Are there health insurance plans covering maternity and IVF treatment expenses for newlyweds planning to start a family?

I am a 34-year-old resident of Mumbai. I got married recently and my partner and I are now planning to start our family. We are looking for health insurance plans that comprehensively cover maternity expenses, including support for fertility treatment. Is there any health insurance plan that covers both maternity and IVF treatment expenses? We are particularly interested in understanding the coverage details, premium costs, and any additional benefits that the plans may offer. 

Name withheld

Reply by Siddharth Singhal, Business Head – Health Insurance, Policybazaar.com

Your proactive approach to considering maternity insurance before entering parenthood is commendable. Typically, couples tend to overlook this aspect until they are already expecting, often realising its importance when it's too late. Your decision to explore maternity insurance, especially covering assisted reproductive treatment, demonstrates a thoughtful consideration of your evolving needs. Earlier, policyholders had to serve a waiting period of 2 to 4 years before their maternity coverage could begin. This made it difficult for them to start their family soon.  Thankfully, the healthcare landscape has evolved and now many insurance providers offer plans with considerably shorter waiting periods, some as brief as 9 months. This modification allows for more efficient family planning without unwarranted delays. Recently, there have been several developments in the healthcare industry to facilitate IVF and other related treatments. It is a wise decision to explore specialised maternity insurance plans, specifically the ones covering such treatments. These modern plans not only encompass the expenses related to IVF but also extend coverage to other assisted reproductive treatments. With notable developments in the insurance industry, there has also been a significant reduction in the waiting period for these fertility treatments.

Also read: You can now insure your Rs 10,000 eyewear for Rs 100! Here are details

For a premium starting from Rs 16000, one can get coverage of up to Rs 10 lakh sum insured which will adequately cover all the medical costs. In fact, the coverage no longer ends with pregnancy and childbirth; new-age maternity plans also provide modular protection for post-natal expenses as well. As health insurance continues to meet consumer demands, health insurance plans now offer the flexibility to transfer your completed waiting period to your spouse, easing the process of family planning. Securing the appropriate insurance ensures that you can fully concentrate on the delightful experience of parenthood without facing undue financial strain.

(Views expressed by the investment expert are his/her own. E-mail us your investment queries at askmoneytoday@intoday.com. We will get your queries answered by our panel of experts.)

Also read: Here's how to identify unauthorised lending apps to safeguard your finances

Also read: After France, UPI services now in Sri Lanka and Mauritius: Here's how NRIs can make payments sitting abroad