Kotak Mahindra Premier Plan for Maternity

For every woman, having decent maternity insurance coverage is important. Kotak General Insurance offers the Health Premier plan in light of its comprehension of the situation. Kotak Health Premier offers excellent coverage across the board and includes maternity costs, newborn baby coverage, as well as immunization costs. Two deliveries must be covered by the insurer under the maternity benefit during each of the coverage terms. Overall, Kotak Health Premium is a superb plan that every woman should purchase to provide for their physical, mental, and financial needs at a time when they are most in need of it.

Maternity insurance Plan is one of the unrecognized types of insurance that people frequently ignore, but if you pay close attention, you’ll see that it can be a big asset in helping future parents manages a significant amount of money along the journey. Up to a predetermined limit, maternity insurance covers all costs related to childbirth.

Due to medical inflation, healthcare costs have increased dramatically in recent years. Therefore, any unanticipated illness can drain your bank account and throw your financial planning into a loop. Kotak Mahindra Health Premier is a comprehensive health insurance plan, with this in mind. It compensates for maintaining good health practices like regular fitness and preventative treatment by paying all the expenses that occurred i.e consultation fees, medical tests, ambulance fees, and hospitalization bills.

Key Features to be noted while having a premier plan for pregnancy

• Vast insurance coverage

• Perpetual renewability

• Broad sum insured range: Rs. 3 lakh to Rs. 25 lakh

• Daily cash for following an insured child

• 100% restoration of the money insured

• Income tax benefits under Section 80D

• Reward for keeping good health & fitness

The ultimate scope of Coverage

• Maternity costs,

• 405 childcare procedures

• Organ donor coverage

• Daily hospital cash

• Alternative treatments

• In-home hospitalization

• Emergency ambulance coverage

• Newborn infant coverage

• Immunization costs.

Eligibility

When it comes to purchasing a maternity insurance plan, the eligibility requirements are not stringent. The insured must only be a particular age to receive the benefit, according to some insurance firms. Some insurers have set the exit age at 45 years of age, with the entering age being 18 years.

A limit of two live children is imposed by some insurance providers on the total number of maternity claims. In other words, a person can only receive maternity benefits for two deliveries. In the event of a defeat, there can be exceptions.

The majority of people who purchase such maternity insurance policies are young women or couples who want to start a family after a year or two. A complete maternity insurance plan is also available to parents who already have children and want to be ready for future pregnancies. Last but not least, any woman or couple who is just taking efforts to protect their financial situation and is not particularly planning to have children or a family shortly can also benefit from maternity insurance coverage.

After the minimum waiting period that the insurance provider determines, one can only obtain the benefits provided by the maternity insurance policy. Therefore, any pregnancy-related expenses incurred within a year of acquiring the policy will not be reimbursed by the maternity insurance coverage if the minimum waiting period is one year. Furthermore, most insurance policies will not cover the third birth if you have already used the same maternity insurance coverage for two of your children.

Benefits of Maternity Insurance

The important query is now: What rewards can you expect from a high-quality maternity insurance investment? The following are a few of the most intriguing advantages of maternity health insurance:

When a spouse or the mother is not financially stable enough to shoulder the financial burden of all the pregnancy-related costs, maternity insurance can be a lifesaver in both the case of unforeseen pregnancies and also during planned pregnancies. Statistics show that the price of giving birth in a hospital might occasionally reach millions of rupees, depending on the circumstances. In such circumstances, maternity insurance offers crucial financial support.

Following delivery, the baby will incur numerous costs naturally, including those for vaccines and essentials for basic cleanliness. Maternity insurance can maintain your finances in good shape and ensure that you don’t have to bear the whole burden of all the costs.

Maternity insurance covers insurance coverage of the room rent due at the hospital, even if the majority of maternity insurance policies only pay for up to two deliveries and newborns. Maternity insurance begins to pay benefits before the baby is even born. More and more insurance companies are refusing to pay for infertility-related therapy, any expenses associated with pregnancy-related difficulties, and medically and legally acceptable prenatal terminations.

Exclusions

• Self-harm committed on purpose

• Allegations of criminal behavior

• Cosmetic procedures

• Aesthetic treatments

• Injury or sickness brought on by intoxicating substances such as alcohol, narcotics, or mental illnesses

Medical costs for the delivery of the insured’s child or a medically-recognized abortion, coverage for up to two deliveries, and pre-and post-natal costs are all included in maternity benefits.

Maternity benefits are provided by Kotak General Insurance through its Health Premier health insurance program. Kotak General Insurance offers women-specific health insurance plans that include coverage for the insured person’s newborn child’s medical costs.

Mother’s Benefit For the delivery of the insured person’s child (including by cesarean section) or the medically necessary and legal termination of the pregnancy during the policy period, we shall reimburse the Medical Expenses up to the Maternity Benefit Sum Insured provided in the Policy Schedule.

Policy Period

The treatment is received while the patient is an in-patient in a hospital, and the insured person has been continuously covered for at least 36 months under this benefit, subject to the portability & continuity benefits, as applicable, the cover will be made accessible.

Additionally, we shall not be obligated to pay for more than two events of deliveries throughout all Policy Periods with Us. We will cover pre-natal and post-natal expenses up to the amount specified in the Policy Schedule for this Benefit if we have accepted a Claim for delivery or termination under this Benefit

Ectopic pregnancy shall not be covered under this Benefit. However, any Claims will be considered under In-patient Treatment. This benefit applies to U.S. residents only.

Waiting Period

After purchasing the maternity benefit, you have a waiting period during which you cannot file a claim. The length of time varies between insurers. Some insurance companies mandate a 9-month waiting time after purchasing the coverage, while others may impose a 1- to 3-year waiting term on the client.

Add-on Covers

The base plan offers maternity coverage as an add-on. The basic plan is a standard health insurance policy that provides financial support in the event of an unexpected medical expense. It pays for medical bills like hospital stays and other related costs.

New Born Baby Cover

Within the parameters of the Maternity Sum Insured, we shall reimburse the Medical Expenses related to the Hospitalization of the Insured Person’s Newborn Baby during the Policy Period, subject to the following:

 A Maternity Benefit Claim under the Policy has been accepted by us. Further,

 Regardless of the kind of coverage (Individual/Floater), this benefit is applicable on an individual basis.

 This benefit does not pay for any pre- or post-hospitalization costs for the newborn. By paying the required premium for the New Born Baby through an endorsement or at the subsequent renewal, whichever comes first, you can extend coverage for the New Born Baby beyond the initial 90-day period.

Vaccination cost

Up to the limit stated in the policy schedule, we will pay for the vaccination costs incurred on the insured person’s child throughout the policy period, provided that:

 A Maternity Benefit Claim under the Policy has been accepted by us.

The Insured Person whose maternity claim has been approved by us thereafter renews the Policy with Us. In addition, Costs will be covered from the time of the baby’s birth until they reach their second birthday.

Vaccination-related reimbursement requests may only be made once every policy year. The payment made in connection with this benefit is in addition to the Base Sum Insured. For the sake of this Benefit alone, the Permanent Exclusion of the Policy Wordings is eliminated. The Benefits Covers include all treatment costs related to the vaccination of a newborn.

Waiting Period for Maternity Benefits After 36 months of uninterrupted coverage for that specific insured person after the start of the Maternity Expenses Benefit under the policy for that insured person, any treatment related to or resulting from pregnancy, childbirth, or cesarean section will not be covered. According to the guidelines on portability issued by the insurance regulator, this waiting period will be shortened by the number of consecutive years that the insured person’s maternity was covered under a prior health insurance policy from us or any other health insurance plan with an Indian non-life insurer or health insurer.

Pregnancy Covers (All the below 3 covers need to be taken together) (Only accessible with certain plans) Mother’s Benefit It provides medical expense coverage for the insured’s delivery.

Maternity Health Insurance a brief description

One of life’s most tender moments can be having a child. However, it can also be a highly worrisome period if not well-prepared. The cost of one additional family member is increased. Therefore, it’s crucial to prepare both mentally and financially. Maternity health insurance can help in this situation. It is intended to pay for pregnancy-related medical costs. Prenatal checkups, labor and delivery hospital costs, post-natal care, etc. are all covered by maternity insurance, relieving you of the financial strain.

Need for Maternity Health Insurance

Numerous positive emotions are produced through pregnancy. However, there are other additional costs that come along with it. Normal health insurance policies don’t cover issues related to pregnancy. To cover these increased costs, a couple must make an appropriate budget.

The majority of the country’s largest corporations offer their employees health insurance that includes maternity coverage. This coverage does have a cap, though. Thus, getting a personal maternity insurance policy is always the smarter course of action.

A standalone maternity insurance policy or an addition to an existing health insurance policy is both options you have.

 Technology these days works tremendously where one can keep an eye on a baby’s heartbeat and activity while they are still in the womb. It is also possible to identify birth defects in the infant. A few tests can keep an eye on the

  • Tax Benefits Related to Maternity Cover

For an Indian taxpayer, a health insurance plan provides a tax benefit of Rs. 25000 in a single fiscal year (the amount is subject to vary based on the laws). Maternity insurance is already covered with tax advantages because it is an add-on that is accessible together with the health insurance plan. The purchase of maternity health insurance coverage is not subject to a specific tax exemption.

  • The right time to proceed with Maternity Health Insurance

The typical waiting period for maternity health insurance is between two and four years. Additionally, most employers do not provide maternity coverage to a woman who is already pregnant. The maternity cover also has an upper age limit. In light of all of this, it is preferable to purchase a health insurance plan that includes maternity coverage far before you want to become pregnant.

  • Claim Process for Maternity Health Insurance

There are two ways to claim a maternity benefit:

  • Cashless Claim

To be eligible for a cashless claim, delivery must occur in a network hospital. Any hospital that has a relationship with your health insurance provider is considered a network hospital. When being admitted to a network hospital, the claim must be reported to the insurer. Once the claim is accepted, the policyholder only needs to pay a little amount toward deductibles and nothing further needs to be done. The insurance provider will directly cover all additional costs.

  • Reimbursement Claim

To file a reimbursement claim, the policyholder must first pay the full amount of the invoice before requesting reimbursement from the insurance company.

  • Paperwork for claim settlement

One must submit the following documentation for the maternity insurance claim in a plan to be fully resolved:

• A properly completed and signed claim form

 • A policy bond

• Identification documentation for the insured

• A pre-authorization form for cashless claim approval

• A doctor’s referral letter recommending hospitalization

 • Original copies of all medical bills, hospital reports, records, prescriptions, and test results

• Original copies of all medical records and prescriptions etc.

Any other documentation the insurance provider deems necessary for settling the claim.

When filing a claim for reimbursement, you must include the information for the bank account to which the money will be transferred. You might be asked to provide your bank account information along with a copy of your passbook or a canceled check.

Conclusion

Given the importance of pregnancy in life, it is advisable to be aware of its financial effects and select maternity insurance that will cover the key costs. Before deciding on a course of action, be aware of all includes and exclusions. In general, maternity insurance plans are fairly expensive. So, depending on your needs and financial position, choose either standalone health insurance with a maternity cover plan or an add-on. Choose the pregnancy insurance plan that offers coverage for both maternity and newborn infant expenses Kotak Mahindra Premium Plan for pregnancy is showing wonders in it by providing its warm and helping hand.