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Health insurance policies with lowest waiting periods; check them out here 

Health insurance policies with lowest waiting periods; check them out here 

Waiting period of a health insurance is an essential factor to consider at the time of buying, during which a claim can’t be raised if the individual has a pre-existing disease (PED). Here are some policies that have the lowest waiting periods. 

Digit Insurance, a general insurance company on Wednesday announced that it will offer one of industry’s lowest waiting periods of one year for pre-existing diseases and specific illnesses Digit Insurance, a general insurance company on Wednesday announced that it will offer one of industry’s lowest waiting periods of one year for pre-existing diseases and specific illnesses

Health insurance is all for providing financial backstop during medical emergencies. Since the crisis may come unannounced it is important to ensure that your health insurance policy comes with the least waiting period duration to provide you protection at the time of need. 

Waiting period of a health insurance is an essential factor to consider at the time of buying, during which a claim can’t be raised if the individual has a pre-existing disease (PED), or is suffering from a specific illness. 

“There are different waiting timelines designated for different conditions such as initial waiting period, pre-existing waiting, specific critical illness waiting period and etc. The waiting period refrains the policyholder from taking benefits of features and benefits of the insurance plan as the insurance company doesn’t provide the claim support before the waiting period is over,” says Naval Goel, founder and CEO of PolicyX.   

Specific illnesses typically have a waiting period of two years, while PEDs may have a waiting period of up to four years. Here are some of the health insurance policies with the lowest waiting period, along with their respective PED waiting period. 

Graphic: Pragati Srivastava

 
Digit Insurance, a general insurance company on Wednesday announced that it will offer one of industry’s lowest waiting periods of one year for pre-existing diseases and specific illnesses. 

Vivek Chaturvedi, Chief Marketing Officer, Digit Insurance, says, “At Digit, we are trying to reimagine health insurance for Indians. This reduced waiting period is especially beneficial because specific illnesses are hard to diagnose at an early stage and one may need to make a claim within two years of buying a policy. A flat one-year waiting period will ensure more of our customers get access to good healthcare in time of need.” 

WATCH OUT SITUATIONS

When it comes to fine prints, the policyholder must be aware of the proper waiting period defined for each kind of disease and make the proper disclosure before buying the purchase to avoid any clash at the time of claim. 

“In case you have any pre-existing or at a developing stage of a disease or even have any family history of the critical disease, then the policyholder must ensure that the waiting period for such specific diseases is less, says Goel.  

IMPACT ON PREMIUM RATES

Health insurance plans offering a lower inbuilt waiting period doesn’t have any drastic impact on the premium. “However, when the policyholder avails option to waive off the extended waiting period to meet their needs in the near future, in such cases the policyholder needs to pay a marginal extra premium as the company will provide the claim against that premium,” says Goel.  

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Published on: Dec 16, 2021, 1:02 PM IST
Posted by: Mehak Agarwal, Dec 16, 2021, 12:57 PM IST