Maternity Insurance: Top 4 Factors to Consider When You Buy

As a woman, you may go through different phases in life, and one of the important ones is the motherhood. Becoming a mother can give you great joy, but it is also the time to be careful, as you may face many hurdles. In such a situation, a health insurance plan that offers maternity coverage is a must-have.With the insurance companies in India offering a wide range of health insurance plans, choosing the right policy can be confusing. If you are a first-time insurance buyer, you must consider the following five important factors while buying the right maternity insurance:

1. The Policy Inclusions Maternity costs, which start right from the early days of pregnancy until the post-delivery stage, can be quite high. You may have to periodically visit the gynaecologists, undergo tests, take medicines, buy pregnancy-related items, etc. All these costs can be difficult to deal with if you don’t have sufficient insurance cover. Therefore, when you buy a health plan with maternity coverage, you must check the inclusions to get maximum coverage.
2. Know About The Sub-Limits Most health insurance plans that have maternity cover have certain sub-limits. This means that even if you have a maternity cover for a few lakh Rupees, you will not get the full amount during the payout, and you may have to pay for certain expenses from your pocket. For example, some insurance plans may have a sub-limit of Rs. 15,000 to Rs. 25,000 for normal deliveries and Rs. 25,000 to Rs. 50,000 for caesarean births.So, while buying maternity insurance, you must be aware of the sub-limits to avoid any hassles while filing a claim. Look for a plan that has a minimum sub-limit.
3. Waiting Period Another important factor to consider is the waiting period. Typically, a maternity insurance policy comes with a longer waiting period, ranging between two to four years. This means you cannot file for a maternity-related claim for two to four years from the date of purchasing the policy. Hence, it is paramount that you buy a maternity policy long before you plan to have a baby so that you can get the expenses covered under the policy.Note- If you are pregnant at the time of buying maternity insurance, the insurance company will treat it as a pre-existing condition, and you cannot file for a claim.
4. Premium Cost The importance of premium cannot be undermined. While you may wish for a maternity insurance plan that offers maximum coverage, you would also want the premium to be affordable. Generally, most maternity insurance plans have a high premium. But. Knowing your exact needs and taking your time to research the different policies from different insurance companies can help you find the right maternity insurance in India.

It is advisable to look for a cost-efficient plan rather than a cheap policy that may provide insufficient coverage. Have a fixed budget in mind and narrow down your choice accordingly.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.