Maternity benefits in health insurance
Which are the best health insurance policies with maternity & new born coverage? Pros and cons? If possible do a detailed article on this so more people can benefit. Thanks.
I find the Max Bupa products quite comprehensive w.r.t maternity & new born coverages. Some of their products allow a maternity sum insured of upto 1 lac & automatic coverage of the new born baby till next renewal. During this period, their products also cover the cost of 1st year vaccination for the new born.
You should speak to a Broker/advisor to shortlist your options. Revert on this forum if you have specific questions after product comparison.
Two of their most popular plans Reassure & health companion do not cover maternity. Health Premia covers it but the premium is so high. Just like Star Comprehensive both the parents must be under this policies(Feel sorry for single mothers out there). Another I like is Tata's medicare policy. More fair and affordable. Let me know if there are better ones. Thanks.
All Health Insurance providers are regulated by IRDA and have products approved by IRDA . Each player has strengths as per their network . So choose your insurer as per your city and hospital network .
Most of insurer have plans with maternity benefit ,choose plan with lowest waiting prriod and maximum capping .
Waiting period is 2 years to 4 years , so choose plan as per your family extension plan.
Maternity plans also hsve capping of Rs 75000 which meants that claim amount on all maternity related expenses can not exceed Rs 75000. Hence be clear that expenses over Rs 75000 has to be borne by you .
Inspite of these limitations of waiting period and capping , each ypung couple shpuld have health plan with maternity benefit becuse maternity benefit auto cover new born baby .
So it is recommended for all young couples .
I am of the opinion that maternity plans provide very limited benefits. Anyone would tell you that plans with treatment cappings are not optimum plans. That rule is true for maternity plans too.
Since you have 9 months to plan expenses, just do an RD for maternity costs. Choose an insurance plan that meets your medium to long term goals.
To add, such plans don't cover maternity complications upto sum insured. So you have a fixed benefit available for a perfectly planned event, whereas the unknown, i.e. maternity complication, which can cost you 3-6 lakhs, are not covered by the health plan. Then what's the point of such plans.
Even I used to think the same but one of the post regarding a new born having a rare health problem kind of change that view. I think I will let you experts discuss this in details whether it is worth it or not. Thanks.