We all are aware of the sky-rocketing hospital bills these days. even if you are admitted for a small procedure, it will cost you a lot. And in the time of COVID, there are higher chances that any of us can get hospitalized at any moment. Therefore, at least to save ourselves from the increasing medical bills, we can consider buying a health insurance policy.
Nevertheless, when you buy a health insurance policy, you must check the waiting period. The waiting period in health insurance determines after how many days of buying the policy, you will be able to avail of the benefits.
As you buy a health insurance policy, you will come across the term waiting period often. You must pay attention to the waiting period. It is a period before which you will not be able to avail of the benefits and coverage for the illnesses that are mentioned in your health insurance policy. If you are hospitalized even due to the mentioned illnesses in the health insurance policy, you will have to bear the expenses. Under any circumstances, those bills will not be paid by the insurance company.
In the waiting period, the insurance company considers the status of your pre-existing illnesses. However, as the waiting period is over, the medical costs for pre-existing illnesses and health conditions are taken care of by the insurance company.
Why choose a minimum waiting period in health insurance?
You will often hear insurance advisors suggesting that you should go for a minimum waiting period health insurance plan. This actually helps you to get coverage for your pre-exiting illness, and you do not need to pay any penny from your pockets. You will even come across health insurance policies that offer waiting periods for various conditions.
List of health insurance policies with a low waiting period
There are several health insurance policies in the country that offer low waiting period. Here are some of them mentioned below:
Bajaj Allianz Health Care Supreme
This is an annual health insurance policy, which comes in several options, individual, family floater, and group policy. The policy is one of the most sought-after ones as it provides coverage for maternity and even newborn costs. Here are the highlights of the policy.
- The policy offers a minimum waiting period of 2 years
- You can get a recovery benefit, which is a lump sum amount. However, you will be able to avail this amount if you are hospitalized for more than a week
- If more than one person is enrolled, a 5% family discount can be availed.
Bajaj Allianz Silver Health
This health insurance policy is also offered by Bajaj Allianz and is known for coming with the minimum waiting period, which is only 1 year. It is best for those who have some kind of pre-existing illness. If you have a pre-existing illness, you will be able to avail of the benefits from the second year. The features of this health insurance plan are mentioned herein below:
- As you buy this plan, you will get waiting of 1 year, if you have any pre-existing disease
- This plan is available for people who fall in the age group of 64 years to 70 years
- The sum insured options are between the range of INR 50,000 and INR 5 lakhs
- For coverage of more than 1 individual, an extra 5% family discount is provided.
To know more about such health insurance policies that offer a minimum waiting period, you can visit the website of IIFL. As you visit this website, you will come across several health insurance policies. Make sure you check the waiting period of each of them before finalizing one.
Also read Choose a Minimum Waiting Period Health Insurance Plan