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What is a Maternity Insurance Plan?

Maternity insurance is one of the categories of health insurance policy that provides covers all pregnancy-related expenses, including normal and C-section delivery costs. Some insurance companies deliver pregnancy cover that entails pre and post-natal expenses and newborn baby expenses. Additionally, some corporates provide maternity insurance benefits besides the basic health insurance policy or as a rider to their women employees.

All maternity insurance plans in India come to incorporate a waiting period, varying from a minimum of 9 months to a maximum of 6 years. During this period, the insured women cannot file any claim concerning pregnancy-related expenses. Consequently, it is suggested to opt for maternity insurance coverage at least a few years before they plan to start a family. Furthermore, the maternity insurance waiting period differs from one plan to another and therefore, they must review it before investing in a maternity cover.

Claim Process for Enjoying Maternity Benefitsx

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Cashless Claim - The delivery must take place in a network hospital to get a cashless claim. You must inform the insurer about the claim at the time of admission to a network hospital. After the claim’s approval, the policyholder only needs to pay an insignificant amount under deductibles.

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Reimbursement Claim - A reimbursement claim demands the policyholder to manage the entire bill amount and then contact the insurer for reimbursement of expenses. In this, the policyholder is not confined to acquiring treatment in one of the network hospitals.

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Tax Benefits Associated with Maternity Cover - As maternity insurance coverage is an add-on obtainable with the health insurance plan so it is already eligible to relish tax benefits. Policyholders will not enjoy separate tax exemptions for purchasing maternity health insurance policies.

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Benefits of a Maternity Insurance Plan

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Comprehensive Coverage

Having a well-designed maternity health insurance policy allows you to take care of the expenses sustained during pre and post-hospitalization and delivery along with miscellaneous charges such as hospital room rent, doctor’s consultation fees, etc.

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Pre and Post-Natal Care for Your Newborn

A maternity insurance plan is not just restricted to covering the mother but also provides for the treatment expenses of the newborn if he or she is diagnosed with a congenital health condition.

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Cashless Facility

Maternity insurance plans from prominent insurance companies include cashless payment of treatment if you get admitted to one of the network hospitals. This frees you from draining your savings during pregnancy and childbirth.

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Claim-Free Bonus

If you do not file any claims in a given policy year, you are entitled to receive discounts on the premium for the following year. This will help you save some money that otherwise you had to spend in making premium payments.

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Financial Coverage

The cost of delivery and childbirth is quite high in a few regions of India. It can take a toll on your savings account hence it makes a sensible choice to invest in a maternity insurance policy as soon as you begin to grow your family.

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Surgical deliveries

The cost of a cesarean is quite higher when compared to the cost of a normal delivery. These expenses can be managed without getting worried much under the insurance policy with maternity coverage.

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Tax Benefits

Under Section 80D of the Income Tax Act, of 1961, maternity insurance plans strive to proffer comprehensive tax-saving benefits. These tax exemptions apply to the premium paid on the policy, thus making you save money.

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Focus on other milestones

After reducing financial liability to a significant extent with maternity cover, parents-to-be can solely pay attention to enjoying this significant milestone in their lives. They don’t have stress upon expenses.

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Peace of mind

Peace of mind is crucial for soon-to-be parents. They are going to welcome life into their lives so they need to be stress-free. A well-designed Maternity Insurance Plan helps them to enjoy their journey of parenthood.

What to Consider Before Choosing the Maternity Insurance Cover?

Coverage and Sub-limits

Most insurers provide limited maternity coverage, differing from Rs 15,000 to Rs 50,000, with a few proposing coverages as high as Rs. 1 lakh. Consequently, you must select the coverage that best suits your requirements.

Waiting Periods

Normally, maternity insurance plans come with long waiting periods. As a result, it would turn into an ideal choice if you choose to buy a maternity insurance plan from an insurer that offers a minimum waiting period.

Pre-Post Hospitalization Expenses

You must opt for a maternity policy that comes with comprehensive coverage against both pre- and post-hospitalization expenses, such as in-patient hospitalization expenses and vaccination coverage.

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Frequently Asked Questions

In India, maternity insurance plans come with a waiting period that tends to differ from one insurer to another. Generally, all maternity insurance plans retain a waiting period of 9 months to 6 years.

A maternity insurance plan is fabricated to help you manage all expenses associated with childbirth, such as pre-hospitalization and post-hospitalization expenses, delivery charges, vaccination charges for the newborn, and any emergencies that surface due to a complication of childbirth.

No, it is not possible to buy maternity insurance if you are already pregnant because such plans entail a compulsory waiting period.

Most maternity insurance plans render coverage for only two living children. Nonetheless, you can find some plans that provide maternity benefits for the third child of the policyholder.

Most insurance providers provide limited maternity coverage that varies from Rs 15,000 to Rs 50,000, with a few offering coverages as high as Rs. 1 lakh.

Yes, the newborn baby automatically gets covered under maternity cover for the first 90 days. After this, it gets necessary for a policyholder to list the baby in the base plan.

Yes, it is possible to accomplish this task online.

Yes, there is an eligibility criterion for receiving maternity benefits. An insured person listed in the base plan can only claim the maternity. The entry age is 18 years and the exit age set by some insurers can be 45 years. Childbirth needs to take place inside the topographical boundaries of the country.