Is Pregnancy Insurance Worth The Price Paid?

Is Pregnancy Insurance Worth The Price Paid?
Is Pregnancy Insurance Worth The Price Paid?

A maternity insurance plan is a vital part of the financial planning for young couples looking to embrace parenthood. It is a type of insurance that covers various expenses related to pregnancy – the crucial stage in a woman’s life when she requires quality medical care. Nowadays, leading health insurance companies offer customized pregnancy insurance plans with a minimum waiting period and several policy benefits.

Ironically, awareness about health insurance in India is not very much. Many people fail to understand that depending on employer-provided mediclaim alone may not be enough, mainly since healthcare costs are rising. The fact of the matter is, a maternity policy in India has become a necessity because pregnancy care has also become very expensive. If you already have or plan to get a maternity cover and wonder if it is worth the money you are paying, here are five points that will help you decide if the investment is worthwhile. 

  • You Get Comprehensive and Affordable Protection 

Having a specific maternity insurance policy in India will give you the financial power to tackle the rise in your expenses owing to motherhood. The best maternity policy will cover delivery and hospitalization expenses. In addition to this coverage, other costs, such as pre and post hospitalization medical expenses, day care treatment, and ambulance charges, are covered in the policy. Also, the premium is much affordable. 

  • It Offers New-born Baby Cover

As a pregnancy insurance policy offers you comprehensive coverage, it also means you will get the best new-born baby coverage. That is, along with the mother, the new-born baby’s health is also secured. New-borns need dedicated medical care, involving physical examinations and screening tests. So, these expenses are covered, too, up to a maximum of 90 days starting from day one. 

  • You Can Avail Cashless Hospitalization 

The cashless facility is a valuable feature of health insurance plans in India. Even maternity insurance plans come with the cashless treatment benefit, provided the insured person gets admitted to a network hospital empanelled with the insurer. Under this facility, the insurance company directly settles the hospital bills, as per the policy terms and conditions. The primary advantage of availing cashless facility is that it reduces any major impact on your savings due to high hospitalization costs and saves time and effort. 

  • There is a Minimum Waiting Period

Health insurance plans with maternity benefits usually come with a higher waiting period of up to 3 years. On the contrary, opting for a maternity policy in India will have a lower waiting period. For instance, ‘Joy’ is a maternity plan by Care Health Insurance that comes with a waiting period of 9 months. Thus, investing in a separate pregnancy insurance plan is recommended as it offers coverage in the time of need, without any delays. 

  • You Get to Save Tax

Finally, when you have opted for any health insurance policy, or even a maternity insurance policy in India, you qualify for tax benefits. This provision is given under Section 80D of the Income Tax Act, wherein a policyholder gets an income tax deduction on the premium paid to the insurer. One can get a deduction up to the maximum limit of Rs 25,000 in a year. 

Pregnancy Insurance – A Valuable Investment

Simply put, specialized pregnancy insurance plans are much affordable than going for a standard health plan with maternity benefits. The reasonable premium costs and comprehensive coverage you get along with a new-born baby cover and cashless facility make it one of the best investments before you start on life’s fascinating journey of parenthood.

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