Understanding The Survival Period In Health Insurance

Life Expectancy In Health Insurance

A great way to protect yourself from unplanned medical expenses that could deplete your savings is to purchase health insurance. Health insurance is crucial to protect you from the unforeseen costs associated with critical illness treatment, medical and surgical expenses, or operational costs. It also offers you several health insurance benefits.*

When a critical illness listed in the policy is diagnosed, essential covers of disease, which are available under health insurance plans, pay out a lump sum to the insured. Being a health insurance policy, the cost of treatment would be covered; however, no death benefit is available if the person passes away due to the illness. You can manage your health insurance using a health insurance app in India. *

Why Is The Survival Period Important?

Your one-time payment will go a long way toward helping you cover the high costs of treating these illnesses. You must adhere to several terms and conditions to be eligible to receive the benefit. The Survival Period is one such prerequisite. If the insured person is found to have one of the listed critical illnesses, the health insurance provider will pay a predetermined amount if they live for a specific amount of time. Only critical illnesses covered by a health policy are eligible for the survival period in health insurance. This is primarily found in the Mediclaim policy for family essential illness coverage, which covers severe illnesses like cancer, kidney failure, etc *

Therefore, the insurer generally pays for the treatment or lump sum amount as specified in the policy if you live the minimum number of years following the diagnosis of a critical illness. Although it varies from policy to policy, the minimum survival period is typically 14 to 30 days. This time frame was established to prevent diagnoses from making a policyholder eligible for a payout. Doing so would make it easier for the company to bear such a significant liability. Critical illness insurance will pay the cover amount if you live for a specific time after diagnosis. *

What Role Does The Survival Period Play?

In health insurance policies for families, the survival period is crucial. You can access benefits faster the shorter the health insurance survival period is. Therefore, before purchasing, read all the terms and conditions and try to comprehend the clause regarding the survival period. 

Do Not Mix Up The Waiting Period And The Survival Period

It would help to distinguish between the waiting and survival periods when purchasing health insurance. Even though they may sound similar, they are very different. Only critical illness insurance policies use the term “survival period,” which refers to the minimum amount of time a person must live after receiving an essential illness diagnosis to be eligible for benefits. The minimum amount of time a person must wait before becoming eligible for the policy benefits is known as a waiting period. This term can be found in all health insurance policies. The waiting period begins on the day the policy is purchased. Be in control of your health insurance using a health insurance app in India on the go.

Get insured anytime, anywhere! Check out the Bajaj Allianz General Insurance website to learn more and download the app now.

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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