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As the world is readjusting to the new normal, it is only fair to think about the time before the pandemic. Things were so much different and straightforward. It was the time before masks and social distancing. It was when people had the liberty to go out on any day and have fun with their friends. Though we might take some time to adapt to this reality, the pandemic has made some positive changes. It has made people more conscious about the fragile nature of their health. This is evident from the significant increase in insurance policyholders. Studies state that the rise in the percentage of non-life insurers is about 40%.
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This data is based on the number recorded in March 2021. This shows that people are taking the initiative to secure financial aid for their families. Though medical inflation has been significantly high in the past few years, people have become more aware of it during this period. They were able to witness the struggles of patients and their families to arrange immediate funds for a medical emergency. This was the wake-up call we needed to make health a priority.
This steady rise in consumer interest has led to high competition in the health insurance market. Customers often struggle to find the best policy to meet their expectations. The complex jargon of the segment causes some confusion too. In addition to a regular health insurance, a maternity insurance policy is crucial too. For the wellness of the mother and the baby.
We want to simplify the critical aspects of the policy and help you choose the best maternity policy in 2021.
Know the coverage plan
It is common to feel conflicted about the coverage plan. Only a few companies provide maternity policy as a standalone service. Others would offer it as a part of the individual plan or family floater program. This means that the consumers should be extra cautious about the benefits of this particular program.
Know the waiting period
The waiting period for the maternity insurance policy is quite long. This is because insurance companies do not accept applications from pregnant women. This means that the couple will have to invest in the policy well in advance. The duration for approval can take anywhere between 3 months to 48 months.
Know the inclusions & exclusions
This is a pivotal part of any insurance policy. To understand the inclusions and exclusions. This would differ based on the policy type and premium amount. Always choose a coverage plan that would be feasible for your unique needs. It would be prudent to choose a comprehensive package with futuristic benefits.
Know the premium
The premium is the amount paid to the insurers to claim the policy benefits. The type of payment could differ based on the policyholder’s convenience. Always identify a maternal insurance policy with economic premium and maximum benefits. This can be done by extensively comparing various policies in the sector. Consumers can also take to an insurance representative to clearly understand the concept.
Know the company
The credibility of the insurance company providing the service could significantly improve the service. For example, leading companies such as Care Health Insurance have dedicated teams who customise the policies for the consumer’s benefit. In addition, these insurers would focus on customer satisfaction and have a standardised claim protocol.
Consumers should know these aspects to purchase a maternity insurance policy. All insurance companies encourage their customers to read the policy document. This is not just a disclaimer or warning. This is a genuine concern as some policyholders misinterpret the coverage details. One of the common misconceptions is that people assume the policy value would cover the entire bill.
However, in reality, the insurer would determine certain sub-limits for each treatment. It is imperative to know these details, especially for a maternity insurance policy. This knowledge will motivate the consumers to make the proper selection.