Becoming parents is one of the most magnificent experiences to preserve. Yet, these moments entail a significant financial responsibility. Yes, bringing a new life into the world involves careful financial planning. To start with, maternity healthcare can be highly expensive. Without proper insurance coverage in place, individuals might be in dire need of a monetary backup. While the happiness of welcoming a new life stays, the financial burden feels exhausting.
This is where maternity insurance coverage comes into play. Not only does it offer solid support during childbirth, it covers almost all the expenses related to pregnancy. However, it is important to understand the requirements and terms and conditions of the policies to get the most out of it. Generally, maternity covers come with a waiting period. It is essential to be aware of the criteria associated with it and how they can affect the coverage.
Understanding the Waiting Period in Maternity Cover
Waiting period refers to the time when the policyholder cannot claim the plan benefits and every health insurance comes with this clause. Maternity insurance is no exception.
The waiting period clause under a maternity insurance policy may vary depending on the types of coverage and the insurance company.
The initial waiting period refers to the duration between the start date of the policy and the eligibility to claim the benefits of the policy. Most maternity insurance plans come with a waiting period between 9 months to 6 years.
Is there a Maternity Insurance Coverage with No Waiting Period?
Unfortunately, maternity cover without waiting period is not available in India. The only occasion where you can get maternity coverage without waiting period is in the Group Insurance Policy or employer-owned policy. This policy is offered by the company to their employees, where the waiting period of the policy is waived and the insured gets coverage for maternity expenses right from the beginning.
However, this plan is quite subjective and entirely varies from case to case. Furthermore, group medical policies come with a fair share of limitations. Hence, it is always worthwhile to invest in comprehensive maternity insurance coverage that has a minimum waiting period. As maternity care calls for long-term planning, most health insurance providers want you to serve a waiting period before claiming its benefits.
Scope of Coverage under Care Joy Maternity Insurance Plan
While searching for maternity insurance coverage with no waiting period, Joy is one of the best policies you can get your hands on. Care Joy Maternity Insurance Plan is a tactfully designed health insurance plan that offers maternity insurance coverage for mom-to-be and newborn.
The cover comes in two variants: Care Joy Plan- Today and Care Joy Plan- Tomorrow. The waiting period differs from one another. While Care Joy Today Plan has the shortest waiting period in the industry, i.e. only 9 months while the Care Joy Tomorrow Plan has a 24-month waiting period for maternity claims.
The policy also offers a coverage for newborn treatment expenses. Besides covering over 540 daycare treatments, Joy maternity insurance coverage is the ideal pick that gives a combination of health insurance covering hospitalisation and maternity expenses.
The policy has an affordable premium and comes with an easy claim settlement procedure. This is to ensure that the coverage can offer immediate services. It covers in-patient care, day treatment care, pre-hospitalization, post-hospitalisation, ambulance cover, etc. All in all, the Joy policy could be your perfect pick if you have not opted for pregnancy health coverage yet.
Why Should You Plan Ahead for Health Insurance with Maternity Benefit Cover?
The chief motive behind purchasing maternity insurance coverage ahead of time is having enough time. You should have sufficient time to complete the waiting period before enjoying the maternity benefits.
Opting for maternity insurance with minimum waiting period implies that you can start availing the insurance benefits sooner. Given below are 3 major reasons why you should plan ahead for health insurance with maternity benefit coverage.
- Maternity insurance generally has a waiting period of 9 months to 6 years.
- Once pregnant, the individual cannot enjoy its benefits if they are still serving the waiting period. Hence, consider purchasing it earlier so that it covers the waiting period.
- In most urban cities, the average price of delivering a baby is around ₹50,000 - ₹70,000 or maybe even higher. Why incur the sudden hassle of paying a hefty amount when you have a coverage option available?
Tips to Buy Maternity Insurance with Minimum Waiting Period
While it is challenging to buy a no waiting period maternity health insurance, below are 4 tips to consider that will help you purchase maternity insurance with a low waiting period.
Determine Your Budget
Evaluate the coverage amount, your budget, your preferences, and the premium that you want to pay.
Do Your Research
Insurance providers that offer a low waiting period option should be your ideal choice. Additionally, check for the policy coverage and terms and conditions of the provider.
Try Buying Online
Buying a health insurance plan online is very simple and convenient. Our health insurance plans are easily accessible online where you can conduct a thorough comparison as well. However, make sure you understand the terms and conditions of the policy before proceeding with the purchase.
Who Should Buy Health Insurance with Maternity Benefit Cover?
Any couple who is looking forward to embracing and enjoying parenthood must consider getting maternity insurance coverage. However, this should be done when the time is correct. Considering this, if you fit in any of the categories listed below, try purchasing maternity benefit coverage soon. People who:
- Have a child and are planning for another in a few years
- Plan to start a family in two years (or sooner)
- Are planning to get married and embrace parenthood soon after.
Wrapping Up
Maternity insurance can turn out to be one of your best investments if you are planning to start a family. Depending on your family plans, you can select maternity coverage without waiting period, or with a minimum waiting period to get the best out of it.
Nevertheless, policyholders need to comply with the waiting period criterion to become eligible for maternity cover. Note that the eligibility criteria may differ across different insurance providers and policies. Hence, make sure you review and read the policy documents carefully before purchasing maternity insurance coverage.
>> Also Read: Know About Pre-existing Disease Waiting Period
Disclaimers: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.
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