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Bringing a child in the world is an important decision. It is imperative that the mother and the new born get quality medical care. This means high costs. Some insurance plans cover maternity but insurance companies are in the business to make profits. So they play it safe when it comes to maternity insurance. Insurers cover unexpected risks and usually pregnancy is not considered a risk but a sure event. Here is a comparison of 4 insurance plans covering maternity.
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Choosing to have a baby is a wonderful albeit a life changing experience. Emotional, Health and Financial aspects of your life will be affected. It is important to ensure that your health is in good shape before and after the delivery of the child and the finances are in order so that the new milestone in your life is smooth sailing.
Insurance companies offer health insurance. Some health insurance policies cover maternity subject to certain terms and conditions. Some insurance companies offer health insurance that is primarily for maternity cover.
Usually a maternity cover should offer –
Insurance companies offer health insurance. Some health insurance policies cover maternity subject to certain terms and conditions. Some insurance companies offer health insurance that is primarily for maternity cover.
Usually a maternity cover should offer –
- Pre Natal and Post Natal expenses up to a time limit
- Expenses incurred on new born
- Vaccination expenses.
Most insurance companies have sub-limits. We compare a few insurance products out there that provide maternity cover and health insurance products that covers maternity –
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Particulars
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Star Wedding Gift Insurance
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Religare Joy Tomorrow
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Max Bupa Heartbeat Family First
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Apollo Munich insurance Easy Health Family Floater – Exclusive Option
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Description
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Covers maternity expenses and hospitalization of members insured and specified Day-Care procedures.
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Covers Maternity & Newborns and provides Health Insurance.
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It is an insurance policy that covers family insurance and maternity.
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Covers medical treatment and illnesses including maternity related medical expenses.
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Eligibility
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A married couple can get covered from 18 years-40 years.
It can be renewed up to 45 years. |
Adults – 18- 65 years,children – 1 day – 24 years and New borns- 1 day – 90 days are covered.
Lifelong renewability is available subject to IRDA guidelines on health insurance with maternity benefit products. Maternity cover is available only till age of 45. |
Person’s minimum age should be 20. There is no upper limit.
It can be renewed lifelong. |
Minimum Age- 18years
Maximum entry age – 65years. Child aged 91days to 5years if either parent is getting insured. |
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Sum Assured
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Available for Rs. 3,00,000 and Rs. 5,00,000.
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Available for Rs. Rs. 3,00,000 to Rs. 5,00,000.
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Policy amount range is Rs. 2,00,000- Rs. 1,00,00,000.
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Rs. 3,00,000 to Rs. 50,00,000.
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Specified Maternity Cover
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For a Rs. 3,00,000 cover – Rs. 15,000 for normal delivery and Rs. 20,000 for caesarean delivery.
For a Rs. 5,00,000 cover – Rs. 20,000 for normal delivery and Rs. 25,000 for caesarean delivery. Covers pre natal and post natal expenses up to specified limit. Covers post delivery complications and test for detecting congenital abnormality in foetus. |
Pre-natal and post natal expenses Medical expenses for newborn baby up to 90 days
New born birth defects – Up to Rs. 35,000 for 3 Lac SI – Up to Rs. 50,000 for 5 Lac SI |
Maternity covered for 2 deliveries for the limit of pre and post hospitalization expenses.
New born baby covered from day 1. First year vaccination covered under the platinum plan. It covers the married women in the family covered for maternity expenses. |
Normal Delivery Rs 15000
Caesarean Delivery Rs 25000 (Sums are including pre/post natal limit of Rs 1500 and new born limit of Rs 2000) for sum assured up to Rs.5,00,000 |
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Other Features
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Room and nursing expenses up to Rs. 4000 per day.
Surgeon, Specialist, Anaesthetist, consultant fees Emergency ambulance charges up to Rs. 1000 per hospitalization and Rs. 1500 per policy period. |
Ambulance Up to Rs. 1,000 per Claim.
If you enrol at the age of 61 years or more, you will have to pay 20% of the claim amount under the policy. |
Day care treatments
Home based treatment if advised by medical practitioner or doctor. Emergency Ambulance charges covered on actuals. Free medical check-up at the time of renewal. 10% additional sum assured on renewal without change in premium Can access wellness and lifestyle products and services on renewal. |
Coverage for
Inpatient Treatment taken under other types of treatment like Unani, Ayurveda, Sidha and Homeopathy. There is no capping on room expenses. Cost of treatment for the organ donor at the time of organ transplant. Ambulance Charges up to Rs. 2000. Dental cover is provided after a waiting period of 3 years limited to certain amount. A lump sum amount paid if an adult accompanies an insured child during hospitalization. Comprehensive Health Check up subject to a maximum of Rs. 5,000 per Insured person, only once at the end of a block of three continuous policy years. Maternity expenses including pre/post natal expenses 10% increase in your sum insured for every claim free year, till it reaches 50% of the Sum insured |
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Waiting Period
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Maternity – 24-36 months depending on tenure of policy. . For second child, a waiting period of 24 months after the first claim is required.
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Initial Waiting period – 30 Days
For Named ailments- 24 months For Pre-existing Diseases -48 months For maternity claims -24months waiting period Religare has another policy -‘Joy Today’ that has only 9 months waiting period for maternity claims. |
4 years – Silver Plan
2 years – Gold Plan |
For maternity claims – 4 years (Exclusive and Premium variants) for a Sum Assured of Rs. 15,00,00 and more and 6 years for sum assured of Rs, 10,00,000 or more.
For specified ailments – 2 years For pre-existing diseases – 3 years. A female has to be married to claim maternity expenses. |
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Pre hospitalization and Post hospitalization
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Pre-Hospitalization expenses up to 30 days prior to admission in the hospital.
Post-hospitalisation paid as lump-sum up to amount specified. |
Pre-hospitalization expenses – 30 days before hospitalization.
Post-hospitalization expenses covered for 60 days after discharge. |
Pre-hospitalization expenses – 30 days before hospitalization.
Post-hospitalization expenses covered for 60 days after discharge. |
60 days of pre-hospitalization and 90 days of post hospitalization are provided in this plan.
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Exclusions
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4 years waiting period for pre-existing ailments.
Diseases contacted within 30 days of policy purchase. Maternity claims before 3 years of continuous renewal. Claims on conditions arising due to war, war like situations, invasion etc. |
4 years waiting period for pre-existing ailments.
Diseases contacted within 30 days of policy purchase. Conditions related to AIDS, congenital diseases, infertility, in-vitro fertilisation suicide, Dental treatment, cost of spectacles and expenses due to alcohol and drug abuse |
Artificial life maintenance
Genetic disorders and hereditary conditions. HIV and AIDS Eyesight issues, speech disorders, cosmetic surgery and obesity Alternative Treatments Addictive conditions, sexual problems, reproductive problems Conditions from conflicts, wars and disasters. |
Cosmetic Surgery, Genetic Disorders, War related injuries and self inflicted injuries.
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Premium for Sum Assured of Rs. 3,00,000 for 2 adults, eldest member- 30 years old
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– Rs. 11,851 for 1 year policy
– Rs. 21,333 – 2 year policy |
– 1 year policy – Rs. 20.393 and
– 2 year policy – Rs. 37,728 (There is a discount of 7.5% for the 2 year policy.) |
– 1 year – Rs. 12,211
– 2 years Rs. 23,390 (discount of Rs. 1032) |
Easy Health Family Floater – Exclusive Option –
1 year – Rs. 7,048 2 years – Rs.11,962 |
Our Analysis
As you can see, the maternity covers offered are not suitable for all conditions. The Religare Joy Tomorrow Plan has the lowest waiting period but the premium is high compared to the other products. The Star Wedding Gift Insurance covers maternity as well as new born defects. It is available only for married couples and families. The plans from Max Bupa and Apollo are health insurance plans that cover maternity. But there is a long waiting period. Moreover you have to buy the family options and not the individual variants as only the family options have maternity benefits. This does not help single mothers or live-in couples. Moreover all family members are not going to get pregnant.
If you are employed and your employer takes care of pregnancy cover, then you need not go for a separate maternity insurance policy. In most cases of corporate insurance, the waiting period is 9 months. It is important to look at clauses for waiting period, voluntary termination of pregnancy, coverage for new born and vaccinations before making the decision to buy an insurance policy . You should check the cost of delivery in a couple of hospitals in the area where the delivery can happen. Storage of stem cells, ectopic pregnancy are not covered in maternity insurance.
It might be better to plan ahead and buy a health insurance product when you are young that covers all your medical expenses and along the way covers maternity expenses once the waiting period is over. There is not much sense in buying an insurance product with premium that might be almost equal to the maternity cover.
Let us know your experience in buying insurance products covering maternity and whether it was beneficial for you.
As you can see, the maternity covers offered are not suitable for all conditions. The Religare Joy Tomorrow Plan has the lowest waiting period but the premium is high compared to the other products. The Star Wedding Gift Insurance covers maternity as well as new born defects. It is available only for married couples and families. The plans from Max Bupa and Apollo are health insurance plans that cover maternity. But there is a long waiting period. Moreover you have to buy the family options and not the individual variants as only the family options have maternity benefits. This does not help single mothers or live-in couples. Moreover all family members are not going to get pregnant.
If you are employed and your employer takes care of pregnancy cover, then you need not go for a separate maternity insurance policy. In most cases of corporate insurance, the waiting period is 9 months. It is important to look at clauses for waiting period, voluntary termination of pregnancy, coverage for new born and vaccinations before making the decision to buy an insurance policy . You should check the cost of delivery in a couple of hospitals in the area where the delivery can happen. Storage of stem cells, ectopic pregnancy are not covered in maternity insurance.
It might be better to plan ahead and buy a health insurance product when you are young that covers all your medical expenses and along the way covers maternity expenses once the waiting period is over. There is not much sense in buying an insurance product with premium that might be almost equal to the maternity cover.
Let us know your experience in buying insurance products covering maternity and whether it was beneficial for you.
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