Affordable Maternity Solutions For Young Couples Launched By Aditya Birla And Policybazaar

Aditya Birla Health Insurance Co. Limited and Policybazaar have taken a significant step towards addressing the needs of young couples and upcoming parents by launching the Health Booster Maternity Cover Rider. This novel insurance product stands out in the market with its minimal waiting period of just three months, setting a new benchmark for maternity insurance products. Designed to offer comprehensive coverage, the Rider ensures that expectant families can access affordable and extensive maternity care without the hassle of acquiring a separate policy. This initiative reflects a deep understanding of the challenges faced by young families in securing maternity insurance that is both comprehensive and accessible.

The Health Booster Maternity Cover Rider, requiring purchase with a base policy, is a testament to the innovative approach of Aditya Birla Health Insurance and Policybazaar towards maternity insurance. By providing a Fixed Benefit Cover of Rs 50,000 for all delivery types, including normal and caesarean, it encapsulates the essence of inclusivity and comprehensiveness. With a premium set at Rs 25,000, inclusive of GST, this plan is tailored to broaden the reach of maternity coverage, commencing from individuals aged 18 upwards. The focus on making these vital services accessible to a broader audience is part of a strategic move to fill the prevalent gap in the market, particularly among families who find themselves without adequate maternity cover.

This collaboration between Aditya Birla Health Insurance and Policybazaar specifically targets the 25-35 age group, recognizing this demographic's heightened need for maternity insurance. It addresses the common trend of families beginning their search for maternity coverage only after pregnancy, aiming to provide timely and comprehensive insurance solutions. This partnership underscores a commitment to enhancing the financial security and well-being of young families during the crucial period of welcoming a new member.

Mr. Sarbvir Singh, Joint Group CEO, PB Fintech, said, "We are elated to partner with Aditya Birla Health Insurance in offering this industry-first plan to the consumers. The gap in traditional products often led to a significant number of families ending up without maternity coverage when they needed it."

"Our data suggests that the demand for maternity insurance is highest among the age-group of 25-35. However, more than 65% of these customers were already expectant by the time their search for coverage starts. The Health Booster plan is a huge leap forward in maternity coverage and offers a solution that empowers couples with swift and reliable coverage."

Policybazaar has a market share of over 93% in the digital insurance aggregator space and its annual premium collection exceeds Rs 15,000 crore in FY24

The unveiling of the Health Booster Maternity Cover Rider marks a forward leap in providing maternity insurance solutions that cater to the evolving needs of modern families. This initiative not only brings financial security to young couples and expectant parents but also demonstrates the continued commitment of Aditya Birla Health Insurance and Policybazaar to introduce customer-focused and innovative health insurance products. Through this groundbreaking offering, both organizations aim to alleviate the financial concerns associated with maternity care, ensuring families can fully embrace the joy of parenthood.

Mr. Mayank Bathwal, CEO, Aditya Birla Health Insurance Co. Ltd., said, "At Aditya Birla Health Insurance, we believe in evolving with the changing needs of today's families. The Health Booster rider is a testament to our Health-First insurance model, prioritizing proactive healthcare. This innovative maternity cover offers timely and reliable protection, empowering young couples and parents-to-be to focus on their journey to parenthood with peace of mind, knowing they have comprehensive coverage that truly supports their health and well-being."

Since its inception in October 2016, Aditya Birla Health Insurance, a joint enterprise between Aditya Birla Capital Ltd. and Momentum Group Ltd of South Africa, has made significant strides in the health insurance sector. The company has established a formidable presence across India, covering over 21 million lives in more than 5,000 cities through a robust network of branches, partner offices, bancassurance partners, and direct selling agents. Its focus on chronic care and incentivized wellness programs, backed by a digitally enabled distribution network comprising over 17,000 bancassurance branches and more than 60 digital partners, underscores its dedication to delivering value-driven health insurance solutions.