Introduction
Ask any parent, they would always welcome their little ones like a little bundle of joy. Much forethought and time is spent on preparing for the financial aspects of welcoming a new family member. Maternity is a big phase for every family. Maternity expenses in India can be significant, and having the right health insurance policy can make a substantial difference.
In this article, we’ll explore the maternity insurance in India, explore some key statistics, and explain how a health insurance aggregator like ours can help you navigate your options and find the perfect plan to save you thousands of rupees in premiums
Maternity Insurance in India
Maternity insurance is a type of health insurance plan that specifically covers the costs associated with pregnancy, childbirth, and postnatal care related expenses, including normal and C-section delivery. While maternity insurance is not mandatory in India unlike other countries, it’s becoming increasingly popular for expecting parents who seek financial cover during this important period.
Mentioned below are some important statistics that are associated with Health Insurance in India:
- Rising Maternity Costs:According to a study by a leading institute the average cost of a normal delivery in a private hospital in India can range from ₹70,000 to ₹1,00,000, while a C-section can cost anywhere between ₹1,50,000 to ₹2,00,000. These costs are steadily increasing year-on-year.
- Low Public Healthcare Utilization:Despite the robust public healthcare system that extends across the lengths and breadth of country, people prefer private healthcare for better facilities. Hence, having a maternal insurance is crucial
- Maternity Leave: The Maternity Benefit Amendment Act of 2017 has mandated maternity leave to 26 weeks from 12 weeks. This allows mothers time to recover and care for their newborns in a much better way. However, managing healthcare expenses during this extended period can be challenging financially without proper maternity insurance.
Maternity insurance benefits
Maternity insurance offers expectant parents a wide range of benefits, e.g.
- Delivery costs: This includes hospital room fees, doctor’s fees, medications, anesthesia, and other associated maternity costs, including routine delivery and C-section costs around. Complete medical expenses related to maternity including complications involved can be covered
- Prenatal and postnatal care: Programs include prenatal tests, ultrasounds, and other diagnostic tests that may be taken during pregnancy. In addition, postpartum care for the mother and baby may also be included
- Newborn coverage: Some plans extend coverage to a newborn for a specified period of time after birth, which may include hospitalization if required.
Best Insurance Aggregator
Finding the right maternity insurance can be incredibly challenging given the multitude of options, this is where health insurance aggregator like Fincover comes into the picture which makes a significant difference
Here’s how Fincover, the fast-growing online financial marketplace which aggregates loan, insurance, and investments can help in this regard:
Plan Comparison: We provide a user-friendly platform where you can compare plans from various leading insurance providers in India. This allows you to easily compare coverage details, exclusions, network hospitals, and most importantly, premium costs.
Tailored Solutions: We understand that every pregnancy is unique, and so are your needs. Our AI algorithms can help you provide tailored solutions fitting to your profile
Expert Guidance: Our team of experience have vast experience in dealing in maternity insurance plans. They can answer your questions, clarify doubts, and guide you towards a plan that best suits your specific requirements
Cost Saving: By comparing plans from multiple providers, you can potentially find the most affordable option that offers the coverage you need. It can significantly reduce your premium costs
Transparency: We strive to provide a transparent and unbiased comparison of plans. Our advisors will explain the inclusions and exclusions of each plan in detail, ensuring you make an informed decision.
Making the Right Choice
Choosing the right maternity insurance plan is an important step towards a financially secure and stress-free pregnancy journey. Consider these factors
Coverage Amount: Ensure you opt for sufficient coverage amount so that you do not suffer at a later stage
Hospital Network: Make sure you opt for a plan which has a vast network of hospitals and most importantly, make sure that it is easily accessible from your house
Pre-and Post-Natal Care: Opt for a plan that covers prenatal check-ups and postnatal care for both you and your baby.
Waiting Period: Most plans have a waiting period of 9 months to 36 months before the policy sets in. Make sure you opt for a plan with a waiting period that aligns with your pregnancy timeline
Renewability: Ensure that the plan is renewable so that you can continue availing the benefits for future pregnancies
Embrace Parenthood with Confidence
With careful planning and buying the right maternity insurance plan, you can welcome your little one into the world with greater financial security and peace of mind. At Fincover, we have collated the best maternity insurance plans in the market from multiple insurers. Visit Fincover to compare the features of each maternity insurance plan and buy the one that fits your requirement.
