Maternity benefits of mediclaim product pay for normal and caesarean delivery up to a specific limit. The beauty of maternity benefit under a group mediclaim policy is that there is usually no waiting period. The retail mediclaim policyholders will have a waiting period of 3-4 years. Married couple who are planning to have own family should consider mediclaim with maternity benefits as the chances are high that they get maternity benefit claim payment.
Maternity benefit has a sub-limit; it means that you cannot get paid up to the sum insured. E.g. If the sum insured is Rs3 lakh, then the maternity benefit payout can be between Rs15,000 to Rs30,000. So, if we assume that the annual premium is Rs10,000 and there is three year waiting period. After paying total premium of Rs30,000 over a period of three years, the maternity benefit can be between Rs15,000 to Rs30,000. But, if was some illness then you would have been eligible for cover up to Rs3 lakh during the period of three years. It is certainly beneficial for young couples to buy mediclaim with maternity benefit. The only restriction is that it is offered for family floater policy covering minimum two adults; maternity benefit is not available for individual policy.