Parenthood can be the most challenging time in the life of a person. Whether it is the first time or not, the responsibilities that a newborn brings are huge. You have to start saving and thinking about their future even before they are born. But one thing that you do not have to worry about is the hospital expenses if you have opted for a maternity cover in your pre-existing health insurance or all-alone pregnancy insurance.
The cost of a normal delivery in a good hospital can cost from 50,000 to 2 lakh rupees. This can put a huge dent in your savings when you were planning for other important things. Pregnancy insurance takes care of all these expenses without burdening you financially.
Benefits of a pregnancy insurance policy:
- Complete coverage: It provides complete coverage which includes pre and post-hospitalization, medical expenses, ambulance services. It also covers the room rent and doctor’s fees.
- Child delivery expense: It also provides coverage against the delivery expenses incurred during the delivery of the baby, cesarean section, labor, etc.
- Pre and Post-natal care: This ensures that not only the mother but also the newborn baby is safe if he/she is diagnosed with any critical illness. Some insurance companies provide cover for the newborn for up to 90 days including vaccinations.
- Cashless claims and hospitalizations: All the pre and post-hospitalization, medical expenses, etc. are settled cashlessly by the insurer if the treatment is taken in one of the hospitals in the network of the insurance company.
- No claim bonus: If a policyholder is having a second baby and has not claimed any amount from the delivery of the first one, the insurance companies provide them a no claim bonus due to which the policyholder has to pay a lesser premium for the pregnancy health insurance.
- Tax benefits: Like any other health insurance policy, the pregnancy policy also provides tax benefits under Section 80D of Income Tax.
Exclusions in pregnancy insurance:
- The medical expenses that occurred before and after delivery of the newborn unless it led to hospitalization, are not covered.
- Any medical expenses in case of an ectopic pregnancy are not covered. However, it will be covered under individual health insurance, if you have one.
- If the pregnancy is affected due to any pre-existing illness, the expenses will not be covered by the insurer.
- If the baby is born before the end of the waiting period. In such cases, the insurance company does not cover any expenses.
- Expenses that occur due to the treatment of infertility are not covered. However, it is not the same for all the pregnancy policies. some insurance companies provide coverage against infertility too.
By reading the above points, you might have an idea about how much burden is taken away by insurance that covers pregnancy. Not only does it help you financially, but also provides you with peace of mind, which is rare during the pregnancy.