Five facts which will be helpful for you to know about maternity health insurance in India-
- Maternity health insurance covers the expenses faced by a woman when she is pregnant. These expenses cover pre hospitalization (30 days) and post hospitalization (60 days), delivery expenses, pre and post natal expenses, baby cover.
- Most maternity insurance have a waiting period only after which the insurance comes into effect which can be of 3 to 6 years depending upon the policy taken only after that a policy can claim benefits. People should buy the policy around the time they get married so that the waiting period is over by the time they are ready to conceive a baby.
- The maternity insurance can be taken before you get pregnant not after as it is deemed a pre existing condition, insurance companies don't cover expenses if you have taken policy after. If you are already pregnant then many corporate employers provide maternity benefits to cover expenses ( but with a sub limit up to 50,000) along with maternity leave up to 26 weeks according to Maternity Benefit (Amendment ) Act, 2017.
- An average cost of child birth is around 35,000 which can vary according to the hospital you choose. Most people think they will build a corpus by saving for it and then use it at the time of pregnancy but it's a fund which can be broken at the time of emergency thinking. But the lifestyle of today's youth has changed which results in drastic effect on their health and even leads to complication in the pregnancy and this is when the need of maternity insurance kicks in and the expenses become unaffordable for a middleclass family to bear in lump sum.
- There are two types of insurance you can take for maternity benefits- one when it is already included into your comprehensive health insurance plans or you can include it as a rider. Second you can take a maternity specific health insurance which may be costlier but has lesser waiting period of 9 months to 2 years. This kind of plan also covers new born birth defects.
HDFC Life presents HDFC Life Smart Woman Plan - a woman specific plan that offers extensive benefits for the overall financial inclusion of today's woman. For details, click on the mentioned link: https://www.hdfclife.com/women-insurance-plans/smart-woman-ulip-plan.
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