Giving born a baby is the most fulfilling experience in a woman’s life. It is truly a magical journey and an important phase of life for every woman. It is also a nervous time when you want to be completely sure that both mother and child receive the best care and for that, you need financial protection. Maternity Insurance Plan or Pregnancy Insurance is designed to provide coverage for the entire maternity-related expenses whether it a normal delivery or a cesarean.
What is Maternity Insurance?
Maternity Insurance plan or pregnancy insurance plan is a type of insurance coverage covering all the expenses associated with all maternity-related expenses. Additionally, the cover also compensates for expenses arising out of fertility issues and the newborn baby’s hospitalization charges due to any medical complications, and vaccination charges, up to 90 days from the date of delivery. Usually, a maternity benefit is provided as an add-on or additional rider with your existing health insurance policy by paying an extra premium. A maternity Insurance Plan is often provided by corporates for their female employees along with their Group Health insurance policies.
Features of Maternity Insurance:
- A Maternity Insurance policy covers the expenses incurred for delivery, pre and post hospitalization, as well as charges for ambulance services, medicines hospital room rent and doctors’ consultation fees.
- A Maternity Insurance policy covers pre and post-natal care for the newborn. It also financially protects the newborn, in case he/she is diagnosed with critical illnesses.
- Maternity Insurance covers pre and post hospitalization expenses.
- Many insurance providers offer a cashless facility at their network of authorized hospitals across India.
- Tax benefit as per Section 80D of the Income Tax Act, 1961, is applicable on maternity health insurance policies.
- Flexibility to select your sum insured.
What’s covered under a Maternity Insurance plan?
- Maternity insurance covers delivery expenses, which includes the expenditure related to both normal and cesarean delivery.
- It covers pre and post-natal expenses
- It includes coverage for the new born baby up to the expiry of the policy.
- Vaccinations can be very expensive; thus it covers the vaccination cost incurred for the child during his/her first year.
- It covers expenses 30 days prior to hospitalization and 60 days post-hospitalization.
What’s not covered under a maternity Insurance plan?
- Doctor’s visit for regular health check-ups is not covered
- Diagnostic tests, doctor’s consultation, and follow-ups during nine months of pregnancy are not covered
- Expenses on vitamins or tonics are not covered unless it’s the part of treatment