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What is Maternity Insurance?
Maternity insurance is term insurance that provides coverage for pregnant women and their newborn children. The coverage will typically span from 13 weeks of pregnancy all the way to the third year of the child’s life.
These insurance plans tend to cover pregnancy complications, congenital illnesses, and death due to these conditions. They also provide hospital care benefits to cover for illnesses and conditions such as Uterine Rupture, Still Birth, Bronchitis and much more.
Maternity insurance also covers the infant for 18-23 congenital illnesses. They will also be covered for 5-7 illnesses under the hospital care benefit if the condition requires Intensive Care Unit (ICU) or High Dependency Unit (HDU) admission.
Maternity insurance mainly targets mothers who want to get covered for the more complicated conditions that can occur during pregnancy or labour. Some Integrated Shield Plans do provide coverage for some of these conditions for the mothers but do not necessarily cover medical conditions for the infant.
Maternity insurance is usually packaged with a life insurance plan. Some maternity insurance can be converted into whole life insurance for the mother or child. Note that Life Insurance Plans are a long-term commitment, and cancelling a policy early may result in a financial loss from low surrender values and termination fees.
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