Health insurance policies have become a necessity with the rising prevalence of diseases. However, one drawback that these policies had was that policyholders couldn’t claim until the waiting period was over. Keeping in mind this problem, insurance companies came up with the zero waiting period in health insurance.
What is the Zero Waiting Period in Health Insurance?
Health insurance without a waiting period means policyholders don’t have to wait even for a single day to claim their policy. They can avail of its benefits as soon as they buy it. So, policyholders can get financial assistance from their insurance provider in any emergency without having to worry about any waiting period.
There is no waiting period for any accident-related hospitalisation claim under health insurance. In such instances, policyholders don’t have to serve any waiting period of 30 days. They can avail the advantages of their policy from day 1. This provides peace of mind and financial security to policyholders.
However, one must review the terms and conditions of health insurance policies without a waiting period to know which benefits are immediately available and which are included.
Health Insurance Plans With No Waiting Period For Pre-Existing Diseases
Usually, most health insurance policies include a waiting period. This ranges from 2 to 4 years for pre-existing diseases. However, now many insurance companies have started health insurance policies without waiting periods for pre-existing conditions. It means policyholders can now claim from day 1 for their pre-existing diseases.
Additionally, a few Indian health insurance companies provide an elective cover that waives the waiting period for pre-existing conditions. When purchasing the policy, all you need to do is pay a small additional premium to get this optional coverage.
How Does Zero Waiting Period in Health Insurance Work?
In the usual health insurance policies, the waiting period starts from the policy start date. Policyholders can only claim the benefits after a stipulated time. But, in insurance policies without a waiting period, the insured can claim from day 1.
In some health insurance plans offering zero waiting periods, immediate coverage may apply to certain conditions like pre-existing diseases (PED). However, other treatments, such as cataract surgery, may still have an initial waiting period.
Conclusion
After understanding the benefits of health insurance policies with zero waiting periods, more people are keen on purchasing them. Many have now understood that spending on policies is not an expense, but an investment.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis, or treatment. Please consult your general physician or another certified medical professional for any questions regarding a medical condition. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.