It is no secret that life is all about growing and learning. From childhood to adulthood, we must keep evolving and adapting to different situations. Various life stages present varied challenges to us, and it is imperative that we take the right decisions at the right time.

Whilst it is difficult to predict the nature and timing of life's ceaseless supply of curveballs, we can plan for the future - at least for the life decisions we have already charted out, such as bringing a child into this world.

There is perhaps no life decision as potentially life-altering as embarking upon the journey of motherhood. Not only does this decision entail a drastic physical transformation but it also leads to a significant amount of expenditure. In order to prepare yourself for motherhood, it is prudent to buy life insurance with maternity benefits or a maternity insurance plan.

What is a Maternity Insurance Plan?

A maternity insurance plan is an insurance product that provides coverage to women who are pregnant. Specifically designed to offer insurance coverage to pregnant individuals, a maternity insurance plan generally covers the cost of pre-natal care, post-natal care, the expenses associated with delivery, and the expenses of a newborn child.

By opting for a maternity insurance policy, you can prepare yourself for the financial implications of some of the key facets of pregnancy and childbirth. The coverage of various maternity insurance plans varies, which is why it is critical to check the plan benefits before selecting it. One of the most significant elements of maternity insurance in India is the waiting period inherent in a plan.

What is the Waiting Period In Maternity Insurance Coverage?

A waiting period in any type of insurance plan is the amount of time that needs to have passed before certain plan benefits and covers get activated. In a similar light, the waiting period in maternity insurance plans is the time period that must elapse between the purchase of the plan and the activation of the coverage.

Maternity insurance plans in India tend to have a waiting period ranging from 9 months to 4 years. It is, therefore, pivotal to save in maternity insurance well in advance. For instance, if you are planning to start a family in, say, the next two to three years, and access the benefits of maternity insurance, you must start looking at maternity insurance policies right now so that it will not be adversely affected by the waiting period aspect of such plans.

What are the Inclusions of Maternity Insurance Plans?

Before selecting a maternity benefit insurance plan, you must peruse and compare various available plans. This way, you will be suitably placed to choose the appropriate plan for yourself. Although maternity plan benefits may vary, here are some of the common inclusions in maternity insurance plans in the country.

• The expenses for delivery, including delivery through Caesarean Section
• The cost of In-patient hospitalisation for delivery
• The expenses associated with a newborn baby, including vaccinations
  
  

What are the Exclusions of Maternity Insurance Plans?

In addition to the inclusions in maternity insurance policies, it is also important to be aware of the general exclusions on such policies. These include:

• The cost of IVF treatments
• The expenses pertaining to Ectopic Pregnancies
• The cost of harvesting stem cells
• The cost of routine medical check-ups
  
  

Why is a Maternity Insurance Plan Essential?

If you are wondering why you must save in maternity insurance, then here are some of the main reasons which make maternity insurance coverage essential for anyone planning motherhood in the near future.

• The cost of pre-natal and post-natal care: Medical inflation has been following an upward trend, which means that the cost of medical care is consistently on the rise. Since pregnancy and the period immediately following it often requires medical assistance, it is as important to buy maternity insurance as it is to get life insurance or health insurance.
  
  
• Shield for your savings: Bringing a child into this world is an endeavour that leaves the mother exhausted. More often than not, this affects their ability to work and earn, thereby putting a pause on their careers and income streams. The duration of such a break may vary from one person to another but what does not vary is the impact on one's savings. Buying maternity insurance and paying a one-time premium can safeguard your savings against the burden of maternity expenses.
  
  
• Waiting Period: Since the waiting period for maternity insurance policies is generally quite long, you cannot just buy such a plan and immediately access its benefits. You must purchase a maternity insurance plan years before you intend to use its coverage. It is also possible to add a cover for maternity benefits in your health insurance plan.
  
  

Conclusion

Buying a maternity insurance plan is an excellent step towards adding financial security to your beginning of the motherhood journey. With the ever-rising threats to life and health, however, there is no such thing as too much insurance. In addition to your maternity insurance policy, you must also consider buying life insurance or getting a comprehensive life insurance policy with maternity benefits. A maternity life insurance plan offers you the twin benefits of life coverage and maternity cover.

Tata AIA Life Insurance policies offer a wide range of life insurance policies which have been designed with the utmost care and attention to detail. You can use our different online life insurance calculators to understand the plan benefits, coverage and premiums and buy life insurance that matches your requirements and budget.


L&C/Advt/2022/Sep/2195