What is a Maternity Health Insurance Plan?
2022-03-22 12:31:35The maternity insurance plan covers all the delivery-related expenses up to a specific limit during the policy terms. Different companies cover different expenses under the same policy; some insurance policies cover post and prenatal expenses. Having a child is a unique experience for both parents. To keep the whole process of pregnancy stress-free, you can buy a maternity health insurance plan. During pregnancy, a medical emergency can empty your bank account in seconds and cause lots of stress. You can also add maternity cover to your regular health insurance plan.
Some companies offer their women employees the benefit of maternity insurance and a health insurance policy. Maternity health insurance has benefits like pre and post-hospitalization, where pre-hospitalization costs up to 30 days before admission is covered. Thorough research on inclusions and exclusions about maternity insurance is necessary to make financial decisions and ensure optimal utilisation of the insurance plan.
Quick Links
- Maternity Expenses on the Rise in India
- What's excellent about Square Maternity health insurance?
- What's Covered in Health Insurance with maternity cover by Square insurance?
- What didn't you get Under the Maternity insurance plan?
Maternity Expenses on the Rise in India
An increase in the risk of infections to a newborn baby increases, the expense of maternity is also increasing. You can feel stressed about the expenses if you haven't taken maternity insurance plans. Individual health insurance with maternity coverage helps you to cover most of your expenses during delivery. Under health insurance with maternity cover, you get many benefits like early expenditure on children's medications and well being.
- The average cost to deliver a baby in India lies at least Rs 50,000 to Rs. 70,000.
- The cost of C-section deliveries is rising in India, rising to 2 lakhs in many urban cities.
- Most of the couples in India are fearful about parenthood due to the financial responsibilities that come with it.
What's excellent about Square Maternity health insurance?
Square life insurance provides some of the best maternity health insurance policies that easily fit your budget and cover most of your expenses.
- Covers for child-Delivery Expenses: Our maternity insurance policy covers hospitalisation charges for all pregnancy-related complications, delivery, labour and c-section operations.
- Infertility Expenses Covered: Our maternity insurance goes beyond just the pregnancy; we also cover infertility related treatment.
- Newborn Baby Cover Included: Benefits of our insurance includes a newborn baby cover; the baby enjoys the coverage benefits for the initial three months after birth. It includes any vaccinations and medical issues as well.
- Medically Necessary Pregnancy Terminations: Unfortunately, if you're required to have a medically necessary pregnancy termination, your maternity benefits cover will have your back. In health insurance with maternity cover, you get the leverage of being financially free at the crucial time of your life.
- 200% Sum Insured for Second Child: As a sign of gratitude, we give you an increase of up to 200% in your maternity Sum Insured for your second child; this is, of course, for those who already have square insurance.
What's Covered in Health Insurance with maternity cover by Square insurance?
1. Deliver and Labour Expenses
All medical expenses occurred while delivering a baby for up to two deliveries.
2. C-Section
Caesarean section, commonly known as C-section, is when doctors use surgery to deliver babies under maternity benefits. This feature is taken into action when a vaginal delivery is not taking place, and doctors use another complex method.
3. Hospital and room rent
All expenses are covered, incurring hospitalisation and room rent charged during the baby's delivery.
4. Infertility Treatment
Along with maternity expenses, we also cover infertility treatments and have opted for this cover. In health insurance with maternity cover, you get extra added benefits for pregnancy-related problems like infertility, etc.
5. Pregnancy Complications
Women face complications during their pregnancy, and this cover covers all the expenses related to pregnancy complications. The company's policy considers all the complications related to expenses under maternity benefit cover.
6. Medical Necessary Terminations
All medically necessary treatment and lawful terminations are covered. There is no restriction to the number of terminations, like deliveries
7. Newborn Baby Cover
The maternity benefit cover in individual health insurance with maternity coverage plan is limited to delivery of the baby and ensures the newborn baby for up to the first 90 days.
What didn't you get Under the Maternity insurance plan?
Here is the list of expenses not covered under the maternity insurance plan. You can consider these terms and conditions before applying for maternity insurance.
- Expenses that arise due to storage of stem cells and harvesting when carried out as a preventive measure against the possible future illness.
- Medical expenses will be covered outside of the maternity benefits cover for ectopic pregnancy. You can claim them under hospitalisation expenses of your health insurance with maternity coverage.
- Pre and postnatal medical expenses come under the maternity insurance plan unless hospitalisation. Under the health insurance with maternity cover, you get all medical expenses covered.
How to file a claim?
1. Cashless claim
Easily, you can opt for this if you wish to get treated in the hospitals that have cashless systems. You can display your e-health card to the hospitals and ask for the cashless request form. If all is good, your claim will proceed then and there.
2. Reimbursement Claim
You can choose the hospital of your choice to opt for a reimbursement. Within the two days of hospitalisation, you can let us know about the maternity emergency, and we will pay all the bills and requirements. You can upload your hospital bills online, and we will pay all your bills and give you the final report.
Documents required to claim Pregnancy Insurance Policy
To claim the cover of your maternity insurance you need to have the following details.
- Proof of pregnancy.
- Original document of maternity health insurance.
- KYC documents for Pregnancy Insurance.
- Cashless Health Card
Who can benefit from a Maternity Cover?
If they meet the following criteria, you can benefit from the maternity add-on cover in their health insurance plan.
- If you have selected the cover option while buying the health insurance or have included it later.
- If you have completed a waiting period of two years, you can then claim and benefit from this cover.
- If you are married and are under the age of 40 years.
- If you have not used the cover for two children already.
- If you're planning to have a baby in the coming years and want stress free early parenthood. You should definitely apply for a maternity health insurance plan.
Please note that this list is not exhaustive and is only indicative. Different critical illness insurance policies cover different critical illnesses.
Documents Required to Apply for Pregnancy Insurance
Here are some of the documents which are required for Maternity insurance.
- Proof of Age- Passport, Passing certificates, Adhaar card, Birth certificate.
- Proof of Address (PoA)
- Proof of Identity (PoI)
- Electricity Bill, Ration Card, Driving Licence, etc.
- Medical check-up for policyholders above the age of 45 years.
- Passport size.
Maternity Insurance is best for people.
Health insurance plans with maternity benefits benefit the people who fit into the following criteria.
- It is beneficial for married couples who plan to have babies for at least the next two to three years.
- It is beneficial for couples planning to get married soon and have a baby in the next three to two years.
- It is beneficial for people who have one kid but plan for the next child for at least two to three years.
- It is beneficial for the people who aren't planning for a child anytime soon but would like to be safe.
If you are following the given category you can take maximum advantages of the maternity health insurance policy. Maternity health insurance is best for people who are newly married and planning for babies. The couple can consider this insurance to be mentally free at the time of their early parenthood. You should take this insurance as early as possible to get the maximum coverage during your early pregnancy stages.
What makes maternity benefits so crucial for young couples?
Maternity insurance helps couples save a lot of money during their early parenthood stage. It provides benefits of covering financial expenditure during pregnancy and the birth process of a child. Here are some of the benefits which make maternity health insurance so beneficial for young couples.
1. Financial Security
You can be financially secure during the most critical and sensitive stage of life. It supports you by securing your most beneficial stage of pregnancy with financial cover. Maternity health insurance ensures that you don't need to spend much from your savings account and be stress-free during the most crucial phase of life.
2. Relaxing Onset to Parenthood
A maternity insurance provides benefits that cover most of the expenses during the delivery and covers your newborn baby up to its first three months. It ensures that you can relax, recover and relish the beginning of your new journey of life. Maternity health insurance plans cover the baby's expenditure for their early stages and cover them until they are grown up.
3. Valuable Long Term Benefits
You get a benefit from increasing expenditure up to 200% for your second child. As a part of our health insurance policy and maternity benefits cover. Ensuring that the first child uses the maternity benefits, the second child gets 200%. Health insurance plans with maternity benefits have so much to do with securing your child's childhood and your early parenthood.
4. Cover Against Medically Necessary Terminations
You also have the option to terminate the pregnancy in case of emergency medically. The maternity benefit cover covers medically lawful and necessary terminations of pregnancies.
5. Peace of Mind
When you are covered financially, you have peace of mind and can fully experience the feeling of being a parent. When you feel that tiny bundle of joy in your arms for the first time, you are in a different world. Maternity health insurance plans provide you freedom of thought and leverage to be mentally free.
Features and benefits of a Maternity health insurance plan?
Maternity health insurance has many benefits and features that inclines you towards buying an insurance policy. Some of its benefits are.
1. Comprehensive coverage
Health insurance with maternity covers delivery, medicines, hospital stay and more.
2. Newborn care
Maternity coverage is extended to newborns if diagnosed with any critical illness. Under maternity coverage, you get health care benefits for newborns for the early few months.
3. Easy online application
You can easily buy a maternity health insurance plan from the comfort of your home.
4. Ambulance charges
Under this plan, ambulance charges also come under maternity health insurance.
5. Hospitalisation coverage
Any pregnancy-related expenses that occurred 30 days prior and 6o days post-hospitalization come under the plan.
6. Cashless Facility
Get a cashless facility at dedicated hospitals. Maternity coverage provides a cashless facility to the policyholder.
7. Quick claim settlement
Get a quick claim settlement with a single contact point for treatments taken at non-network hospitals.
8. Claim-free bonus
For each claim-free year, get a 10% cumulative bonus. With maternity coverage, you get a claim-free bonus and some increment in your insurance policy.
9. Tax Savings
You get a free exemption of up to Rs 60,000 under the section 80 D Income-tax act, 1991. Maternity health insurance plans provide you with lots of coverage to be stress-free at the time of your first pregnancy.
How is maternity health insurance different from other insurance policies?
Maternity health insurance plans cover most of the expenditures during the pregnancy of a woman. In some of the health insurance policies you get the leverage of maternity health insurance along with your normal health insurance. It is hard to find maternity health insurance without a waiting period so you need to apply for the insurance before planning for a baby. The one unique thing about maternity health insurance is that you cannot apply for the health insurance once you are pregnant. So, if you are a newly married couple and looking for stress free parenthood, you should apply for maternity health insurance.
Maternity health insurance covers all the expenses related to delivery of the child and their conditioning for the first three months. This cover is available for C-section as well as normal deliveries.
Individual health insurance with maternity coverage has unlimited benefits and covers most of your early parenthood expenses. The premium of maternity health insurance increases as you grow older, also, pregnancy related costs are increasing everyday.
Among many maternity health insurance plans you should choose the one which takes minimum waiting time and provides you maximum cover. Square insurance provides some of the most attractive insurance plans which you can easily apply.
Why should I opt for maternity insurance cover?
With the rise in healthcare costs, the medical costs of delivering a newborn baby are increasing day by day. When there is a C-section, complications in delivery are involved. However, opting for a maternity benefit in your health insurance plan would make things easier for you and your spouse by decreasing your financial burden and ensuring that everything from birth to the first three months of your child is unique. You can start your early parenthood in a stress-free environment without the stress of financial expenditure.
The health of a child is the priority of any parent. Maternity insurance provides you with the leverage of being free when being a parent. It is a special moment for every couple, and you don't want to waste this crucial time by thinking about money and financial expenditure. Under health insurance with maternity cover most of the health expenditures, you get added benefits of hospitalisation.
What's the Right time to seek?
Maternity is a life-changing journey for a woman in many ways. With rising medical inflation and overall expenditure, childbirth-related expenses are becoming expensive. Lack of proper planning in this crucial phase can destroy your mental peace and override the happiness of being blessed with a child. You should plan well in advance, given that maternity health insurance policies generally have a long waiting period, which may prove to be tricky for most consumers. Maternity health insurance plans cover most of the expenditure that can cost you a lot during the pregnancy stages and delivery of a child.
Most of the insurance companies do not offer maternity health insurance to pregnant women already. Thinking of it as a pre-existing condition, you can take all the necessary precautions beforehand. You need to understand that most maternity health insurance policies have a waiting period of at least three to four years. Maintaining maternity health is a critical aspect of a planned pregnancy.
Conclusion
A maternity health insurance is like a friend in your early stages of parenthood. It helps you to become financially free at this crucial stage of life. Maternity health insurance covers the expenditure of regular and c-section deliveries. It also takes care of a child's expenditure in its early stage of up to three months. Comprehensive maternity insurance allows you to access the best health care facilities without facing any financial burden. You can easily apply for Maternity insurance by simply visiting the square insurance website. The second option you have is adding the cover to your existing health insurance plan. You can easily claim your benefits at the time of requirement by simply visiting the policy provider's website and submitting a few documents to get the credit benefits.
What is a maternity health insurance plan?
A maternity health insurance plan covers pregnancy-related expenses up to a specific limit during the policy timings.
Best maternity health insurance plan in India?
Square insurance provides you with some of India's best maternity insurance plans. Our affordable plan covers most of your expenses with a minimum premium.
Is there any health insurance that covers maternity?
Certain health insurance covers maternity, so you don't have to buy maternity insurance separately. You have to check for this available on the website of policy providers.
How to buy maternity insurance?
To buy a maternity insurance plan, you must first decide and calculate your needs and requirements. After that, you have to do proper research and compare different policy plans. Select one plan and buy the policy by visiting the insurance policy website.
What is pregnancy covered under a health insurance plan?
Almost every health insurance plan covers maternity nowadays, but the basic policy cannot satisfy all your requirements. You can add extra cover to your health insurance policy to get maximum coverage.
Maternity health insurance coverage waiting period?
There is no maternity coverage without a waiting period for maternity insurance plans; generally, the waiting period ranges between 9 months to 24 months.
What is the entry age for maternity insurance in India?
The minimum age for entry into maternity insurance plans is 18 years, and there is no maximum limit. You can choose from a different range of plans.
Where can I buy a maternity health insurance plan?
You can buy a maternity health insurance plan from your pc or mobile with just a few clicks. You need to carefully read the terms and conditions of the policy and choose accordingly.
Which add-on is best for maternity health insurance?
You don't necessarily need to add extra covers if you buy a dedicated maternity insurance plan because it covers most of your damages and hospitalisation charges.
