Top 5 Best Maternity Benefit Insurance Policies in India

Shraddha Shitut

21 Jul 2017

Maternity is a very beautiful and happy feeling for any individual. For most middle class families it becomes difficult to meet up the expenses, pre and post hospitalization which in turn leads to higher costs. It’s not necessary that all the companies will be providing you Maternity benefit. However, few companies offer some health plans with coverage of maternity insurance as add on by paying extra premium. Nowadays, the cost of delivery in a decent hospital in any metro cities will cost you between Rs. 50,000 till Rs. 2 lacs.

Why you need Maternity Health Insurance?

As a responsible parent, you should be well prepared for the pregnancy related cost and delivery of the baby. As the medical cost is increasing day by day, one has to be prepared for all expected and unexpected expenses. And that is the reason why should get cover for Maternity Health Insurance.

Let us know, Top 5 best maternity benefit insurance policies

1) Religare Joy Health Insurance Plan

There are 2 variants in the policy

  • Joy Today

  • Joy Tomorrow

Entry age Minimum: 18 years for adults; baby covered from Day 1 Maximum: 65 years
Waiting Period
Joy Today Joy Tomorrow
9 Months 24 Months
Maternity expenses cover For both plans, maternity expenses covers pre & post natal expenses.
Sum Insured Amount
3 lacs Rs. 35,000/-
5 lacs Rs. 50,000/-
Hospitalization expenses Pre hospitalization expenses - 30 days
Post hospitalization expenses - 60 days

For more details about this plan, please refer to Religare Joy Maternity Cover

Recommendation: This plan may give you the lowest waiting period. Lets say, if your age is between 18-45 years and you are choosing for Joy today 3 lakhs sum insured, your average premium for 3 years will be approximate to Rs. 56,748/-. If you choose Joy Tomorrow, your approximate premium for 1 year will be Rs. 20,393/-. So, if you require lowest waiting period plan exclusively for Maternity then this plan might be good for you.

2) Cigna TTK Pro health Plus Plan

Entry age Minimum: 18 years for adults; 91 days for child
Maximum: No limit
Maternity expenses cover Normal Delivery: Rs. 15,000/-
Cesarean Delivery: Rs. 25,000/-
Waiting Period 48 months is Waiting period. By paying extra premium, one can reduce this waiting period to 24 months.
New born baby vaccination cover All vaccination expenses of new born baby covered till 1 year.

For more details about this plan, please refer to Cigna TTK Prohealth Plus

Recommendation: This is a dual benefit plan which not only covers maternity but also other health related ailments. Lets say, if you ae opting a policy for 7.5 lakhs sum insured for yourself and for your wife aged, 27 and 25 years respectively., then the average premium will be approximate to Rs. 11,416/-. Here, you have an option to avail an add on cover to reduce the waiting period by paying an extra premium of Rs. 7,618/-,

3) Apollo Munich Easy Health Insurance

There are 2 variants in the policy

  • Apollo Munich Easy Health Exclusive

  • Apollo Munich Easy Health Premium

Entry age Minimum: 5 years
Maximum: 65 years
Maternity expenses cover For both the variants,
Sum Insured
3-5 lacs 7.5-10 lacs 15,25 & 50 lacs
Normal: Rs. 15,000/-
Cesarean: Rs. 25,000/-
Normal: Rs. 25,000/-
Cesarean: Rs. 40,000/-
Normal: Rs. 30,000/-
Cesarean: Rs. 50,000/-
Waiting Period
Sum Insured
3-5 lacs 7.5-10 lacs 15,25 & 50 lacs
4 years 4 years 3 years

For more details about this plan, please refer to,
Apollo Munich Easy Health Exclusive Plan
Apollo Munich Easy Health Premium Plan

Recommendation: This is a dual benefit plan which not only covers maternity but also other health related ailments. If you opt for higher sum insured plan, your waiting period will reduce. Lets say, if you are opting a policy for 7.5 lakhs sum insured for yourself and for your wife aged, 27 and 25 years respectively, then the average premium will be approximate to Rs. 14,189/-

4) Star Health Wedding Gift Insurance Policy

Entry age Minimum: 18 years
Maximum: 40 years
Renewal up to 45 years of age
Maternity expenses cover For both the variants,
Sum Insured
3 lacs 5 lacs
Normal: Rs. 15,000/-
Cesarean: Rs. 20,000/-
Normal: Rs. 20,000/-
Cesarean: Rs. 25,000/-
Waiting Period 36 Months

5) Max Bhupa Heartbeat Family Floater Plan

There are 3 variants in the policy

  • Silver Plan

  • Gold Plan

  • Platinum Plan

Entry age Minimum: No age limit
Maximum: No age limit
Maternity expenses cover For all the 3 variants, sum insured available from 5 lacs to 50 lacs and maternity cover starts from Rs. 40,000/- till Rs. 1,00,000/-
Silver Plan Sum Insured available from 5 lacs to 50 lacs and maternity cover starts from Rs. 40,000/- till Rs. 1,00,000/-
Gold Plan Sum Insured available from 3 lacs to 15 lacs and maternity covers up to Rs. 35,000/-
Platinum Plan Sum Insured available from 15 lacs to 1 cr and maternity cover starts from Rs. 1,20,000/- till Rs. 2,00,000/-
Waiting Period 2 years

Recommendation: This is a dual benefit plan which not only covers maternity but also other health related ailments. Lets say, if you are opting a policy for 5 lakhs sum insured for yourself and for your wife aged, 27 and 25 years respectively, then the average premium will be approximate to Rs. 21,494/-. Compared to other health insurance plans above, this plan has a waiting period for 2 years.

Conclusion

There is such a huge rise in maternity expenses these years, that the couple have to opt for Maternity Insurance Policy. Normally, any insurance company do not consider you to be eligible for purchasing the policy, if you are already pregnant. For the working women, who are already covered under the group insurance, do not think much about it, but the non-working women should actually opt for this Maternity Insurance immediately after marriage to take care of the long waiting period.

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Why to Choose Mutual Funds Instead of Directly Investing Into Equities?

Whether to invest in equities or mutual funds is a question that has plagued every investor. As someone who needs the best value for his/her investment should you invest in equity directly or via mutual funds?

Let’s start by first understanding what these two terms ‘equities’ and ‘mutual funds’ stand for-

Equities- Equities generally represent ownership of a company. If you own any equity in a company, you are a part owner of the said company (depending on how much equity you own).

Mutual Funds – It is an investment scheme which is professionally managed by an asset management company. It pools together the resources of a group of people and invests their money in equities, debentures, bonds and other securities.

Why choose mutual funds over equities?

For people who’ve never invested in either stocks or mutual funds, it is hard to know which is better and where to start. Broadly speaking, if you are a novice investor, mutual funds are not only less risky but also way easier to manage. Here are some ways in which investing in mutual funds is beneficial as opposed to investing in equities -

Diversification

Mutual funds provide more diversification as compared to an individual equity stock. When you invest in equity, you are investing in a single company which has its inherent risk. For example, if you invest Rs.20,000 in buying equities of one company, you could face a total loss if that particular company performs poorly in the market.  

If you invest the same amount in mutual funds, it will be invested in different kinds of stocks and financial instruments, high-risk and low-risk both, so you might not face total loss even if one company does poorly.

Scale of Investment and Lower Costs

For an individual investor buying and selling stocks is a difficult task due to its high price. Thus, any gains made from stock appreciation are nullified if the overall trading costs are considered. Comparatively with mutual funds, as the money is pooled from a large number of investors, the cost per individual is lowered.  

Another advantage of mutual funds is that you don’t need to invest large sums of money. Buying equities for a profitable venture needs huge amounts of money, a minimum of few lakhs. With mutual funds, you can start with Rs.1000 and earn profits on that as well.

Convenience

Keeping an eye on the markets everyday is a time-consuming business, especially if you are investing as a side gig. There are people who spend their lives studying the market and still end up sustaining heavy losses. Though investing in mutual funds does not guarantee high returns, it is stress-free and needs less work as compared to investing in equities.

To sum it up

It is important to remember that mutual funds have their own disadvantages as well. Thus, as with any financial decision, educating yourself and understanding the suitability of all the available options is the ideal way to invest. 


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Top 5 Best Maternity Benefit Insurance Policies in India

Shraddha Shitut

21 Jul 2017

Maternity is a very beautiful and happy feeling for any individual. For most middle class families it becomes difficult to meet up the expenses, pre and post hospitalization which in turn leads to higher costs. It’s not necessary that all the companies will be providing you Maternity benefit. However, few companies offer some health plans with coverage of maternity insurance as add on by paying extra premium. Nowadays, the cost of delivery in a decent hospital in any metro cities will cost you between Rs. 50,000 till Rs. 2 lacs.

Why you need Maternity Health Insurance?

As a responsible parent, you should be well prepared for the pregnancy related cost and delivery of the baby. As the medical cost is increasing day by day, one has to be prepared for all expected and unexpected expenses. And that is the reason why should get cover for Maternity Health Insurance.

Let us know, Top 5 best maternity benefit insurance policies

1) Religare Joy Health Insurance Plan

There are 2 variants in the policy

  • Joy Today

  • Joy Tomorrow

Entry age Minimum: 18 years for adults; baby covered from Day 1 Maximum: 65 years
Waiting Period
Joy Today Joy Tomorrow
9 Months 24 Months
Maternity expenses cover For both plans, maternity expenses covers pre & post natal expenses.
Sum Insured Amount
3 lacs Rs. 35,000/-
5 lacs Rs. 50,000/-
Hospitalization expenses Pre hospitalization expenses - 30 days
Post hospitalization expenses - 60 days

For more details about this plan, please refer to Religare Joy Maternity Cover

Recommendation: This plan may give you the lowest waiting period. Lets say, if your age is between 18-45 years and you are choosing for Joy today 3 lakhs sum insured, your average premium for 3 years will be approximate to Rs. 56,748/-. If you choose Joy Tomorrow, your approximate premium for 1 year will be Rs. 20,393/-. So, if you require lowest waiting period plan exclusively for Maternity then this plan might be good for you.

2) Cigna TTK Pro health Plus Plan

Entry age Minimum: 18 years for adults; 91 days for child
Maximum: No limit
Maternity expenses cover Normal Delivery: Rs. 15,000/-
Cesarean Delivery: Rs. 25,000/-
Waiting Period 48 months is Waiting period. By paying extra premium, one can reduce this waiting period to 24 months.
New born baby vaccination cover All vaccination expenses of new born baby covered till 1 year.

For more details about this plan, please refer to Cigna TTK Prohealth Plus

Recommendation: This is a dual benefit plan which not only covers maternity but also other health related ailments. Lets say, if you ae opting a policy for 7.5 lakhs sum insured for yourself and for your wife aged, 27 and 25 years respectively., then the average premium will be approximate to Rs. 11,416/-. Here, you have an option to avail an add on cover to reduce the waiting period by paying an extra premium of Rs. 7,618/-,

3) Apollo Munich Easy Health Insurance

There are 2 variants in the policy

  • Apollo Munich Easy Health Exclusive

  • Apollo Munich Easy Health Premium

Entry age Minimum: 5 years
Maximum: 65 years
Maternity expenses cover For both the variants,
Sum Insured
3-5 lacs 7.5-10 lacs 15,25 & 50 lacs
Normal: Rs. 15,000/-
Cesarean: Rs. 25,000/-
Normal: Rs. 25,000/-
Cesarean: Rs. 40,000/-
Normal: Rs. 30,000/-
Cesarean: Rs. 50,000/-
Waiting Period
Sum Insured
3-5 lacs 7.5-10 lacs 15,25 & 50 lacs
4 years 4 years 3 years

For more details about this plan, please refer to,
Apollo Munich Easy Health Exclusive Plan
Apollo Munich Easy Health Premium Plan

Recommendation: This is a dual benefit plan which not only covers maternity but also other health related ailments. If you opt for higher sum insured plan, your waiting period will reduce. Lets say, if you are opting a policy for 7.5 lakhs sum insured for yourself and for your wife aged, 27 and 25 years respectively, then the average premium will be approximate to Rs. 14,189/-

4) Star Health Wedding Gift Insurance Policy

Entry age Minimum: 18 years
Maximum: 40 years
Renewal up to 45 years of age
Maternity expenses cover For both the variants,
Sum Insured
3 lacs 5 lacs
Normal: Rs. 15,000/-
Cesarean: Rs. 20,000/-
Normal: Rs. 20,000/-
Cesarean: Rs. 25,000/-
Waiting Period 36 Months

5) Max Bhupa Heartbeat Family Floater Plan

There are 3 variants in the policy

  • Silver Plan

  • Gold Plan

  • Platinum Plan

Entry age Minimum: No age limit
Maximum: No age limit
Maternity expenses cover For all the 3 variants, sum insured available from 5 lacs to 50 lacs and maternity cover starts from Rs. 40,000/- till Rs. 1,00,000/-
Silver Plan Sum Insured available from 5 lacs to 50 lacs and maternity cover starts from Rs. 40,000/- till Rs. 1,00,000/-
Gold Plan Sum Insured available from 3 lacs to 15 lacs and maternity covers up to Rs. 35,000/-
Platinum Plan Sum Insured available from 15 lacs to 1 cr and maternity cover starts from Rs. 1,20,000/- till Rs. 2,00,000/-
Waiting Period 2 years

Recommendation: This is a dual benefit plan which not only covers maternity but also other health related ailments. Lets say, if you are opting a policy for 5 lakhs sum insured for yourself and for your wife aged, 27 and 25 years respectively, then the average premium will be approximate to Rs. 21,494/-. Compared to other health insurance plans above, this plan has a waiting period for 2 years.

Conclusion

There is such a huge rise in maternity expenses these years, that the couple have to opt for Maternity Insurance Policy. Normally, any insurance company do not consider you to be eligible for purchasing the policy, if you are already pregnant. For the working women, who are already covered under the group insurance, do not think much about it, but the non-working women should actually opt for this Maternity Insurance immediately after marriage to take care of the long waiting period.