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Important details related to waiting period and survival period in health insurance

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Est read time 3 minutes Published on 25th Feb 2021

Health insurance is a contract in which the insurance company provides medical coverage to the policyholder. Although health insurance is not mandatory in India, it is a lifesaver that helps alleviate mental and monetary stress during medical emergencies. Instead of worrying about the hospital bills, the policyholder can avail of treatment in a network or non-network hospital and concentrate on their health and recovery.

If you are taking health insurance online, remember to go through the basic terminologies to avoid any issues during claim settlement. Waiting period and survival period for health insurance are two important terms you must check to understand the implications of your health plan.

What is waiting period in health insurance?

A waiting period is a pre-set period of time that must pass before you can raise a claim against your health plan. In simple terms, after taking health insurance, you must wait for the mentioned time period to avail the policy benefits. If the waiting period of your health plan is 2 months, you can raise any claim only when the waiting period is over.

The insurance company will decide the waiting period of a policy. It usually depends on the medical history of the policyholder.

Types of waiting periods in health insurance

There are different types of waiting periods in health insurance. They usually vary as per the policy and its terms and coverage. Here are some information about the different types of waiting periods.

1. Initial waiting period: After buying a health plan, you must wait for a specified number of days before you can raise a claim with the insurance company. This basic waiting period is usually for a period of 3 months. However, this waiting period does not apply for hospitalisation due to an accident.

2. Waiting period for pre-existing diseases: If you have a pre-existing condition at the time of buying a health plan, the pre-existing disease-waiting period will apply to your policy. Hence, you cannot raise a claim before the pre-existing diseases waiting period gets over. The waiting period can be anything between a few months to a couple of years. It usually depends on the severity of the pre-existing condition and the terms and conditions of the insurance company.

3. Disease-relatedwaiting period: If the policyholder is suffering from diabetes, hypertension, and other lifestyle and chronic diseases, the insurer will choose a waiting period specific to the condition. It can be for two years or more. Hence, if the policyholder raises a claim during the waiting period for any of the listed diseases, their claim will be rejected.

4. Maternity cover waiting period: Insurance companies do not pay for any maternity-related expenses soon after one takes a health plan. Most of the time, the maternity cover waiting period is 3-4 years. Hence, you can file a claim only after the waiting period.

How can a shorter waiting period be beneficial for policyholders?

A shorter waiting period is beneficial to policyholders as they can raise a claim and take advantage of their medical insurance sooner. Hence, before zeroing in on a health plan, spend some time comparing different policies online, and choose a suitable one with a shorter waiting period.

Survival period in health insurance

This is a pre-set number of days for which a policyholder must survive after being diagnosed with a particular condition. In case the policyholder dies before the survival period is over, the insurance company will not accept the claim.

A survival period, usually applies to Critical Illness Insurance Plans in health insurance. The plan offers a lump-sum amount to the policyholder in case they contract a disease. However, to avail the benefits of the claim amount, the policyholder must live beyond the survival period. The policy ends once the payment is made to the policyholder.

Conclusion:

The waiting period and survival period for health insurance are two important terms you must check before buying a policy. Some people taking health insurance online tend to overlook these terms altogether and face issues during claim settlement. However, these small considerations and clarifications can help prevent unexpected delays during a medical emergency.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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