Maternity policy is a cornerstone of accessing quality and necessary healthcare for women. Pregnancy is one of the most painful and challenging times of a woman’s life, with 97 deaths per 1,00,000 live births. However, with increasing awareness about prenatal care, more Indians are opting for maternity policies.
In this blog, let us answer a common question: Why should you buy a maternity policy early?
3 Reasons to Buy Maternity Policy Early
- Bypass Waiting Period
You cannot buy a maternity insurance policy while you are pregnant. To get coverage for maternity expenses, you need to serve a waiting period of 2-4 years. Therefore, to avail all benefits and ensure the safety of your baby, buy a maternity policy early.
For example, if you want to start your family in 2030, start looking for policies today and purchase them by 2026. It ensures that you have ample time to cover the waiting period while planning for your family.
- Save Money
Usually, insurance companies let you buy out waiting periods if you want your coverage to start immediately. However, with medical inflation at an all-time high, and the average cost of delivering a baby ranging from Rs. 25,000 to Rs. 2,00,000, it could be financially challenging.
Moreover, there are various other costs related to pregnancy and birth. Why pay higher premiums to get the same benefits when a little planning can save your financial health? Add maternity coverage to your health insurance policy today and enjoy peace of mind.
- Coverage for Complications
Pregnancy is not an easy task for women. They face several complications, such as high blood pressure, gestational diabetes, preterm labour, depression, anxiety and many more. Proper prenatal care is of utmost importance to provide support.
So, do not let anything go by chance as it can affect the mother’s and baby’s health. If you plan to start a family, be sure to purchase a maternity policy early.
4 Things to Know Before Buying a Maternity Policy
78% of people invest in one of the best health insurance plans in India for maternity. However, before investing, make sure to know the following factors:
- Inclusions
Before purchasing, make sure to read the fine print to understand what’s included in your insurance. It will help you choose a plan best suited to your needs and goals. Here are some of the common inclusions offered by insurance companies:
- Midterm Inclusion: Newborn baby coverage from the 91st day, newlywed spouse or legally adopted child within 45 days.
- Assisted Reproduction Treatment: It is subject to a waiting period of 36 months. Surrogacy and Oocyte donor cover are included in this.
- Surgeries: In-utero surgeries, antenatal care, voluntary sterilisation expenses, miscarriage due to accident, and delivery expenses.
- Exclusions
Knowing what will not be covered under the maternity policy insurance is just as necessary. Here is a list of things excluded from maternity policies in general:
- Pre-existing Disease: Insurers do not cover any expenses incurred due to medication and surgery of a pre-existing disease.
- Surgeries: Gender change treatments, plastic surgery, experimental therapies, and other non-maternity-related care are not covered.
However, these may differ according to insurance companies, so make sure to check the brochure or policy document carefully.
- Sub-Limit Evaluation
In India, maternity policy is available as an add-on to an existing insurance policy. Specific maternity coverage is rarely found. Therefore, a sub-limit is applicable. For example, you purchase a Rs. 1 crore insurance policy, out of which Rs. 2 lakh is available for maternity expenses.
This means that, even if your sum insured is higher, you can only claim up to Rs. 2 lakh for maternity-related covers. Therefore, make sure to compare sub-limits and hospital prices in your area to choose the right one.
- Network Hospitals
Insurance companies partner up with hospitals to offer you benefits such as cashless claims. These are known as network hospitals and are extremely crucial in times of emergencies. Check whether your preferred hospitals are in the network hospital list.
This small detail can help you get a cashless claim without having to initially bear any expenses.
Documents You Need for a Maternity Policy Claim
If you opt for a reimbursement claim, here are the required documents:
- KYC documents
- Claim form
- Discharge summary
- Policy documents
- NEFT documents (bank account number, IFSC Code, bank name)
- CKYC number
- Original hospital bills
Final Words
Buying a maternity policy early not only guarantees benefits, such as prenatal and antenatal care. It also aids in your family planning, helping you anticipate your new member in peace. Do not wait until the last minute and incur additional financial stress. Add a pregnancy policy to your health insurance today!
