6 Best Pregnancy Insurance Policies Singapore Has To Offer

Maternity Insurance Singapore: 6 Best Pregnancy Insurance Policies Singapore Has To Offer

Congratulations! Your baby is now in their 2nd trimester! Words cannot explain how excited you are to become a parent. However, you can also feel the added financial responsibilities slowly creeping up on you as the weeks go by. For every parent out there, the first financial hurdle in their parenthood journey starts with delivery of the baby. Delivering a baby in Singapore is expensive and if there are pregnancy complications and congenital illnesses, these can throw your shoestring budget out of the window. Fret not, because this is where maternity insurance comes into play. But with the multitude of maternity insurance Singapore has to offer, how do you choose the best one for you? 

The good news is that in this article, we have laid out a comprehensive guide on selecting and choosing the maternity insurance plan in Singapore that suits you the best.

What is maternity insurance?

Maternity insurance is additional insurance that mothers are eligible for during 13 - 36 weeks of pregnancy. Also known as prenatal and pregnancy insurance, it protects against unforeseen complications during pregnancy. On top of that, maternity insurance in Singapore also covers your precious newborn child. 

In the event of any complications, maternity insurance will pay out a lump sum called the sum assured. How much is paid out depends on the complication faced, or the length of the hospitalization.

Why do you need maternity insurance?

We see maternity insurance as complementary to your hospitalization plan, providing protection for the mother and baby. According to the 2018 - 2019 statistics on hospital bills for childbirth, complications in your delivery can increase the cost of delivery by 10% - 20%. This can easily rack up a bill of up to $17.5k for a caesarean delivery. Maternity insurance provides the peace of mind that no matter what happens, you are able to afford the best healthcare for mother and baby.

Source: Ministry of Health: Historical transacted bill information for July 2018 – June 2019 [xls]

As of 1 April 2019, 24 pregnancy complications are covered under MediShield Life. Although this helps to defray the cost in the event of complications, MediShield Life coverage is only sufficient if you are delivering in a C/B2/B2+ ward. Mothers delivering in a B1/A1/Private hospital are unsubsidized and will have to face the bulk of the costs of complications.

Take note mothers! If you have recently upgraded to an integrated shield plan (ISP), there is a 10 months waiting period for pregnancy complications. This means that you will only be eligible to claim under your ISP if 10 months have passed between signing up for the ISP and your pregnancy. On top of that, ISPs will only cover the mother, and certain pregnancy complications. So make sure you check with your financial adviser on your coverage.

How To Choose The Best Maternity Insurance Singapore Has To Offer

Now that you have decided to invest in pregnancy insurance, how then do you choose from the multitude of plans? Most maternity insurance plans look the same, and it can be hard to differentiate. When shopping for a plan that suits you, you can consider the following criteria:

• Breadth of coverage. Have a history of certain illnesses or do you have a higher risk of pregnancy complications due to age? For example, women over 40 years old have higher risk pregnancies with increased chance of pregnancy complications. Make sure you choose a plan that is comprehensive enough for your level of risks. 
• Sum assured. Planning to deliver in a B1/A1 ward or private hospital? The cost of complications increases with the wards that you intend to stay in. As such, make sure that the sum assured sufficiently covers the expected cost of complications. The last thing you would want is to invest in a plan which still requires out-of-pocket payments in the event of complications. 
• Pregnancies from assisted reproductive technologies. Be mindful that not all insurers cover pregnancies conceived through assisted reproductive technologies such as in vitro fertilisation (IVF). Some insurers who cover such pregnancies may also impose additional premium loading. 
• Additional benefits. To get the most bang for your buck, make sure you compare and study the additional benefits and perks that each plan offers you. Many plans on the market try to differentiate themselves by offering additional perks such as additional coverage, coverage transfer, automatic inclusions etc,. Understanding your benefits can help you save a ton of money in the long run. 
• Budget. It is easy to get sucked into a plan that is way out of your budget. Be practical. Make sure you commit to a plan that fits your budget and risk level.
• Exclusions. We understand, small print is the bane of our existence too. However, make sure that you fully understand the exclusions list, and if in any doubt, consult your doctor or your financial adviser prior to committing to a plan.

6 Best Maternity Insurance Singapore Has To Offer

AXA EmpoweredMum: Most all-round comprehensive maternity insurance plan

AXA EmpoweredMum is one of the most comprehensive maternity insurance plans in Singapore that provides all the protection that mother and baby requires. Launched in Jan 2021, it is the first prenatal insurance plan in Singapore to offer coverage for early caesarean delivery for babies who are delivered at less than 36 weeks of gestation. 

For the "kiasu" parents looking for a financial umbrella that can protect you no matter rain or shine, look no further. AXA EmpoweredMum comes with the most comprehensive protection benefits on the market. It covers 15 pregnancy complications and 26 congenital illnesses (average is around 12 and 23 respectively). As such, for relatively the same price, you are able to cover a broader range of complications. 

A C-section before the 36 weeks gestation can occur due to medical reasons such as fetal positioning and birth defects. Such unforeseen circumstances can rack up unplanned medical bills especially if you were initially planning for a vaginal birth. According to the 2018 - 2019 statistics on hospital bills, a C-section with complications can increase your hospital bill by 1.7x in a private hospital. This is where AXA EmpoweredMum comes in. This is because 15% of the sum assured will be paid out to cover the additional cost for a caesarean delivery that is medically necessary at less than 36 weeks of gestation. As such, you can therefore focus on recovering and spending time with your baby instead of stressing about how to cover the additional financial costs. 

If your current pregnancy is conceived through assisted reproductive technologies such as Intracervical Insemination (ICI), Intrauterine Insemination (IUI) or In vitro Fertilization (IVF), you will be very pleased to find that AXA EmpoweredMum does not charge any additional premiums for such pregnancies. 

AXA EmpoweredMum in our opinion, takes comprehensive protection to the next level. This is because, not only do they provide the widest coverage of pregnancy complications and congenital illnesses, AXA also provides protection for your precious child right after birth. AXA EmpoweredMum is the first prenatal plan that provides your baby with first year free hospitalization coverage under their AXA Shield Plan B without the need for medical underwriting (if applied within 60 days from birth). AXA EmpoweredMum can be purchased through AXA HappyMummy (covering mother and child only) or AXA HappyFamily (covering the whole family) holistic bundle plans.

Key policy highlights:

• First-in-market early delivery by caesarean section benefit. 15% of sum assured for c-section deliveries before 36 weeks of gestation. 
• Broadest coverage of complications. 15 pregnancy complications and 26 congenital illnesses. 
• Free first year hospital coverage (AXA Shield Plan B) for your newborn child without the need for medical underwriting. This first-in-market offering ensures a hassle-free application and provides you with peace of mind knowing your child’s hospitalization coverage is taken care of shortly after birth.
• Transferable protection for your child under AXA HappyMummy, a two-plan bundle comprising AXA EmpoweredMum and AXA Flexi Protector or AXA Life Treasure. Within 60 days from your child’s birth, you have the flexibility of transferring the cover of your AXA Flexi Protector or AXA Life Treasure plan and its applicable riders to your newborn child without medical underwriting.  

Manulife ReadyMummy: Best standalone maternity insurance plan

If you’re looking for a standalone maternity insurance plan, next on our list is Manulife ReadyMummy. Unlike most plans on the market that require bundling with other insurance plans from the same insurer, Manulife ReadyMummy is one of the cheapest standalone prenatal insurance plans on the market. 

When it comes to coverage benefits, Manulife ReadyMummy is no slouch. It covers 14 pregnancy complications and 24 congenital illness. According to the Center for Disease Control (CDC), 20% of women face some sort of postpartum depression. Manulife provides the additional benefit of covering psychotherapy treatment for the mother (up to 10% of sum assured). 

Key policy highlights:

• Broadest coverage for standalone plans. Currently covers the most number of pregnancy complications and congenital illnesses amongst standalone policies on our list. 
• Covers ICI/IVF/IUI pregnancies (at additional premiums). ICI/IVF/IUI pregnancies come with increased risk of pregnancy complications. Manulife ReadyMummy offers mothers the options of covering the additional risk with additional premiums. 
• Psychotherapy treatment coverage. 10% of sum assured for psychotherapy treatments due to postpartum depression. 

Income Maternity 360: Best for C/B2/B2+ wards

Are you looking for basic coverage that will not break the bank, and yet provide sufficient coverage for both mother and baby? We recommend Income Maternity 360. This policy is the best insurance plan for C/B2/B+ wards. If you are giving birth in a C/B2/B+ ward, MediShield Life or your ISP is likely to cover up to 80% of your hospital bill. As such, you are likely to only need a low sum assured, that is able to coverage the shortfall in the event of complications. 

Income Maternity 360 offers one of the cheapest prenatal insurance plans in Singapore. Despite that, it still offers one of the more comprehensive plans, covering 10 pregnancy complications and 23 congenital illnesses. In case of pregnancy complications or congenital illnesses in your newborn baby, you’ll immediately receive 100% of the assured amount. 

Key policy highlights:

• Reasonable coverage. Although not the most comprehensive, it still covers the major pregnancy complications and congenital illness. 
• Cheapest standalone policy. Cheapest premiums for a standalone pregnancy insurance policy in Singapore.

AIA Mum2Baby Choices: Best for rewards

AIA has one of the most comprehensive rewards systems in Singapore. However, AIA Mum2Baby is not a standalone policy, and you have to get their ILP (AIA Pro Lifetime Protector) or their whole life policies (AIA Guaranteed Protect Plus) to be eligible. 

AIA Mum2Baby covers 14 pregnancy complications and 25 congenital disorders. On top of that it provides mothers the option of transferring the base policy (AIA Pro Lifetime Protector or AIA Guaranteed Protect Plus) to the baby. This provides your baby with the added assurance that they are able to receive basic life insurance without the need for underwriting.  

Once you are an AIA policy holder, you become eligible for their AIA vitality program that allows you to redeem discounts and rewards. These rewards can range from discounts off premiums to discounts off medical screenings. 

Key policy highlights:

• One of the broadest coverage for complications. Coverage for 14 pregnancy complications and 25 congenital illnesses.
• Lifelong protection for your child. Ability to transfer base ILP or whole life plan to child within 60 days of birth without underwriting.

Aviva MyMaternityPlan: Best for IVF pregnancies

If you’re going through an IVF pregnancy, you are probably looking for a pregnancy insurance that protects you from the risks associated with IVF. Aviva MyMaternityPlan is the one for you.

One of the risks of IVF is multiple births during the same pregnancy due to more than one embryo being transferred to the uterus. Aviva MyMaternityPlan has you covered. It covers 23 congenital disorders for up to 4 children in a pregnancy, even if it is through IVF. On top of that, MyMaternityPlan offers coverage for stem cell therapy and for developmental delays in your child. 

Although MyMaternityPlan rider comes at a lower premium compared to other policies offering similar congenital illness protection, however, it only covers 10 pregnancy complications in its policy. As such, we advise consulting your doctor and financial adviser before signing a policy so that you can fully understand your risks. 

Key policy highlights:

• Broad coverage for congenital illness. Although there is a narrow coverage for pregnancy complications, MyMaternityPlan offers one of the broadest coverage for congenital illness. 
• Covers multiple children in a policy. Perfect for mothers undergoing IVF with increased risks of multiple births.

Great Eastern Flexi Maternity Cover: Other notable mentions

Worried about the cost of additional hospitalization stays due to complications? Great Eastern Flexi Maternity Cover ensures that your additional hospital stays are covered. Great Eastern offers $200 coverage per day for pregnancy complications or congenital illness. Except for AIA and AXA, this is comparably higher than what other insurers offer on the market (based on a $10,000 sum assured policy - capped at 1% of sum assured).

However, we find that the overall coverage of Great Eastern leaves much to be desired. It currently only covers 8 pregnancy complications and 18 congenital illnesses, which are much lower than other insurers. On top of that, the premiums as a standalone policy are considerably higher than other insurers on the market. 

Key policy highlights:

• Hospitalization coverage. $200 per day as hospitalization benefit due to pregnancy complications or congenital illnesses. 
• Option to buy a lifelong plan without underwriting. Purchase a whole life plan, endownment plan or ILP plan without the need for underwriting within 90 days of birth.

Comparison of Maternity Insurance Plans in Singapore

Mummies, we have compiled a summary of the benefits from the major maternity insurances in Singapore, and we hope that this helps you find the perfect insurance plan.