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Royal Sundaram iTalk

insurance blog from Royal Sundaram

The weakening immune system and newer health issues coming up every other day have created havoc among people. Rushing to buy a health insurance plan in such desperate times is imperative and required. There are several terms and clauses used in health insurance plans that you must understand while looking forward to buying health insurance. Terminologies like PED or R1 R2 thyroid can be a little confusing and would require some clarity. One such insurance term is the waiting period.

Here is everything you need to know about the waiting period in health insurance:

What is the waiting period in a health insurance plan?

Waiting period refers to the initial course of duration wherein no claims would be acceptable after the policy purchase. In order to be able to exercise the claim over a purchased health insurance plan, the policyholder must surpass the waiting period without contracting any ailments of diseases.

What are the different types of waiting periods in health insurance?

  1. Initial waiting period

The initial waiting period is a general span of 30 days that the insurance bearer must surpass without contracting any disease to be able to claim the benefit of the health insurance policy. The only exception under the initial waiting period is in case the person meets with an accident.

The primary reason behind incorporating the waiting period under health insurance is to ensure that people do not buy the insurance plan after they have been diagnosed with a disease.

  1. PED (Pre-existing disease) waiting period

A pre-existing disease waiting period is the one that does not include any pre-existing disease. Ailments like thyroid, blood pressure, diabetes, etc. are counted under PEDs, and the policyholder is expected to disclose if any such ailments exist. The waiting period for PEDs is generally between 12 to 48 months. The insurer must insure the person upon completion of the PED waiting period with immediate effect.

  1. Maternity waiting period

The maternity waiting period generally ranges from 2 to 5 years but varies as per different insurance companies. A person would be able to claim the benefits of maternity coverage upon completing this waiting period. This would require an early subscription of health insurance to avail of the benefits.

Conclusion

A waiting period is an insurance company’s way of ensuring that the insurance seeker is not contracted with any pre-existing disease and that the benefits can be passed on without any confusion.

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