Page 47 - Insurance Times August New 2023
P. 47

FEATURE




                   Wild West of maternity coverage






                      aternity insurance takes care of expenses  though, at Rs. 15000 and Rs. 25000 for caesarean delivery
         M            related to childbirth for women, extending to  may fall short in any facility, TierI to TierIII.
                      pre and postnatal care, newborn child health
                                                              These features  for Care Health, Tata Medicare, and Bajaj
                      expenses and even vaccinations in the first
                                                              Allianz are for a sum insured of Rs. 5 lakh and mostly remain
          year. The insurance industry may not have standardised this
                                                              the same  for  higher sum insured  limits as well. Digit
          section  as  there  is a  wide variance  in  the  offerings.
                                                              insurance has an increasing sublimit with a waiting period
          Compared to unknown risks that are covered in insurance,
                                                              of 9 months. The maternity sublimit starts from Rs. 15,000
          the planned nature of hospitalisation in maternity may be
                                                              in the first year (after nine months) and increases by Rs.
          the reason for lack of maternity insurance. We look at the  10,000 every year till an upper limit of Rs. 1,00,000. This is
          few  policies  that  offer  maternity  coverage  and  the
                                                              called the maternity wallet and the same cover is made
          associated conditions that one must be aware of before
                                                              available to the newborn as well for a period of 90 days.
          signing on.                                         Other insurers including Niva Bupa, SBI General Insurance,
                                                              and Aditya Birla may not provide maternity covers in their
          Base Covers
                                                              base policies but may offer it as an optional addon.
          Group insurance provided by employers is at the top of the
                                                              Aditya Birla offers a maternity addon that covers maternity
          pecking order as regards maternity coverage as these
                                                              expenses, new born baby cover and vaccination packages.
          policies have day one coverage. The sublimit may range from
          Rs. 25,000 to Rs. 50,000 for a normal delivery and 1020 per
                                                              Targeted Covers
          cent more for a caesarean or csection. Compared to other
                                                              Star Health's Woman Care insurance offers a comprehensive
          insurance that may have a waiting period ranging from
                                                              package  in  this  regard  and  is  targeted  at  women
          two  to  four  years,  day  one  coverage  and  sufficient
                                                              policyholders. The waiting period is two years for maternity
          cover make group covers highly appropriate. Depending on
                                                              coverage and the sublimit is Rs. 25,000 for the procedure,
          the  plan negotiated,  other expenses associated with
                                                              which is offered twice in the policyholders' lifetime. The
          maternity (newborn baby cover and natal care) may also
                                                              newborn is covered by the existing policy of the woman
          be covered.
                                                              policyholder who was covered in the maternity plan. The
          Care Health Insurance offers a discount on maternity charges  newborn is offered a sum insured of 25 per cent of the
          up to Rs. 25,000 for procedures undertaken in its network  policyholder's sum insured for the first year. From the second
          of hospitals. This is provided from day one, so effectively  year, the child would have to be included in the plan for a
          makes for a decent cover even if actual maternity cover is  fee for coverage.
          not provided. Tata Medicare provides maternity cover in its
                                                              Policyholders who are already pregnant can also purchase
          base policy, which implies that cashless transactions and
                                                              the policy, which allows for newborn coverage even if
          other features of the base policy can be applied to maternity
                                                              maternity will not be covered (since twoyear waiting period
          cover as well. These would include ambulance, pre and post  is needed).
          hospitalisation expenses and others. But waiting period for
                                                              Additionally,  the  policy covers assisted reproduction
          maternity cover is four years.
                                                              treatment in the base policy itself. These treatments
          Tata Medicare provides a sublimit of Rs. 60,000 in case the  provide a sublimit of Rs. 50,000 for a Rs. 5lakh policy and
          newborn is a girl child and up to Rs. 50,000 in case of a boy  gradually increase up to Rs. 3,00,000 for a Rs. 1 crore policy
          child. Bajaj Allianz also has a longer waiting period of six  per  year.  Even  outside  of  maternity  covers,  such
          years for maternity. But on the other hand, it provides a  treatments,  which cover IVF and other procedures, are
          cover for the newborn for a period of 90 days. The sublimit,  rarely included in other insurance policies. (Source: BL)

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