Portfolio

Term of the day: Waiting period

| Updated on March 24, 2020 Published on March 24, 2020

In health insurance policies, waiting period is the time a policyholder has to wait before he/she can start making claims. The initial waiting period is the first 30 days after commencement of the policy when insurance companies will not admit any claim for hospitalisation expenses. Insurance companies have a waiting period because they do not want to pay for claims that are certain and predictable. Accidental injuries, however, are an exception. If you have any pre-existing health conditions, you will have to wait longer for the cover. In such cases, the waiting period is usually 48 months, but some have a shorter waiting period of 24/36 months, too. If you are willing to cough up more premium, the pre-existing disease waiting period is brought down. There are disease specific waiting periods as well, which typically vary with insurers. The waiting period is different for each ailment.

Published on March 24, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.