I am 34 years old and live in Kochi with my wife. She is one month pregnant right now. Neither of us have a health insurance plan besides the corporate floater cover of ₹5 lakh which I get from my workplace. I am looking to buy one for us, which also has maternity expenses covered. Since she is already pregnant, will the maternity expenses be covered if we buy the plan now? Also, what kind of sum insured should we look at? Are there any add-ons you would recommend?
Sunil Nair
Your concern regarding maternity expenses is quite genuine, especially because your wife is already pregnant. Until recently, it wasn’t possible for expecting parents to get coverage for existing pregnancies due to a minimum waiting period of one-three years. This left expecting parents, like you and your wife, in a tricky situation. Fortunately though, the health insurance industry is keeping up pace with consumers and addresses this challenge now.
A first-in-the-industry kind of maternity cover, which provides coverage for pregnancies with a waiting period of just three months, has been launched recently. . By opting for this plan, it is possible for you to secure maternity benefits for your wife in just a few months. You can avail of a fixed benefit of ₹50,000 with the coverage for both normal and caesarean deliveries. However, do note that this cover can only be added as a rider and is not available as a standalone policy.
I recommend a separate family-floater plan with a minimum sum insured of ₹15-20 lakh. Because remember that you are not buying the policy for just the maternity benefits. Go for a family-floater plan and couple it with the maternity cover add-on with a three-month waiting period. It would be ideal for your specific needs.
Amid the rising cost of quality healthcare, this recommended amount would ensure that your family is covered against hospitalisation, and any additional needs that might arise for a long time to come. You may also consider plans that offer increments to the sum insured over the years to double-proof your protection against inflation. Remember, your corporate floater cover of ₹5 lakh is limited. A family-floater plan can offer better, tailored coverage without impacting your employer-provided policy.
Apart from the maternity cover, there are some valuable add-ons that can enhance your policy. Given your specific needs, you may consider a room rent waiver, which removes any cap on the room type during hospital stays. This will make sure that you get the best care without out-of-pocket expenses.
The writer is Joint Group CEO - PB Fintech