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Business News/ Money / Personal Finance/  Not child's play: Why maternity insurance is booming and how to choose the right plan — all your queries answered
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Not child's play: Why maternity insurance is booming and how to choose the right plan — all your queries answered

Maternity insurance plans have become increasingly popular amid rising healthcare costs, with an 80 per cent YoY rise in FY24.

There has been a significant increase in the number of maternity health insurance buyers in FY24.Premium
There has been a significant increase in the number of maternity health insurance buyers in FY24.

More couples are choosing to secure their financial future from unwarranted healthcare expenses by opting for comprehensive maternity coverage as they plan to welcome a baby into their family. Growing awareness of rising healthcare costs among wannabe parents has led to an 80 per cent YoY increase in maternity plans in FY24, according to PolicyBazaar data.

Insurance buyers in the 25- to 35-year-old age group have led the significant growth of maternity plans. According to PolicyBazaar’s data, this age group comprises 91.2 per cent of total buyers. Male family members are taking responsibility for their child, as nearly 78 per cent of the maternal insurance policy buyers are men. However, the data indicated a rise in women buyers in the category, as 22 per cent of women also opt to invest in maternity plans for themselves.

Also Read: Why is health insurance crucial for working women? Here are 4 key reasons

Top add-ons preferred by buyers

Apart from taking maternity insurance, most buyers also chose several add-ons to cover their maternity expenses at the hospital. Consumables (38 per cent), no room rent capping (33 per cent), and no claim bonus (24 per cent), are a few top add-ons chosen by insurance holders.

Also Read: How can global health insurance improve your travel experience?

Top features of maternity insurance plans

Given the vast amount of hospitalisation charges and miscellaneous expenses, a number of maternity insurance plans cover charges related to vaccination, infertility treatments, pregnancy complications and, in certain cases, adoption. Several plans also cover expenses related to surrogacy.

Maternity health insurance plans and their key features.
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Maternity health insurance plans and their key features. (PolicyBazaar)

How to choose the best maternity plan

According to Siddharth Singhal, Business Head—Health Insurance, Policybazaar.com, people who are looking to buy a maternity insurance plan need to consider aspects like the waiting period, coverage amount, and pre- and postnatal expenses.

“Traditional health insurance plans used to have 2-4 years of waiting period for maternity coverage to start, which in modern plans has reduced to nine months. One should also make it a point to understand the coverage they are getting. You must look for plans that cover pre and post-natal expenses like blood tests, scans, NICU, newborn cover from day 1, vaccinations for the mother and baby - which can range anywhere between 1 lakh and 2 lakh," said Singhal.

 

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Published: 16 May 2024, 07:16 PM IST
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