Last Updated on Jun 1, 2023 by Anjali Chourasiya
Parenthood is one of the most joyous phases of one’s life, and it is crucial to shield yourself to welcome this new phase financially. For this purpose, maternity health insurance plans are a go-to secure method for many couples and families. In this article, let’s understand maternity insurance, its waiting period, what is covered in maternity insurance and what’s not, and a list of maternity insurance with a low waiting period.
Table of Contents
What is maternity insurance?
Managing the finances while planning a baby can be a bit tricky. Under such circumstances, maternity insurance can come in handy. As the name suggests, maternity insurance is a type of health insurance policy that offers coverage for all pregnancy-related expenses. Some of the common aspects covered in maternity insurance are:
- Pre and post-natal expenses
- Newborn baby expenses
- The cost of normal and C-section delivery costs
Further, some corporates offer maternity insurance along with health insurance policies to their employees. All the insurance plans for pregnancy come with a waiting period. Let’s understand what that is.
What is the waiting period for maternity insurance?
A waiting period is a vital factor to consider when buying a maternity insurance plan. The period refers to a time that must pass before one can avail of the full benefits of the coverage provided. The waiting period for a maternity health insurance policy varies from 9 months to 24 months, depending upon the plan. You can only claim the policy once the waiting period is over, as the claim is not admissible during the waiting period.
List of maternity insurance with a low waiting period
| Name of the plan | Waiting period |
| Care Joy Maternity Insurance Plan | 9 months |
| SBI Arogya Premier Policy | 9 months |
| Bharti AXA Smart Super Health Insurance | 9 months |
| Digit Health Care Plus Policy | 24 months |
| Liberty HealthPrime Connect Plan | 24 months |
| Niva Bupa Heartbeat Insurance Plan | 24 months |
| Aditya Birla Activ Health Enhanced Plan | 24 to 36 months |
| Bajaj Allianz Health Guard Plan | 24 to 48 months |
| Royal Sundaram Lifeline Health Insurance Plan | 36 to 48 months |
Details of top 3 maternity insurance plans
- Care Joy Maternity Insurance Plan
The Joy plan offered by Care Insurance is a comprehensive health insurance policy specifically designed to provide coverage for maternity expenses. It covers a wide range of services, including hospitalisation expenses, delivery expenses, newborn baby care, pre and post-natal expenses, and ambulance cover. The minimum entry age is 18 yrs and above, and the maximum age is 45 yrs. The sum insured will be reinstated for a non-related illness once a year if the original sum insured gets exhausted in a year.
- SBI Arogya Premier Policy
It is a comprehensive health insurance plan designed to provide extensive coverage for medical expenses. It includes maternity coverage with a waiting period of 9 months. The policy also covers pre and post-hospitalisation expenses, ambulance charges, daycare treatments, room charges, and more. In this plan, there is no pre-policy medical test up to the age of 55 yrs for people with no medical history. Further, a cumulative bonus is also provided where your bonus increases by 10% of the sum insured for each consecutive claim-free year. This bonus can accumulate over time up to a maximum of 50% of the sum insured.
- Bharti AXA Smart Super Health Insurance
It is a comprehensive health insurance plan that provides coverage for maternity with an additional fee. The plan can be purchased for individuals and family floater basis, covering individuals aged 91 days to 65 yrs. The Bharti AXA Smart Super Health Insurance includes coverage for newborns and offers a sum insured ranging from Rs. 5 lakh to Rs. 1 cr. The plan includes various features like no capping on room rent, daycare treatment expenses, emergency ambulance charges, and more.
What’s covered and what’s not covered
A maternity plan includes the below-mentioned coverage:
- Delivery and labour expenses
- C-section delivery
- In-patient hospitalisation expenses
- Pre-natal care expenses
- Post-natal expenses
- Newborn baby expenses
- Baby’s vaccination expenses
- Pregnancy complications
- Stem cell preservation
- Medically necessary terminations expenses
Below-mentioned expenses are not included in the maternity insurance coverage:
- Pre-existing diseases within the 48-month waiting period
- Illnesses/diseases contracted during the first 30 days
- Non-allopathic treatment costs
- Expenses of pre-hospitalisation
- Expenses of post-hospitalisation
- Ectopic pregnancy
- IVF treatment
- Regular check-up
- Surrogacy
- Hospital cash benefit
Remember the inclusions and exclusions of coverage in a maternity insurance plan depends entirely on the plan you choose.
To conclude
Maternity insurance is one of the best investments one can make if they are planning to start a family. Based on your future plan, budget, coverage requirements and premium, select a plan that suits your needs. It is always worthwhile to consult a financial advisor before deciding to buy any plan. It’s the next crucial step of your life; plan it wisely.
FAQs
Can you have two separate insurance plans for pregnancy?
Yes, it is possible to have two separate insurance plans that cover pregnancy. However, it’s important to keep in mind that having two insurance plans doesn’t necessarily mean you’ll receive double the coverage. Review the terms carefully to understand the coverage, coordination benefits, limitations, or exclusions. Moreover, in such a case, you’ll need to coordinate with both insurers so that they are aware of each other’s coverage and not being overcharged/double-billed for any expense.
Can the waiting period be reduced?
No, it is not possible to reduce the waiting period of a maternity insurance plan. However, you can plan the pregnancy well in advance with a low waiting period plan that suits you the best.
Do maternity insurance policies cover third pregnancies?
In India, most maternity coverage plans only include two children who are still living. But, there are some insurance plans which include maternity coverage for the insured’s third child.
As an insatiable reader and learner, I’ve spent the last two years exploring the world of finance. With my creative mind and curious spirit, I love making complex finance topics easy and fun for everyone to understand. Join me on my journey as we navigate the world of finance together!
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