What is Maternity Insurance?
Maternity Insurance is an insurance plan that covers pregnancy complications. These pregnancy complications could affect the mother or the child. If there is a claim submitted for the policy, it will be paid in a lump sum to cover the medical cost associated with pregnancy complications.
What should you consider before getting Maternity Insurance?
Standalone versus Insurance-Linked Policy
There are two types of maternity plans a standalone maternity plan or an insurance-linked plan. The standalone maternity plan can be purchased without having to purchase any other insurance policy with the insurer. An insurance-linked policy can only be bought if you have already purchased or will purchase a whole life plan from the same insurer.
Types of Pregnancy Complications
If you are on the look for a maternity insurance plan you should see how many types of pregnancy complications that the plan covers. Most of the time it covers around 10 types of pregnancy complication affecting the mother. The pregnancy complication coverage type and duration for the child can vary.
If you want comprehensive coverage you would have to see how much the sum assured would be for the plan. The higher the sum assured, the higher the cash payout to support extended medical coverage for you and your child.
Best Standalone Maternity Insurance Plan
More details for the above plans may be found here:
- Summary of Great Eastern Maternity Insurance,
- Summary of NTUC Income Maternity Insurance,
- Summary of Prudential Maternity Insurance.
Best Maternity Insurance-Linked Plans
Full insurer Maternity Insurance details may be found here:
- Summary of AIA Maternity Insurance
- Summary of Aviva Maternity Insurance
- Summary of AXA Maternity Insurance
PolicyPal’s Review of Best Maternity Insurance Plans
A maternity plan is something the expectant mothers will consider. This plan will be a good accompaniment to your current financial portfolio. However, it is important to review your current insurance coverage to see if a Maternity plan is suitable for you.
As seen in the comparison tables, the maternity plans available are usually insurance-linked policies, meaning that they can only be bought together with a life insurance policy from the insurer. If you are an expectant mother look for life insurance coverage, then comparative analysis of Whole Life Insurance may be more suitable for you as it provides more comprehensive coverage after the pregnancy is over.
If you currently already have a life insurance policy, then a standalone plan would be a good accompaniment to increase your protection coverage. This is because maternity plans cover congenital illnesses and pregnancy complications.
You can get a quotation from us in 48 hours by including your details in the form below.
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