Waiting Period In Insurance Policy
The length of this type of waiting period can vary from one to 18 months.
Waiting period in insurance policy. The waiting period in health insurance is defined by the insurer. Some policies have a 15 day waiting period and some policies have a two year waiting period. There are a few insurance companies that offer maternity benefits but with a waiting period ranging from 9 months to 36 months. The policyholder must wait till the expiry of this waiting period to raise a claim.
Mostly the waiting period is related to the health based profile of the clients. Most of the guaranteed policies come with a waiting period. Only when the waiting period has passed can the insured have a right to file a claim for the benefits of the insurance policy. A waiting period is also known as an elimination period in case it refers to the time between making a claim and waiting for its payment.
Every insurance company has a waiting period particular to the disease before which you claim on the policy. Various insurance policies can have waiting periods including homeowners. This type of waiting period means that your insurance coverage can be limited or excluded for any pre existing condition. Three months before insurance coverage kicks in.
However once you ve proven that you ve had uninterrupted insurance previous to your current plan this insurance coverage can be added up and credited toward any pre existing condition exclusion you may have. There is a 90 days waiting period for infants or new born babies. Jaideep devare managing director mahindra insurance brokers limited says waiting period of four years for pre existing diseases is a standard clause in almost all health insurance plans. A waiting period refers to the time an insured must wait before some or all of their coverage comes into effect.
General health insurance waiting period is one month for every policy except for accidental cases. As a standard in the industry all health insurance policies today at least have a waiting period of up to one month. Different types of conditions can have different waiting periods.
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