Waiting Period
This self-explanatory clause in a health insurance policy means precisely what it says on the tin. As a policyholder, you must wait a predetermined amount before your insurance policy is valid and you can submit claims. Consider purchasing a health insurance policy. The procedure can no longer be used to file claims when you buy it. Your claims can only be paid using the policy after a predetermined period.*
1. Initial Waiting Period
There will be a 30- to 90-day period after you finish the purchase of your health insurance policy, during which you cannot submit a claim under the terms of the policy. Whether it is an emergency admission or a planned hospitalisation, this won’t change. Only after the first 30 to 90 days of purchasing their policies will policyholders be able to begin filing claims. Your health insurance policy’s initial waiting period in health insurance may last for a different time, depending on the insurance company.*
2. Waiting Period For Specific Diseases
Some illnesses, like ENT disorders, tumours, osteoporosis, hernias, and so forth, have a specific waiting period before the coverage kicks in when you have just purchased a health insurance policy. The minimum waiting period for health insurance for particular diseases is this. Typically, this waiting period lasts between one and two years. *
3. Waiting Period For Pre-Existing Diseases
Additionally, your health insurance plan will have a waiting period for pre-existing conditions. The waiting period for diseases that already exist is referred to as this. Within the tenure of the health insurance policy, this waiting period typically lasts between one and four years. *
4. The Maternity Benefit Waiting Period
The majority of health insurance plans are known to include maternity benefits. The applicable waiting period, however, will typically last between 2 and 4 years before the maternity coverage takes effect.*
Survival Period
Only critical illnesses qualify for the application of the survival period. This is why a necessary illness insurance policy, which is a policy that offers coverage for life-threatening diseases like cancer, heart failure, kidney failure, and so forth, has a survival period. Even health insurance plans might have a survival period that only kicks in after the critical illness is identified. This tenure could last anywhere between 30 and 180 days.*
What Makes A Difference, Then?
The waiting and survival periods may appear to be two leaves of the same tree, but each has a distinct definition. While all health insurance plans have a waiting period, not all have a survival period, which is the first significant distinction between the two. Regardless of the condition or illness of the policyholder, the waiting period of a health insurance plan will be in effect. The survival period, however, only applies to people with life-threatening illnesses.*
What Considerations Should I Make When Purchasing A Policy For These Two Timespans?
That’s easy! Select a health insurance plan with the shortest waiting and survival periods possible. Of course, there are other crucial considerations, like obtaining sufficient coverage.
A health insurance calculator is an easy-to-use tool to determine the premium you need to pay.
*Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
