Becoming a parent is a wonderful experience. The feeling of happiness and satisfaction that happens when this happens, cannot be described in words. The arrival of a little baby brings immense happiness and joy in our lives. With this happiness comes a huge responsibility. The journey begins right from the time a mother conceives. With rising healthcare costs and pregnancy-related complications, delivery is becoming increasingly expensive. In such a situation, a good financial planning has become very important before becoming a parent in today's era. You can enjoy the joy of being a parent to the fullest without worrying about money. For this, it is very important for you to have a good maternity cover.
Maternity cover is part of the base health insurance package and as of now it is not a standalone insurance plan in the country. You should note that not all health plans offer maternity benefits, so you should go through the terms and conditions of your existing insurance cover to check whether maternity cover is available in your plan or not ? Retail policies also provide maternity benefits. They can also benefit.
1. Coverage
Maternity insurance covers all the expenses related to the birth of the child. In this, all the expenses of the insured Woman are covered before and after delivery. This includes room rent charges, ambulance charges, surgeon fees and every illness up to 90 days after delivery. It also covers expenses related to medically recommended abortion. Apart from this, there is also a 'New Born Baby' cover which covers the expenses related to medical treatment of the newborn. The cover is available for 90 days from birth. And this period may vary for different insurers. Some plans also provide cover for compulsory immunization of a child up to 90 days.
2. Sub-limit
There is generally a sub-limit of maternity cover. For example, if the sum insured of your basic health plan is Rs.5 lakhs, it does not mean that you will get only Rs.5 lakhs for maternity related expenses. The maternity sub-limit will be clearly stated in your policy. Document.
3. Waiting period
Maternity cover has a waiting period clause. Meaning. You can file a claim for maternity related expenses only after a certain period. This waiting period usually ranges from 9 months to 8 years. Group medical policies can also cover maternity from day one.
4. Number of claims
Most of the health insurance policies mention the number of deliveries and terminations that are covered under the policy. Which should be considered while buying the policy.
Start it with ten thousand rupees. There is no regularity, but whenever there is any money left at the end of a month, put it in the fund, it will be a support for a long time.
Save 10% of income
If you are young, then make it 20% monthly because your needs are not much right now. Middle-aged people must save 8 to 10% of your monthly income, if you can increase the figure till 20, then much better.
Invest 5% of the income
It is not necessary that the investment should be risky. Investment is also a kind of savings. And there is also the hope of increasing the money invested.
Budget first
Make a budget for every month. Understand the difference between essential and non-essential needs. Meaning, buy anything when you need it. By avoiding unnecessary expenses, good savings can be made in the long run. Try to save as much as you can. Regularly deposit/keep the savings amount in your bank account. Because cash gets spent.
Often women are not very conscious about money and property. It is generally seen that they consider these matters as the responsibility of the husband. But women should also be alert and active, it will be in their interest and in everyone's interest.
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