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Life Insurance During Pregnancy - A Detailed Guide

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Life Insurance During Pregnancy
October 25, 2023

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Like a strong wake-up call, the pandemic has raised concerns for securing our loved ones’ future. Since life has shown us its unpredictable side like never before, isn’t it a better idea to ensure your child is financially secure, even if you are no longer around? This is where investing in life insurance can be a sound decision for pregnant women in India. Investing in life insurance at this new stage of life can not only give peace of mind and provide life cover, but can be solid support for your child’s future needs.  

But before you decide to invest in life insurance during your pregnancy, here’s a glance at all the things you need to know.

Does pregnancy mean a higher insurance premium?

The answer is no, not always. Pregnancy does come with bodily changes. Often, as a woman goes ahead with her pregnancy journey, there are possibilities of issues like hypertension, gestational diabetes, high blood pressure and some other symptoms during the second and third trimester. However, complications are usually less in the first-trimester phase. So, even if there’s a chance of having higher premiums for policies purchased during the later phase, getting life insurance in the first trimester itself can be at more or less regular premium rates. Also, there are insurance companies that offer specifically designed policies, taking into account the complications considered normal during pregnancy.

Benefits of buying life insurance during pregnancy

There are certain benefits of purchasing life insurance while you are pregnant. They are:

  • Like any other life situation, pregnancy too can have unpredictable outcomes. The life cover of your policy keeps you prepared for the unforeseen.
  • You get to create solid financial support that can secure your child even if you are not there. The lump sum amount death benefit or the maturity benefit becomes a corpus to take care of all future financial needs.
  • The maturity benefit can be helpful for your retirement planning. Being a pregnant mother, you can always choose to quit early on your career and become a full-time mother. Here, the life insurance benefits can be a security net, offering you relief in the form of a solid fund.
  • Like regular life insurance, the policy purchased during pregnancy is also eligible for tax benefits. Annual premium payment up to Rs 1.5 lakhs are tax-free under section 80C of the Income Tax Act, 1961, while the death benefit and maturity benefit also has tax-exemptions subject to section 10 (10D)*.

Buying life insurance during pregnancy

If you choose to buy life insurance during your pregnancy, it is essential to keep in mind the following factors.

Picking the right policy:
Check all the available options before you take your pick. Choose the insurer, who supports you wholeheartedly in your pregnancy journey. Compare the premium rates, coverage, tenure and benefits to arrive at the best possible plan for you. 

Choosing the nominee wisely:
Choose your nominee wisely to ensure that the money goes into safe hands who can protect your child both personally and financially when you are not around anymore. That person can be your spouse or anyone else you feel is the best option. 

Deciding the term and coverage:
The term and coverage of the policy should be chosen depending on your age, career plan, income and expenses, savings, outstanding loans, assets and life goals. For instance, if you are young, a long-term policy can take care of your child’s growing up needs, education or wedding expenses. Again, if you are in late pregnancy, a policy with a bigger coverage will be beneficial for both your child’s education and retirement planning. 

But the longer you wait, the more expensive will it be to secure your child’s future. Buy your insurance early to make the most of it!  

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

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*. Tax benefits are subject to conditions under Sections 80C, & Section 10(10D) and other provisions of the Income Tax Act, 1961.

Tax Laws are subject to change from time to time.

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