman who becomes pregnant while serving the waiting period. Only once the waiting period is served, is the insurer responsible for coverage.
• The right time to buy maternity cover:When should you invest in a maternity insurance policy? Maternity insurance should only be purchased after a couple has planned and considered how they will manage a child. They shouldn't put aside other goals to get maternity insurance. However, purchasing maternity insurance as early as possible is highly recommended. Such maternity plans provide the woman with plenty of time to fully serve the lengthy waiting period. A good time to purchase this plan is also after the couple has had their first child, and if they want to have a second.

Buying insurance policies online is now easy. Before buying your maternity insurance plan online, you can compare similar plans by different insurance providers, you can check the premium, the inclusions, exclusions, etc. Plus, buying online is easier and faster.