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Maternity Health Insurance

Planning for a baby? Secure your financial future with the right Maternity Health Insurance!

Compare & buy the best Maternity Health Insurance plans including hospitalization, delivery (normal & C-section), prenatal and postnatal care, and newborn medical costs Coverage at Fincover.com.

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Key Takeaways ✦

    Maternity Health Insurance is a specialized health insurance plan that covers pregnancy-related expenses, including hospitalization, delivery (normal & C-section), prenatal and postnatal care, and newborn care. It helps reduce the financial burden of maternity costs, but typically comes with a waiting period.

    Normal delivery expenses could range anywhere between Rs. 50000 to Rs. 2 Lakhs in any decent hospital. It might be a huge financial burden for middle-class families. Hence, maternity insurance is one of the best ways to tackle this expense.

    In the event of complexities like premature birth, the newly born baby must be kept in an incubator for a period of time. The cost of incubators would be around Rs. 10000 per day. It may come as a shocker to the unassumed and may be a huge financial burden on family. However, with a maternity insurance, you can find a breather as it will take care of the medical expenses.

    Most importantly, it helps the couple to start a family without the consequences of a financial burden. Most couples take time to plan their baby because of the expenses, as the maternity insurance policy comes with a waiting period, the couples can plan for a kid without having to worry about financial burden.

    Following are the categories that are covered under Maternity Insurance,

    • Pre and Post Hospitalization – Pre-hospitalization expenses cover upto 30 days prior to the date of admission to the hospital and post-hospitalization expenses upto 60 days from the date of discharge
    • In-hospitalization expenses – Room expenses, Surgeon expenses, anaesthetist, and nursing expenses. Some plans even offer ambulance expenses
    • Pre-and Post Natal cover – Pre-and Post-natal expenses are also included
    • Coverage for New Born – If newborns are diagnosed with any critical illness, then they are also covered
    • Vaccination Charges  – Vaccination expenses for the newborn are also included
    • Stem Cell preservation – It helps in the collection of umbilical cord blood after childbirth
    • Comprehensive Coverage: Most insurance plans provide wide-ranging coverage that includes prenatal services together with postnatal care and delivery payments and new baby medical expenses for the entire maternity period.
    • Waiting Period: Insurance plans usually establish waiting periods that extend between 9 months to 36 months which requires early preparation for benefits utilization.
    • Cashless Hospitalization: The majority of insurance providers allow policyholders to access cashless hospitalization within their network facilities to streamline medical treatment in emergencies.
    • Newborn Coverage: Newborn protection under selected policies provides coverage to the baby from birth which includes vaccination benefits along with a defined set of medical examinations.

    Pro Tip: Potential buyers should get maternity insurance before the waiting periods start because this purchase method ensures coverage during periods of need.

    • Financial Security: The policy provides protection for expensive childbirth costs which reduces economic burden on policyholders.
    • Access to Quality Healthcare: Final expecting mothers gain unrestricted access to quality healthcare facilities through this insurance.
    • Tax Benefits: Premiums paid toward maternity insurance receive tax deduction benefits through section 80D of the Indian Income Tax Act.
    • Coverage for Complications: Provides financial assistance in case of medical complications during pregnancy and childbirth

    Did You Know? Maternity insurance coverages often provide support for prenatal yoga and childbirth classes because these services promote holistic healthcare.

    Maternity health insurance covers pregnancy-related expenses, but certain conditions and treatments are excluded. Here are the common exclusions:

    1. Waiting Period

    Most maternity policies have a waiting period of 9 months to 4 years before coverage begins.
    Pregnancy within the waiting period is not covered.

    2. Pre-Existing Pregnancy

    If a woman is already pregnant at the time of purchasing the policy, the expenses related to that pregnancy will not be covered.

    3. Non-Allopathic Treatment

    Ayurveda, Homeopathy, Naturopathy, and other alternative treatments for maternity care are usually excluded.

    4. Infertility Treatments & Assisted Reproduction

    IVF (In-Vitro Fertilization), IUI (Intrauterine Insemination), and other fertility treatments are generally not covered.

    5. Voluntary Termination of Pregnancy

    Abortion or termination of pregnancy (unless medically necessary) is usually excluded.

    6. Ectopic Pregnancy

    Ectopic pregnancy (pregnancy outside the uterus) is sometimes excluded unless it requires emergency treatment covered under a general health plan.

    7. Congenital Diseases

    Treatment of birth defects and congenital abnormalities in the newborn is typically excluded.

    8. OPD & Routine Check-ups

    Regular doctor visits, ultrasounds, and routine tests are not always covered unless specified.

    9. Postnatal Expenses & Vaccinations

    Expenses related to baby vaccinations, newborn care beyond 90 days, and postnatal care are generally not covered unless there’s an add-on.

    10. Complications Due to Lifestyle Choices

    Pregnancy complications arising from smoking, alcohol consumption, or drug abuse are usually excluded.

    To buy maternity insurance properly policyholders need full knowledge about the requirements for coverage eligibility. Individuals seeking maternity insurance must consider these essential aspects:
    • Age Limit: Maternity insurance coverage extends to women within the age range from 18 to 45.
    • Waiting Period: Insurance policies normally enforce a mandatory waiting time until policy benefits become available to members.
    • Coverage Limitations: Insurance plans set defined delivery limits within their established policy duration.
    • Pre-Existing Pregnancy Exclusion: Insurers typically reject coverage for pre-existing pregnancies which means policyholders need to acquire insurance coverage before pregnancy occurs.
    1. Cashless Claims:
      • Pre-Authorization: Hospital patients need to contact their insurer for pre-authorization before undergoing admission.
      • Network Hospitals: People who use network hospitals get access to benefits without having to pay through the insurer.
    2. Reimbursement Claims:
      • Payment of Bills: Settle medical bills directly with the hospital.
      • Submission of Documents: Submit the claim form backed with all medical documents and bills to the insurer for reimbursement.

    Pro Tip: Evaluating the network hospitals listed by your insurer will help you maximize your cashless insurance benefits.

    • Claim Form: The insurance provider requires a completed and signed claim form.
    • Medical Bills and Receipts: Medical Bills and Receipts must contain original documentation that reveals the cost of medical care.
    • Hospital Discharge Summary: Hospital Discharge Summary functions as an official document that gives details about hospital care and patient release procedures.
    • Doctor’s Prescription and Reports: Medical advice together with test reports provided by doctors functions as validation to support claims.

    Interesting Tidbit: Keeping digital versions of medical documents both simplifies insurance claims while providing backup records if needed.

    All health insurance policies in India offer a tax exemption of up to Rs 25,000 under Section 80D of the Indian IT act. However, tax exemption will not be offered if the maternity benefit is offered by the employer under Group Medical Insurance Policy.

    • Check the quotes from multiple insurers before making a decision to purchase. You can a site like ours to check the quotes from multiple insurers
    • Check the important parameters like waiting period, room rent tariff, renewability, co-payment facility, coverage details, pre-and post-natal limit etc.
    • Clarify your doubts regarding the plan from the insurers, and then buy the plan
    • Use Fincover’s Website and go to their health insurance area with specific attention on maternity plans.
    • The comparison tools at Fincover let customers evaluate various maternity insurance policies.
    • Pick coverage according to your needs together with your financial limits.
    • Completely fill in the online application form by providing truthful medical along with personal information.

    Did You Know? Fincover provides individualized help through their customer service team who assist applicants during insurance plan selection and application procedures.

    • Postponing your policy acquisition might mean the waiting period invalidates your insurance benefits at critical times.
    • Claims during the first policy years become ineligible once applicants disregard waiting periods.
    • People who select insurance with insufficient coverage levels run the risk of not being fully protected against maternity costs.
    • Not comprehending complete coverage exclusions can cause you to pay unnecessary financial costs.

    Pro tip: Review your maternity insurance policy meticulously because reading all terms and conditions and exclusions helps ensure the policy offers the coverage you need.

    1. Will Maternity Insurance provide coverage for people already pregnant?
    Most companies consider pregnancy during policy purchase as a pre-existing condition; hence, you will get coverage under the plan if you are already pregnant.
     
    2. What is a waiting period in a maternity insurance?
    Waiting period is the time which the policyholder must wait, till the insurance comes into effect. Usually, the waiting period in a maternity insurance ranges from 6 months to 4 years.
     
    3. What is the sum insured under a maternity insurance?
    The Sum Insured varies from one company to the other. Based on your requirement and factoring in other parameters such as your location, health conditions, you can opt for the one that meets your requirements.
     
    4. Why is the premium for maternity insurance high?
    The Premium for Maternity Insurance is higher compared to the regular medical insurance policy since the chances of claim are absolute. Always do a cost-benefit analysis before zeroing in on the perfect insurer.
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