Mom’s Day 2023: This is how your medical health insurance can financially put together you to your first little one

My spouse and I (residents of New Delhi) are planning to have our first little one subsequent 12 months. As a part of the monetary planning, we need to put money into a great medical health insurance plan that may cowl maternity and new child bills. How a lot cowl is enough for this and the way quickly ought to we purchase insurance coverage? Lastly, what’s the premium vary for this coverage?

Rashmi, Jaipur

Reply By Siddharth Singhal, Enterprise Head – Well being Insurance coverage, Policybazaar.com

Monetary planning ought to at all times be preceded by household planning and it’s heartening to see extra {couples} being conscious of maternity insurance coverage. It’s ideally suited for anticipating mother and father to go for ample protection that accounts for being pregnant, hospitalization in addition to new-born bills. If you’re planning a baby subsequent 12 months, it’s essential to bear the ready interval in thoughts. {Couples} usually search for insurance policies when they’re already anticipating. Ideally, a coverage needs to be purchased no less than 1-2 years earlier than planning a baby owing to the ready interval. Fortuitously, insurance coverage corporations have made this choice simpler for patrons by bringing down the ready interval from 2-3 years to as little as 9 months which makes it simpler to plan a household within the close to future. Typically, folks solely depend on their company cowl, which could be a mistake.

The estimated price of being pregnant and childbirth can vary from Rs 50,000 to 70,000, particularly for C-section deliveries. Since you’re a resident of a metro metropolis, the price may even contact Rs 1 lakh relying upon the hospital and the process. With only a company plan, you might find yourself shelling out a big amount of cash from your personal pocket to cowl these bills. The excellent news is you may get all of it coated by maternity insurance coverage. Actually, there are new plans out there out there providing protection of as much as Rs 2 lakh to 1 crore, with a specific quantity designated for maternity-related bills. Speaking about premium, for a sum assured of Rs 5 lakh, the month-to-month premium ranges from Rs 700-1,000 approx.

The premium may additionally differ relying on the quilt quantity one opts for. The brand new-age plans additionally cowl procedures like IVF therapy, ought to a pair have to go for it. There are two choices out there – you possibly can both go for a standalone maternity insurance coverage coverage or you might go for a medical health insurance coverage with a maternity cowl. The coverage additionally accounts for ambulance fees, NICU and vaccination fees for the new-born from 30-90 days of the supply amongst different prices. Other than this, like another medical health insurance coverage, maternity coverage additionally qualifies for tax advantages as much as Rs 25,000 beneath Part 80D of the Revenue Tax. So, I might advise you to attend no additional and be emotionally in addition to financially able to welcome your little one.

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