(iStock)
(iStock)

Health policies that offer maternity benefit have extra waiting period

  • As a standard exclusion in regular health insurance plans, newborns are not covered for the first 90 days
  • If your car was not insured at the time of claim, then you can’t take a back-dated cover and make a claim

My husband and I are planning to have a baby. I want to take an insurance policy that will cover all the expenses, including regular check-ups, delivery, post-hospitalisation expenses, vaccinations for the baby, and so on. Are there policies that offer such benefits? If not, what is the best kind of policy we should go for? How much will such a policy cost?

—Radha Maheshwari

While the standard mediclaim does not cover maternity, there are now several plans that offer maternity coverage. There is a sub-limit defined for such expenses within the overall sum assured. Generally, this sub-limit is good to cover hospitalisation expenses only. Limited plans will cover check-ups in the run-up to delivery.

The other coverage that you should consider is that for the newborn. As a standard exclusion in regular health insurance plans, newborns are not covered for the first 90 days. Even among the plans that offer maternity, only some cover the newborn. Plans that cover newborns also offer coverage for the vaccination of the baby.

There is an additional waiting period applicable, across plans, to avail the maternity benefit. This ranges between nine and 48 months.

The pricing depends significantly on the waiting period. The following are two scenarios for a couple with the elder around 35 years of age. One insurer may offer a 30 lakh family floater coverage with 50,000 maternity benefit and 24 months waiting period at a cost of around 40,000 annually. Another insurer may offer a 5 lakh family floater coverage with 50,000 maternity benefit and nine months waiting period for a cost of around 70,000 for three years.

You should choose a policy based on the waiting period time horizon that is relevant for you.

My motor insurance expired on 4 April 2019. My car met with an accident on 6 April 2019. Can I renew my policy and make a claim?

—Nitin Malhotra

If your car was not insured at the time of claim, then you can’t take a back-dated cover and make a claim. Insurers, at times, make an ex-gratia exception. This is generally done in cases where the policyholder has had a longstanding relationship and the remittance of premium was in transit. It is mandatory to buy third-party liability insurance for your car. You can be penalised for non-adherence.

Abhishek Bondia is principal officer and managing director, SecureNow.in. Queries and views at mintmoney@livemint.com

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