What Is A Maternity Term Insurance Plan?

What Is A Maternity Term Insurance Plan?

If you are planning to have a baby, it is important to consider getting proper insurance coverage for yourself as the expectant mother and for your new-born. Afterall, the protection of insurance can help us deal with the financial burdens that often accompany uncertainties in life. A maternity term plan is, perhaps, just what you need right now. In this article, we will go over what a maternity term plan is and the coverage it provides.

What is a maternity term insurance plan?

A maternity term insurance plan offers comprehensive insurance coverage for an expectant mother and her baby. These plans are generally single-premium plans set to cover you for a certain number of years (usually around 4).

What kind of coverage does a maternity term plan provide?

A maternity term protection plan offers coverage for the mother and the baby. Let’s look at how each one gets covered:

  • Coverage for the mother

The expectant mother can expect to be covered for a wide range of pregnancy complications and related health issues. The plan generally includes:

  • Protection as early as the 13th week of pregnancy
  • Coverage for assisted pregnancies from around the 28th week
  • Coverage for a wide range of pregnancy complications such as uterine rupture, ectopic pregnancy, HELLP syndrome, and more
  • Coverage for postpartum depression
  • Coverage for Gestational Diabetes Mellitus and its resulting health complications
  • Coverage against death

Apart from these listed benefits, insurers also generally pay out an additional hospital care benefit if the mother is hospitalised due to certain illnesses. Under this benefit, the mother will usually receive some amount of the sum assured per day for a certain number of days.  Conditions that generally qualify for this hospital care benefit include post-natal anaemia, Pulmonary Embolism, and Infection of the Surgical Site following Caesarean Section, among others.

Insurers also generally continue coverage for psychological consultations even after the baby is born. This coverage may continue for around 60 days, depending on the details of the plan chosen.

  • Coverage for the baby (newborn)

A maternity term plan will usually cover the new-born infant immediately after birth. The plan will generally offer the following inclusions:

  • Coverage against congenital illnesses such as biliary atresia, congenital blindness, congenital cataract, congenital deafness, down’s syndrome, spina bifida, and others
  • Hospital care benefit given as a part of the sum assured per day if the baby has to be admitted to hospital for certain illnesses like hand, foot, and mouth diseases (HFMD), bronchitis, pneumonia, and other conditions

The newborn generally enjoys this coverage till around 3 years of age – this specification can vary between insurance companies.

Coverage for multiple births

Your maternity term plan will cover you in case you have multiple births from a single pregnancy. Insurers generally give you the benefit of 100% sum assured per baby if you have twins, triplets, or even more babies in a single delivery.

Bundled maternity insurance cover

You may also consider opting for a bundled maternity insurance plan that covers both mother and baby. Under this type of bundled plan, the mother stays covered during pregnancy against death and a range of medical complications. Once the baby is born, the whole life insurance component of the plan transfers from the mother to the baby without the need for any underwriting. This kind of a bundled maternity insurance plan can truly offer much-needed protection during pregnancy along with the added benefit of life insurance for your little one, from the start of life.

We hope that this article has given you a glimpse into the many benefits of having a maternity term plan when expecting a baby. For any further details, do speak to your insurance provider or to a financial consultant.

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