The primary purpose of a waiting period is to:

• Prevent fraudulent claims: It helps insurers identify genuine policyholders from those who purchase insurance solely to cover pre-existing conditions.
• Accurate risk assessment: The waiting period allows insurers to assess the policyholder's health status and determine appropriate premiums.

Yes, you can claim for accidents or injuries after a month of purchasing the policy.However, claims for illnesses will be subject to different waiting periods, which vary depending on the nature of the illness.

The waiting period starts from the policy's inception date. During this period, specific conditions or procedures are excluded from coverage. Once the waiting period ends, the coverage for those specific conditions becomes effective.

No, you cannot entirely eliminate the waiting period. It's a mandatory requirement by IRDAI to protect the insurance industry from fraudulent claims. However, some policies might offer shorter waiting periods for specific conditions or coverages.

Note: While this information provides a general overview, it's crucial to refer to your specific policy document for accurate and detailed information regarding waiting periods and exclusions.

The claim will be denied by the insurance company if it is filed before the completion of the relevant waiting period, except in the case of accidental hospitalization, which is covered from Day 1.

Yes, it is possible to reduce your waiting period only if your respective insurer gives you the option to do so. For example, some health insurance companies give their customers the option to opt between 2 or 3 waiting periods and instead charge them a higher premium accordingly.

Health insurance policies have waiting periods to reduce the risk from the side of the insurer. 

A health insurance works on the concept of gradual premium collection and risk sharing, and therefore health insurers can only start paying out claims once those insured, pay out their respective health insurance premium.  

Additionally, it also prevents people from misusing their health insurance policy – for example by buying a policy just days before they make a claim and expecting their health insurer to pay for all their medical expenses from the next day.

Besides, when you calculate the premium you pay, and the claim payouts are made, the premium is always a lot less. So, either way, with health insurance in place, you are always bound to save, even with the waiting periods present. 😊

Yes, buying a health policy when you are young is a good idea. Firstly, the premium for younger people is a lot less. Secondly, when you want to seek benefits under your policy, the probability is that the waiting periods will all be over.

For example, if you plan to have kids one day, you can buy a health insurance policy early with maternity cover to complete your waiting period when you decide to have kids.

Waiting periods are of different kinds depending on medical conditions like specific diseases waiting period, pre-existing diseases waiting period, maternity benefit waiting period, annual health check-up waiting period and a few others. 

The initial waiting period does not depend on any specific medical condition and is the minimum time period that you need to wait before you can use your health insurance policy. However, accidental cases are an exemption for the initial waiting period and are covered from Day 1.

Yes. The waiting period differs for different medical conditions. Not just that, it also depends on the insurance provider.

With a shorter waiting period, you receive coverage for certain medical conditions within a short period after buying the policy. A longer waiting period, for example, in the case of the pre-existing waiting period can be disadvantageous since you are uncovered against certain medical conditions for that time despite having insurance coverage.

Yes, a health insurance claim can be admissible even if a disease is diagnosed during the plan term and it's not a pre-existing condition or excluded condition.

Yes, claims filed during the waiting period of a mediclaim policy are denied. This waiting period is a stipulated time after which the policyholder can claim for certain illnesses or procedures.

No, typically, the policy's beneficiaries will not receive a return of the premium if the insured does not survive during the survival period. Health insurance is a risk management tool, and the premium is paid for the coverage provided during the policy term. It's designed to cover medical expenses, not as a savings or investment product.

The major benefit of a lower waiting period in health insurance is that you can claim for certain illnesses or conditions sooner than with a longer waiting period.

No, you can’t claim health insurance immediately, as most policies have waiting periods for specific conditions.

A health insurance plan with zero waiting period offers the following advantages:

• You can claim for any covered illness or accident from the start of the policy.
• You're protected from high medical costs right from the beginning.

No, not all health insurance plans offer a zero waiting period.

• Pre-existing diseases: Most plans have a waiting period for pre-existing diseases, even if they offer zero waiting periods for other conditions.
• Specific conditions: Some plans might have waiting periods for specific diseases or treatments.

No, typically, there is no health insurance with a zero waiting period for pre-existing diseases. Most insurance companies have a mandatory waiting period for pre-existing conditions.

After buying a health insurance policy, you must wait for an initial waiting period as per the policy terms before filing a claim. However, if your insurance plan has zero waiting period then you can claim immediately after taking out health insurance.

PED stands for Pre-Existing Disease. The PED waiting period is the time you must wait before your health insurance covers pre-existing diseases. The PED waiting period typically ranges from 1 to 3 years, depending on the insurer.