With age, the human body becomes prone to diseases. Sedentary lifestyle and the junk-food culture is another reason why diseases are catching up so early. Quite expectedly, health insurance policies have increasingly important, today. Annual health checkups and preventive services like screenings and counseling are covered under such policies and therefore it is a wise step to take health insurance early in life.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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Some plans are available only after a certain time
Waiting period is a certain span of time before a select list of ailments start getting covered under your intended health policy. Waiting period of 4 years for pre-existing diseases is a standard clause in almost all health policies. This is helpful to the policy holder because an insurance company cannot deny a claim after 4 years, i.e., once the waiting period is over.
Let us understand the concept of waiting period in detail.
As per IRDA guidelines, employees who are member of group health plan offered by their employers can convert their group cover to an individual retail Health policy, at the time of leaving their employer. They will be given a policy without a waiting period as they have has already spent waiting time in the group health cover provided to them by their respective employers.
We’re sure now you understand everything about the waiting period. Under health insurance, waiting period is also termed as cooling period. It is a certain span of time before insurance start getting covered under health plan.
So, if you have been planning to invest in a good health insurance plan, do well to check out the plan with the shortest possible waiting period.
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