Unlike a waiting period, a survival period is only a part of critical illness plans. It refers to the period of time that you need to survive after the diagnosis of a critical illness (such as kidney or heart failure, cancer, etc.). This period can last anywhere between 14 to 90 days based on the illness and the insurer.
Only after this period can you get the lump sum amount from your insurer as mentioned in the critical illness cover. This period is calculated based on the first diagnosis of the critical illness and is in addition to the regular waiting period.
The lump sum received after the survival period can be used for any purpose, either medical treatment to personal expenses.
This is because health insurers don’t provide a death benefit, meaning that if an insured individual dies due to a critical illness before the survival period, the insurance company will not have to make any payments.