When Will Take Maternity Insurance Policy?

According to health insurance firms, over the past one year, the average maternity age has increased from 26 to 27 years to 32 to 33 years. Increased age has also given rise to complications during pregnancies. To address maternity related health concerns, a growing number of women are opting for health insurance plans that also cover maternity expenses.

However, health insurance policies that come with a maternity cover are substantially costlier.

A health plan with a cover of Rs. 3 lakh for a 35-year old female will normally cost Rs. 3,000 to Rs. 4,000 a year. But, if the same cover includes maternity expenses, the premium more than doubles to Rs. 8,000 to Rs. 9,000 a year.

For those whose employer-provided insurance covers maternity, opting for an individual health plan for an additional maternity cover may not be the best idea.

Even for women who are not working, buying a health insurance policy that covers maternity expenses is not a good option. The high premium coupled with the long waiting period that policies with a maternity cover come with, diminishes their effectiveness.

Ms. Divya Gandhi, Head, General Insurance, and Principal Officer, Emkay Insurance Brokers, said, “For a benefit of Rs. 25,000, buying a Rs. 3 lakh health policy, charging an annual premium of Rs. 8,000 to Rs. 9,000, with a 3 to 4 years waiting period, does not make sense,“

If you do not have health insurance, you must buy one, but its best to not opt for a high premium policy that comes with a maternity cover. The money you save on the premium may be put to better use in building a corpus for an emergency fund.

If you still feel you need health insurance that covers maternity expenses, then it is best that you buy it at an early age. This will take care of the long waiting period, which, for some policies, could extend up to 6 years.

 Mr. V . Jagannathan, CMD, Star Health and Allied Insurance, “A plan offering maternity benefit is worth buying at the time of one's wedding because most couples plan a child only after 3 or 4 years,“ 

Src: ET

Share: