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Maternity insurance is a specialised cover that includes expenses related to childbirth, including associated complications, prenatal and postnatal care, infertility treatments, legal support, and vaccination cover for the newborn, along with wellness features for expecting mothers.
Having an individual maternity cover ensures financial continuity, especially if you switch jobs or exit your group health insurance plan.
Maternity insurance policies typically have a long waiting period of nine months to three years, making them unsuitable for expectant parents who cannot afford ongoing pregnancies.
It’s not just about getting covered; it’s about how much the insurer will pay. Sub-limits, where insurance caps the amount reimbursed for certain treatments, are common in maternity policies.
Bundled maternity cover policies provide better value, offering lower premiums and risk pooling compared to standalone add-ons, thus resulting in a more balanced pricing approach.