Motherhood is one of the important transitions that women go through in life. During this stage, she sees a lot many changes. Indeed, the journey of becoming a mother is magical. The complications are higher when a woman gets pregnant at an older stage. On one hand, embracing motherhood is exciting on the other hand the expenses also start incurring. Financial expenses can sometimes put you in financial turmoil specifically if you are not well-prepared. Hence, it becomes important to have a maternity health insurance plan in place.
In This Content
What is a Maternity Insurance?
Maternity insurance is a type of coverage that covers all the expenses, which are associated with childbirth up to a specified time. You have the option to choose it as a standalone policy. Or you can include that as an add-on health insurance with the maternity cover by simply paying an additional premium. Anyone with existing or new medical insurance can include the maternity benefit for themselves or their spouse.
Can I Get Maternity Insurance While Pregnant in India?
Usually, the insurance companies in India do not provide maternity insurance when a woman is pregnant. It is so because that pregnancy is considered as a PED that is beyond the policy cover.
Which is the Best Maternity Insurance in India?
Before you choose the maternity health insurance cover, it is important to understand who would need it. Here is a rundown of those who would ideally need the best maternity insurance in India:
- Anyone is newly married/getting married and is starting a family or intend to in the coming next two to three years
- Anyone who already has a child and planning for the next child in the coming years
- Anyone who has no plans for now but would like to be safeguarded
Benefits of Maternity Insurance in India
Let us quickly have a look at the following benefits of maternity insurance in India:
- Financial Security: It becomes important to be financially secured for one of the most important moments of life. A maternity cover ensures that you do not spend much from the savings, have hassle-free delivery and beginning of parenthood.
- The Onset of Parenthood: The maternity benefit cover offers coverage for delivery expenses as well as newborn babies up to 90 days. The terms and conditions will vary from insurer to insurer. You can have the most relaxing onset of parenthood, easily recover and relish the new journey.
- Peace of Mind: The babies are the little bundle of joy. Having maternity insurance coverage will not leave you in distress of financial worries. It will offer coverage for the incurred expenses and you have that peace of mind.
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How is the Maternity Insurance Premium Calculated?
The premium payable for maternity health insurance is relatively higher when compared to a regular health plan. This is so because the certainty to file the insurance claim is absolute. Hence, insurance companies levy a high premium. Ensure that you keep all the health insurance documents safely. Before you choose coverage, it is suggested to do an in-depth cost-benefit analysis. Compare various health insurance policies offered in India and then make a decision. Remember, as you grow old, the premium for maternity insurance will also increase. The cost related to pregnancy is increasing with every passing day. To avail maximum benefits with a cost-effective premium, it is highly recommended to buy one early and not delay for the long run.
The Bottom Line
Remember, milestones like these do not happen every day. Regardless of whether it is your first child or a second, planning is important. The beginning of parenthood is beautiful and challenging. It is a mixed feeling of excitement, nervousness, gratification, uncertainty, and lastly restlessness. The phase of maternity is one long journey that indeed culminates in the ultimate joy. So planning well is important both for the unplanned and the planned as well.
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