What is health insurance waiting period?

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Transcription of the above video: What is the health insurance waiting period?

Hello, Shailesh from Insurance Samadhan. At the time of Insuring policy, one factor which is very important and you should always keep in mind is the waiting period. The very first waiting period is 30 days which involves accidental problems. The rest of the factors are not covered. Secondly, if you have an insured maternity policy then the claim would be given to you after 9 months. You will receive benefits after 9 months only. There are some companies whose waiting period for maternity claims is 2 years, which means that only after 2 years, the customer is entitled to maternity claims. It is to be noted that if you have been insured through Group Insurance by a corporate company then there would be no maternity benefit and waiting period. These benefits would only be provided to you when you have purchased them individually. The waiting period for diseases like piles, cataracts has a waiting period of 2 years so that people do not purchase insurance to seek the benefit of the insurance through the disease.

Henceforth, do not buy insurance policies to seek benefits from the disease. The diseases which have a waiting period of 2 years are Hernia, piles, cataract, Ent disorders and then there are some serious diseases which have a waiting period of 4 years. Such diseases are – Blood pressure-related issues, diabetic issues, kidney-related issues, and many more. These are some critical illnesses that do not have any entitlement till four years. People generally find it hard to declare about themselves at the time of proposal considering that their claim would be rejected. Insurance Samadhan always recommends that even if you have any pre-existing illness, declare it at the time of proposal. In 99% of cases, the company would accept your proposal after verifying the seriousness of your disease. But, if you have hidden the facts, then you will not receive a claim in any case and your policy will also be rejected. You must be knowing that according to IRDA guidelines, no claim can be rejected by any insurance company even after eight years. I hope this piece of information was useful for you guys!

Also Read:  Genetic diseases mental illness cannot be excluded from health insurance coverage: IRDAI

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