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Maternity Insurance in Singapore: The Nation’s Top Providers at a Glance

Maternity Insurance in Singapore: The Nation’s Top Providers at a Glance

Maternity insurers

Maternity insurance can be an absolute mind-boggling minefield and, let’s face it, as soon as you know you have a baby on board, the mundane task of sifting through insurance policy small print and premium descriptions is not going to get a look in compared to much more exciting things like choosing baby’s name, purchasing teeny tiny sleepsuits and planning a baby shower.

However, boring as it is, arranging maternity insurance is just as important as religiously taking those folic acid supplements and researching cord blood banking. Here’s our lowdown on maternity insurance, what you need to watch out for, and what’s on offer in Singapore.

Maternity Insurance in Singapore: The Full Lowdown

What is Maternity Insurance and Do You Need It?

Maternity insurance is a type of insurance policy that is designed to offer mamas-to-be coverage against any unexpected complications that may arise during and immediately after pregnancy. The primary aim of the policy is to provide a one-time payout, which usually ranges from around $5,000 to $10,000, to cover any medical expenses that arise as a result of pregnancy problems or congenital defects. The basic idea is that you purchase a premium for a one-off payment and then cross your fingers and hope that you never have to contact the insurer again.

Maternity insurance should not be confused with pregnancy coverage that is attached to your main health insurance policy (something that is particularly relevant to the expat crowd). In Singapore, maternity insurance is for mamas-to-be who already have a bun in the oven and who want to put protection in place in the unfortunate event things go wrong, and/or the child suffers from any congenital birth defects. Many of these policies transform into an endowment policy after birth that you can then use to save toward your child’s future education. These are known as Investment Linked Policies (IPLs).

Advantages of Getting Maternity Insurance

  • You insure your child against any birth defects. Bear in mind that, if your child is born with congenital defects, no insurance company will be prepared to cover him or her after that.
  • It gives you some peace of mind. Although the one-off payment may not be enough to cover any medical fees you encounter in their entirety, it will most certainly be of help.
  • Maternity insurance will also provide coverage for any congenital defects your child develops after birth. Coverage typically extends to the age of 3.

Differences Between Maternity Insurance and Health Insurance Pregnancy Coverage

  1. Maternity insurance will only cover you and the baby from at least the second trimester of your pregnancy onwards. Usually somewhere between 13 and 18 weeks (depending on the policy). Pregnancy coverage as part of your health insurance can cover you from the point of inception.
  2. Maternity insurance can be arranged after you find out you are pregnant. Health insurance pregnancy coverage must be arranged significantly in advance of your pregnancy, usually around ten months.
  3. The majority of maternity insurance policies pass immediately to baby upon birth and cover any birth defects. On the other hand, many pregnancy insurance policies that operate as add-ons to your health insurance are for the policy owner only, and do not cover the baby at all or have strict limitations. For example, many do not start coverage for baby until after discharge from hospital, until bub is at least 91 days old, or only after 15 days providing your new arrival is in tip-top health.

Things You Should Check the Small Print For: 

  • Very few maternity insurance companies offer insurance for children conceived via IVF.
  • Hospital care is often capped at a given number of days or a maximum benefit.
  • The majority of maternity insurance policies are linked to Investment Linked Insurance Policies (LIPs). These will have obligations beyond the pregnancy period. What’s more, over time, the mortality changes associated with these plans can rise as your child ages, eventually reaching the point where there is no longer any real cash benefit. As such, take one of these policies out and you will need to be prepared to monitor the investment value for quite some time to come mama and dada!
  • Some policies cannot kick in until at least week 18, by which point congenital defects may have already been identified, rendering the policy ineligible.
  • Don’t forget! All Singapore citizens born after March 1st, 2013 are automatically covered under MediShield for any congenital and neonatal conditions.
  • There may be a waiting period associated with the maternity insurance. It can take ten months (sometimes even longer) after arranging the insurance until you’re permitted to make a claim. This could be a major problem if something does go wrong and cash is tight.
  • Not all insurers cover all hospitals. If you have your heart set at delivering at a hospital, make sure you confirm that your insurance policy will be eligible there before you sign on the dotted line.

Maternity Insurers in Singapore at a Glance

Provider and PolicyCoverage PeriodCovers HospitalizationProtection for MotherProtection for ChildPremiumNeed to buy IPL?
OCBCMaxMaternity Care
Basic Plan
 From Week 13 $100 per day8 types of pregnancy complications.
One-time payout of S$5,000.
 18 congenital diseases. One-time
payout of S$5,000
 $443-$767 depending on
age of mother
No
OCBCMaxMaternity Care
Enhanced Plan
 From Week 13 $200 per day 8 types of pregnancy complications.
One-time payout of S$10,000.
 18 congenital diseases. One-time
payout of S$10,000
 $770-$1417 depending
on age of mother
No
Prudential PRUfirst gift From Week 18 $100 a day up to a limit of
$2,500 for certain conditions
 7 types of pregnancy complications.
One-time payout of $5,000.
 17 congenital diseases. One-time
payout of S$5,000
 $300. Additional premiums with
extended coverage available.
Yes 
Great Eastern Flexi Maternity Cover
Essential Plan
 From Week 13$100 per day for a maximum
of thirty days
8 types of pregnancy complications.
One-time payout of S$5,000.
18 congenital diseases. One-time
payout of S$5,000 
$443-$767 depending on
age of mother
No
Great Eastern Flexi Maternity Cover
Enhanced Plan
 From Week 13 $200 per day for a maximum
of thirty days
 8 types of pregnancy complications.
One-time payout of S$10,000.
 18 congenital diseases. One-time
payout of S$10,000
 $770-$1417 depending on
age of mother
No
AXA Mum Care From Week 16 $100 per day 10 pregnancy complications.
Benefit: $5,000
18 congenital diseases.
Benefit: $5,000
 Contact for quotationYes
AXA Mum Care Plus From Week 16$200 per day10 pregnancy complications.
Benefit: $12,000 
 18 congenital diseases
Benefit: $12,000
 Contact for quotationYes
AIA Family First Baby From Week 18 $100 per day up to $3000 8 pregnancy complications.
Benefit: $5,000 
 18 congenital diseases
Benefit: $5,000
 Contact for quotationYes

 

Have we missed any great maternity insurance providers? Got some info slightly wrong? Surely not! But hey, we’re only human. Drop us a line and share all the details please.

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4 Comments

  1. Thank you for the informative explanation and summary!
    Maybe it’s good to mention that the OCBC and Great Eastern policies are essentially the same.

    Reply
  2. Hospitalisation benefit are capped at 30 days across all plans. The statement can be found under important information. Please do check

    Reply

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