Highlights
In term insurance, the sum assured is given to the nominee after the death of the subscriber.
The waiting period is the period before which you cannot claim the payment.
Usually there is a waiting period of 15-90 days after purchasing the insurance.
New Delhi. Awareness among people regarding health has increased a lot. After the dreadful phase of Kovid-19, people have started taking insurance seriously and more and more Indians are subscribing to it. Not only health insurance but also the awareness of term insurance has increased among the people. Explain that in the event of the death of the subscriber in term insurance, the sum assured is given to his nominee or family.
However, it is important to understand some very basic things before buying any kind of insurance. This will save you any unnecessary hassle while claiming payment. This also applies to term insurance. Many customers remain confused about the waiting period on term insurance like other insurance. Is there a waiting period on term insurance also? Before knowing this, understand that what is the waiting period after all.
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What is the waiting period in insurance?
Taking health insurance does not mean that you will start getting insurance cover from the very next day of buying the insurance. After purchasing the insurance, you cannot claim any benefit from the insurance company for a certain period of time. This period is called waiting period. The waiting period can be from 15 to 90 days. Along with this, the waiting period of your chronic diseases gets longer. Some insurance companies start covering chronic diseases after 36 months i.e. 3 years and some 48 months. For this also you have to inform the insurance company about the chronic disease. Therefore, it is a very beneficial deal to take complete information about the waiting period before buying insurance.
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Does term insurance also have a waiting period?
As we mentioned that term insurance provides sum assured to the family of an insurance subscriber only on his death. This is usually a large amount. In term insurance, death due to natural, diseases or accident is covered. There is no waiting period for this. That is, from the very next day of buying the insurance, you start getting cover. However, there is an exception here. In case of suicide, the waiting period is around 1 year.
Investigation is done before passing the claim
If a subscriber’s family or nominee claims it shortly after purchasing term insurance, then the company conducts a thorough investigation. The purpose of this is to see whether any forgery has been done to get the amount of insurance. Along with this, the company also checks whether the information about the disease due to which the person has died was provided at the time of buying the insurance. If no discrepancy is found in it, then the claim is passed immediately.
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Tags: business news, Insurance, Life Insurance, Personal finance
FIRST PUBLISHED : November 12, 2022, 07:09 IST
