In a first for India, pregnant women can now purchase maternity insurance, a service previously unavailable to those already expecting. The insurance policy, called the Health Booster Maternity Cover Rider, has been introduced by Aditya Birla Health Insurance in collaboration with Policybazaar.
This new rider can be added to a base health policy and offers a waiting period of just three months, making it accessible for expectant mothers at various stages of pregnancy.
Sarbvir Singh, Joint Group CEO of PB Fintech, explained the motivation behind the plan. “Our data suggests that the demand for maternity insurance is highest among the age group of 25-35. However, more than 65% of these customers were already expectant by the time their search for coverage starts,” he said.
What does the maternity plan cover?
The Health Booster Maternity plan offers coverage for all types of deliveries, including both normal and caesarean births. With a flexible entry age starting from 18 years and above, the plan is designed to cater to a broad range of customers.
Key features of the maternity cover rider include:
Waiting period: A minimal waiting period of 3 months
Premium: Comprehensive maternity protection available for Rs 25,000 (inclusive of GST)
Rider applicability: Can only be added to a base policy and is not available as a standalone product
“This maternity cover offers timely and reliable protection, empowering young couples and parents-to-be to focus on their journey to parenthood with peace of mind, knowing they have comprehensive coverage,” said Mayank Bathwal, CEO of Aditya Birla Health Insurance.
With this new offering, Aditya Birla Health Insurance aims to address the growing demand for maternity coverage in India, especially among those already expecting.
However, the plan provides a benefit cover of only Rs 50,000, which is in line with most other maternity insurance plans available. Additionally, the premium for the rider is separate and needs to be paid in addition to the base policy premium.
For example, if your health insurance premium is Rs 10,000, you would need to pay an additional Rs 25,000 to include the maternity cover. This brings the total premium to Rs 35,000.
First Published: Sep 26 2024 | 4:02 PM IST
