Maternity Insurance: More and more couples are getting ready to start a family, therefore protecting their finances from high medical expenses should be top of mind. According to PolicyBazaar statistics, maternity insurance policies had a notable 80% year-over-year growth in FY24. This increase demonstrates how prospective parents are becoming more conscious of the rising cost of healthcare.
Young Adults Leading the Charge in Maternity Insurances
91.2% of all maternity plan purchasers are young individuals, especially those between the ages of 25 and 35, who are leading this trend. Remarkably, 78% of plans acquired by male family members indicate that males are playing a major part in financial planning. But female consumers—who make up 22% of purchases—have also increased noticeably.
Broad Coverage Beyond Basic Needs
These days, maternity insurance policies cover a variety of associated costs in addition to basic hospitalisation.
- Vaccinations and treatments for infertility: These crucial services are covered by many insurance.
- Pregnancy Complications: Protection against unanticipated pregnancy-related problems.
- Adoption and Surrogacy: Certain plans even address these particular requirements.
Key Considerations for Prospective Buyers
When choosing a maternity insurance plan, consider the following key factors:
- Waiting Period: Seek for plans that have a shorter wait time, look for around nine-months.
- Amount of Coverage: Verify if there is enough coverage to cover pre and postnatal costs, such as blood tests, scans, NICU stays, and immunisations. Given that the cost of several immunisations might vary from ₹1 lakh to ₹2 lakh.
- Hospital Maternity expenditures: Confirm if the coverage pays for consumables as well as hospital maternity expenditures.
- No Room Rent Capping: To prevent unforeseen out-of-pocket costs, select plans without a room rent cap.
- No claim bonus: Choose plans that include a no claim bonus, which boosts your coverage for each year that you don’t file a claim.
- Hospital Network: Verify if maternity services are offered by the hospitals in the network covered by your insurer.