Policybazaar said there has been a significant surge in the adoption of maternity insurance over the past year. (Representative image via Shutterstock)
Policybazaar said there has been a significant surge in the adoption of maternity insurance over the past year.
In its latest data assessment, Policybazaar said the year-on-year growth rate in adoption of maternity insurance plans has surged by 80%, reflecting growing awareness of the importance of comprehensive maternity coverage.
“We found that the majority of customers purchasing maternity insurance were in the 25-35 age group, making up 91.2% of all buyers. This highlights the strong preference for birth planning among young families,” Policybazaar said in a statement.
He added that the introduction of maternity insurance has increased significantly, with 12.3% of all health insurance subscribers choosing maternity insurance last year.
The platform identified 78% of birth plans purchased by men for their partners, highlighting the growing trend of active family planning among couples. Additionally, 22% of women decided to invest in their own fertility plan, demonstrating a shift towards personal empowerment in financial and healthcare decision-making.
When enhancing coverage, customers prioritize add-ons that provide maximum benefit. Top add-ons chosen by customers include consumables (38%), no room rent caps (33%), and no billing bonuses (24%).
Policybazaar also shared a detailed comparison of birth plans in the market for expectant parents.
maternity insurance in india
Maternity insurance is a specific type of health insurance designed to cover medical expenses related to pregnancy, childbirth, and newborn care. Common topics covered include:
- Shipping costs: This includes the cost of both regular birth and caesarean section.
- Hospitalization costs: Maternity insurance covers hospital stay costs during childbirth, including hospitalization fees, doctor's fees, medications and other related costs.
- Prenatal and postnatal care: Some plans cover the cost of doctor's consultations, ultrasounds, and other diagnostic tests during pregnancy and after birth.
- Newborn care: Certain maternity insurance plans provide coverage for your newborn's medical expenses for a specific period of time after birth.
Maternity insurance can be a useful tool for parents-to-be by managing the financial burden of childbirth and ensuring access to quality medical care during pregnancy and childbirth. However, there are a few important things to keep in mind.
- Waiting Period Note: Most insurance companies in India have a waiting period ranging from 9 months to 6 years before you can claim maternity benefits under the policy. This means that if you become pregnant within this period after signing up for insurance, you will not be covered for pregnancy-related expenses. It is important to understand the waiting period for the specific policy you are considering.
- Coverage Options: Maternity insurance can be purchased as a standalone policy or as a rider added to a comprehensive health insurance plan. Caution: Be sure to compare the coverage of both options. Standalone plans may offer more specific benefits for maternity care, while riders may be less expensive but have limitations.
- Planning is essential. Because there is a waiting period, it is recommended that you sign up for maternity insurance in advance if you are planning a family. Ideally, you should purchase a policy before trying to get pregnant.
- Coverage: Carefully review your maternity insurance plan’s specific inclusions and exclusions. Some plans may exclude certain birth complications or neonatal conditions.
- Claims Process: Familiarize yourself with the claims process and documentation required by your insurance company. This helps ensure a smooth claims experience.
By carefully considering the above factors, you can choose a maternity insurance plan that best suits your needs and provides you with the financial security you need during pregnancy and childbirth.
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