
In our previous article "Is maternity insurance a must-have for all expecting mothers?", we explained what a maternity insurance encompasses and when to consider getting a maternity plan for coverage. If you are interested in getting a maternity plan, this is what you need to know about the plans offered.
#1 ReadyMummy
Underwritten by Manulife, ReadyMummy is a maternity plan that offers coverage for expecting mothers from as early as 13 weeks into your pregnancy. This plan includes coverage for 14 specified pregnancy complications for the mother and 24 specified congenital illnesses for the child. Hospital care benefits are also given to both the mother and child. In the event that the mother or child is hospitalised, a daily hospital cash benefit will be given. This benefit will be 1% of the sum insured and is payable for up to 30 days of hospital stay.
ReadyMummy is suitable to be used by mothers who are expecting through assisted conception procedures. This is because ReadyMummy will cover pregnancy by In Vitro Fertilisation (IVF), Intrauterine Insemination (IUI) and Intracervical Insemination (ICI) for an additional premium. This is something that not all maternity plans has coverage for.
Additionally, this policy also covers the mother for psychotherapy treatment if she is diagnosed with Major Depressive Disorder (MDD) or Generalized Anxiety Disorders (GAD). A payment of 30% of your sum assured will be given thus supporting your mental health and wellness.
A one-off single premium payment is necessary for this plan for a policy term of 3 years. This plan also guarantees the child insurability and gives the option to buy a whole life plan from Manulife, for up to $200,000 sum assured and without the need for any medical underwriting. This can be done within 90 days from the birth of the child. You may also opt to add-on critical illness riders to the whole life plan.
ReadyMummy by Manulife |
|
Pros |
Cons |
*Annual premiums: $798 |
|
(See "Disappointed with the new integrated shield riders? This is what we think")
#2 Maternity 360
Maternity 360 is a maternity plan underwritten by NTUC Income. This plan includes coverage for 10 specified pregnancy complications for the mother and 23 specified congenital illnesses for the child. Similar to ReadyMummy, Maternity 360 also has hospital care benefits for both the mother and child with a daily cash benefit given in the event of a hospital stay from a specified condition. This benefit will be 1% of the sum insured and is payable for up to 30 days of hospital stay.
Maternity 360 also requires a one-off single premium for 3 years of policy coverage. This plan is available for expecting mothers from 13 weeks up to 35 weeks of pregnancy. The child is also guaranteed insurability with the option to purchase eligible plans from NTUC Income. However, what makes Maternity 360 different is that parents can choose to buy multiple plans for their child. This can be done as long as the total sum assured of all plans does not exceed the combined limit of $150,000 sum assured. Application may be made within 60 days from birth and only requires a simplified health declaration to purchase.
Maternity360 by Ntuc Income |
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Pros |
Cons |
*Annual premiums: $781 |
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(See "How much should I be spending on insurance for my child?")
A comparison of maternity plans
Name of plan |
||
Insurer |
Manulife |
NTUC Income |
Premium payment term |
Single premium |
Single premium |
Policy term |
3 years |
3 years |
Eligibility |
Expecting mothers between 13 to 36 weeks of pregnancy |
Expecting mothers between 13 to 35 weeks of pregnancy |
Maximum sum assured |
$20,000 |
$10,000 |
List of specified pregnancy complications covered for mother |
14 conditions covered:
|
10 conditions covered:
|
Hospital care benefit coverage for mother |
8 conditions covered:
|
8 conditions covered:
|
List of specified congenital illnesses covered for child |
24 conditions covered:
|
23 conditions covered:
|
Hospital care benefit coverage for child |
5 conditions covered:
|
7 conditions covered:
|
Guaranteed Insurability for child |
Yes. There is an option to buy any eligible plan(s) offered by Manulife within 90 days from the birth of the child with no health questions asked (Guaranteed insurability basis). Maximum sum assured of policy for child is $200,000. |
Yes. There is an option to buy any eligible plan(s) offered by NTUC Income within 60 days from the birth of the child based on a simplified health declaration. Maximum sum assured of policy for child is $150,000. |
Daily hospital care benefit |
Daily cash benefit at 1% of the sum insured for both the mother and child for each day of hospital stay (up to 30 days). |
Daily cash benefit at 1% of the sum insured for both the mother and child for each day of hospital stay (up to 30 days). |
Outpatient phototherapy benefit |
Yes, 1% of sum assured for up to 10 days. |
Yes, 1% of sum assured for up to 10 days. |
Coverage for pregnancy by Assisted Conception Procedures |
Yes |
No |
Single premium for an age 30, non-smoker female^ |
$798 |
$781 |
^A single premium refers to plan with just a one-off payment required. Premiums shown are for a Singaporean citizen for $10,000 sum assured and are before any subsidies. Accurate as of 2 August 2021.
Maternity insurance is suitable if you are...
Maternity insurance is suitable if you are...
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1Source: https://www.moh.gov.sg/home/our-healthcare-system/medishield-life/what-is-medishield-life/what-medishield-life-benefits/serious-pregnancy-complications
