Few joys in life compare to the delight of welcoming a child into the world. Pregnancy and motherhood are some of the most crucial chapters in the lives of many women. However, the cost of pregnancy-related healthcare and medical costs has risen dramatically, making it financially difficult to go through it. Cost should not be on your mind when you are bringing a child into the world. It is therefore important to have maternity insurance coverage to be stress-free and enjoy this moment without anxiety.
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Financial protection throughout pregnancy, pre- and post-natal care, pre and post-hospitalization expenditures, ambulance charges, and delivery expenses, regardless of whether it is a normal or cesarean birth, are benefits of maternity cover insurance. The maternity insurance plan also covers the newborn infant for a set length of time. The following are the main reasons why maternity insurance is so vital in India.
Serves As a Financial Safety Net
Maternity insurance covers costs associated with both a regular and cesarean delivery. So, no matter which operation is required, you will not have to worry about the cost. Furthermore, some maternity cover insurance plans cover both pre- and post-hospitalization charges. The coverage includes medical expenditures such as surgeon’s fees, doctor’s consultation fees, hotel charges, and nursing.
It Is Costly to Give Birth at A Private Hospital
People nowadays desire high-quality healthcare, which is why private hospitals are in such great demand. Treatment at these facilities, however, is very costly. Furthermore, pregnancy is prone to medical complications and difficulties, and you may not be aware of all the factors that influence the overall cost. It is where maternity cover insurance comes in handy since it provides financial security so you can take your first steps into parenting without worrying about money.
Covers New-Born Baby from The Start
Newborn infants are usually not covered by health insurance unless they are 90 days old. On the other hand, maternity cover insurance protects the newborn baby from the moment they are born. Some of these plans even cover immunization costs for the newborn up until the policy year’s conclusion.
Prepares The Parents for Problems
A newborn must be looked after in an incubator for a specific length of time if the situation is complicated, such as preterm delivery. These are unforeseeable events that might become more stressful as a result of the costs. You may find some financial relief with a decent maternity cover insurance since it would cover most of the expenses.
Allows A Couple to Start a Family Without Having To Worry About Money
Because of the costs associated with having and maintaining a child, most couples take the time to plan their baby. Now, depending on the insurance provider, you may prepare for a child with maternity cover insurance with sub-limits ranging from 1 to 4 years.
Tax Benefits
Under the Income Tax Act (Section 80D) of 1961, policyholders can get a tax deduction on the insurance premiums they pay for maternity coverage. When you become a parent, maternity cover insurance is a valuable addition to your health plan. As a result, purchasing maternity insurance is advised for a financially secure pregnancy.
No Claim Bonus
If the plan has no claim in a policy year, some insurance firms provide a discount on the following year’s insurance premium. Furthermore, insurance firms provide consumers with a straightforward and simplified online application procedure to make the entire process easier. With only a few clicks, you may purchase these insurance products online.
Maternity cover insurance is available from a variety of insurance providers. It’s a good idea to evaluate different plans by looking at their features and advantages and then deciding which insurance is best for you.