In Health Insurance, There Is A Period Of Survival.
Updated On Mar 24, 2022
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Individuals with critical illness health insurance plans receive financial assistance in the event of a medical emergency caused by a critical illness such as diabetes, stroke, heart disease, hypertension, lung disease, and other conditions. Around 32 chronic diseases are covered by the health insurance provider under such critical illness plans. These plans provide compensation to people as well as other benefits such as no-claim bonuses, discounts, tax savings, lump-sum claims, and so on. A critical illness health insurance plan includes a survival period, which requires the patient to live for a certain amount of time, as specified by the insurer, before obtaining coverage under the purchased health insurance policy.
Survival Period
People have become more vulnerable to life-threatening ailments such as chronic diseases as a result of recent changes in their everyday lifestyles. A critical illness health insurance plan's survival period is the amount of time the patient must live after being diagnosed with the critical disease in order to receive a claim on the purchased health insurance policy. Depending on the policyholder's medical condition, this time can extend anywhere from 14 to 30 days. The health insurer pays the policyholder the claim amount in one single sum under critical illness plans. The insurer might use this claim amount to cover medical expenditures as well as income loss caused as a result of the critical illness treatment. Because this health insurance plan has no death benefit, the insurer is not bound to make any payments if the patient does not survive the survival period.
How Survival Period Different From Waiting Period?
The waiting period is the amount of time a policyholder must wait before filing a claim for health insurance. The policyholder must live for a certain amount of time after being diagnosed in order to claim a critical illness plan; nevertheless, the policyholder must wait for a certain amount of time before claiming a health insurance plan. The waiting period is longer than the surviving period. The waiting period might last anywhere from 30 to 4 years, whereas the survival period is typically 14 to 30 days. Furthermore, the surviving period applies solely to critical illness policies, whereas the waiting period applies to all types of health insurance plans.
Do You Get A Premium Refund If You Do Not Survive The Survival Period?
The majority of critical illness health insurance carriers do not grant a premium refund if you do not survive the health insurance plan's survival period. Many critical illness health insurance plans on the market do not include death benefits. When a policyholder dies, his or her family receives a return of the premium payments.
Should The Survival Period Be Considered While Buying Critical Illness Plans?
A policyholder should carefully examine the critical illness health insurance plan's survival duration before selecting a decent health insurance policy. You might choose a plan with the shortest time of survival so that they can take use of the plan's benefits as soon as possible and avoid depleting their money.
Take Away
A critical illness plan's survival period should be as brief as feasible so that, in the event of an emergency, the policyholder is not responsible for the medical expenses associated with the critical illness treatment.
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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.
