Not child's play: Why maternity insurance is booming and how to choose the right plan — all your queries answered
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.
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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.
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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.
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,
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