Maternity insurance in India is still to take over the market with meaningful benefits to the females belonging to different sections. Though, in the current scenario there are various insurers that deal into pregnancy health insurance but the only hitch is that the coverage is quite limited in this case.
Today, the various government and private players in the Indian insurance market offer only group pregnancy insurance rather than individual coverage for pregnancies. Group pregnancy insurance covers only working women thus, the home makers and housewives are eluded of affordable maternity health insurance benefits. Individual health insurance in this category is yet to make an entry in Indai.Read on to understand pregnancy insurance in details.
What Is Group Pregnancy Insurance?
Group pregnancy insurance refers to bulk maternity insurance of a group of females. Most often the maternity benefits are included under general group insurance policies
. IT companies and other corporate houses are the major buyers of such group insurance policies with maternity insurance.
What Does Pregnancy Insurance Covers?
The group insurance policies that cover maternity insurance as well seek at least 100 employees in a given group. Maternity coverage would include all the pregnancy related hospitalization costs. The centers or hospitals where one can get pregnancy treatment is unique to the employer's group policy. The group maternity insurance covers the expenses of surgery, pre and post natal care and the treatment of any complications arising due to or during pregnancy.
The Expenses Excluded From Pregnancy Insurance
The costs or expenses which are not covered under maternity coverage are the medical check ups and expenses incurred on medicines during pregnancy. Termination of pregnancy within the first 12 weeks is also excluded from maternity insurance. Another important clause under this section is that the pregnancies conceived within 9 months of starting the maternity insurance policy would not be covered.
Stipulations in Pregnancy Insurance
The terms and conditions or stipulations of pregnancy insurance vary from insurer to insurer. At times certain insurers might require the insured lady to intimidate the insurance company immediately of hospitalization for delivery or any other pregnancy related issue. Non- adherence to such conditions can jeopardize an individual's insurance benefits.
Maternity Insurance Providers
There are lots of of pregnancy insurance providers
in India, Star Health and Apollo DKV are the major names in pregnancy insurance. ICICI is quite liberal with its pregnancy insurance. Apparently, it covers prenatal tests and pregnancy medicare expenses which are otherwise eluded by most of the insurance companies. United India Insurance is one insurance provider that covers hospitalization and in-patient care expenses to a defined limit.
Employee's State Insurance Scheme (ESI)
Employees' State Insurance Scheme (ESI) of the government of India offers maternity insurance coverage to all the female employees working in government offices. As per ESI, every month the female employee has to contribute 1.75 percent of her salary while the employer contributes an amount equivalent to 4.75 percent of her monthly wages towards this fund. During pregnancy, the employee is eligible for 12 weeks of confinement along with miscarriages and any other complications happening due to pregnancy.
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