Survival Period In Health Insurance

Individuals' everyday lifestyles have recently changed, making them more vulnerable to life-threatening ailments such as chronic diseases. When it comes to obtaining financial help for the settlement of medical dues incurred while hospitalisation in the event of a medical emergency, health insurance policies are the saviours. Health insurance companies provide numerous sorts of health insurance policies to help people with varied medical issues. Before purchasing a health insurance policy, one must thoroughly assess their needs and then purchase a policy. You may pick a good health insurance plan for yourself and your loved ones based on aspects like your age, sum assured, financial budget, pre-existing ailments, and much more.

Critical illness health insurance plans provide financial support to individuals in the event of a medical emergency caused by a critical illness such as diabetes, stroke, heart disease, hypertension, lung disorders, and many more. The health insurance company covers around 32 chronic conditions under such critical illness coverage. These plans provide consumers with compensation as well as additional benefits like no-claim bonuses, discounts, tax breaks, lump sum claims, and so on. A critical illness health insurance plan includes a survival period, during which the patient must survive for a certain amount of time before receiving coverage under the acquired health insurance policy. To know more about survival periods in health insurance, read on.

About Survival Period In Health Insurance

A critical illness health insurance plan's survival period is the amount of time a patient must survive after being diagnosed with a critical illness in order to receive a claim on the bought health insurance policy. This time might run anywhere from 14 to 30 days, depending on the policyholder's medical condition. The health insurer pays the claim amount to the policyholder in a lump payment under critical illness policies. The insurer can utilise this claim amount to cover medical expenditures as well as income loss caused as a result of the severe illness's treatment. If the patient dies during the survival period, the insurer is not required to pay anything because there is no death benefit under this health insurance plan.

How Is Survival Period Different In Comparison To Waiting Period?

The waiting period is the time frame that the policyholder must wait before claiming a health insurance plan; however, the survival period is the time frame that the policyholder must survive following the diagnosis in order to claim the critical illness plan. The waiting period is shorter than the surviving period. The waiting phase might be anywhere from 30 days to 4 years, whereas the surviving period is typically 14-30 days. Furthermore, the surviving period is only present in critical illness plans, but the waiting period is applicable to all types of health insurance policies.

Does An Individual Get A Premium Return For Not Surviving The Survival Period?

Most critical illness health insurance carriers do not provide a return on premium if you do not survive the health insurance plan's survival period. Many of the critical illness health insurance policies on the market do not include death benefits. Return on premium refers to the reimbursement of premium payments to the policyholder's family upon the policyholder's death.

Should An Individual Consider Survival Period While Getting A Critical Illness Plans?

Before investing in a good health insurance policy, a policyholder must carefully analyse the critical illness health insurance plan's survival duration. You can obtain a plan with the shortest term of survival so that they can profit from the plan as soon as possible without depleting their resources.

Endnotes

The survival time of a critical illness plan should be as brief as feasible so that the policyholder is not responsible for the medical expenditures of the critical illness treatment in the event of an emergency.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.