Acquisitions & Mergers

Aim to double AUM to Rs 20,000 crore by FY27, says HomeFirst MD & CEO

By - 30 Jan 2024 09:34 PM

Soon after Covid-19, the inclusion of an OPD feature in health insurance emerged as a game-changer, as it covered more than just hospitalisation expenses. Similarly, maternity insurance is set to become a game changer as more consumers are looking at comprehensive insurance plans from insurance companies that cover them holistically. Earlier, maternity insurance used to focus mainly on covering expenses related to childbirth, such as hospital stays, delivery charges, and medical procedures. However, this approach often overlooked other important aspects of maternal healthcare. Now, the newly launched maternity insurance plans provide more comprehensive coverage that includes.
Given the positive response to these comprehensive plans, the trend is likely to continue, with health insurance providers recognising the importance of offering all-encompassing coverage that caters to the varied needs and aspirations of individuals and families.
"A couple usually starts thinking about health insurance when they are already expecting. They often overlook the waiting period that tags along with maternity cover. Most maternity insurance plans until now had a waiting period of 2 years or more but the recently introduced plans have a waiting period of only nine months if the couple is purchasing health insurance for the first time.However, if you are planning to get married in a few years, you can still purchase new-age plans offering maternity benefits. Once married, you can add your spouse to the plan, and the waiting period served by you already is also waived for your spouse. In that scenario, the spouse doesn’t need to serve the waiting period of nine months for maternity benefit," said Siddharth Singhal, Business Head - Health Insurance, Policybazaar.com
Thes new-age plans also cover procedures like IVF treatment, and expenses related to surrogacy and delivery for surrogate mothers. "Apart from this, it also covers charges for adopting a child. The policy also accounts for ambulance charges, NICU and vaccination charges for the newborn from 30-90 days of the delivery among other costs," said Singhal.Point to note: Most insurance companies do not offer maternity insurance if the policyholder is already pregnant as pregnancy is considered as a pre-existing condition and keeps it beyond the policy cover.