What is the Survival Period in Health Insurance?
A great way to protect yourself from unplanned medical expenses that could deplete your finances is to purchase health insurance. Health insurance is crucial to protect you from the unforeseen costs associated with critical sickness treatment, medical and surgical costs, or operational costs.
When it comes to your health insurance, there are many key phrases you should be aware of. And it is important to completely understand these terms before purchasing a health insurance policy. Before you finalize the health insurance, you must know what they represent for you and your health needs. You could come across phrases like "waiting time" or "survival period" when discussing health insurance. To avoid problems later, you should be familiar with all the words. Make sure you comprehend the terms and policy completely. This will help you prevent any needless headaches and to guarantee a smooth process.
Survival period
The term "survival period" refers to the time frame during which the insured must live after receiving a catastrophic sickness diagnosis, such as cancer, heart disease, etc. This is a crucial provision of a critical illness insurance policy. This is because the insurance company will not pay the coverage amount unless the insured lives through this time. According to the plan, a survival span typically ranges from 14 to 30 days.
Your health insurance company will pay a lump sum payment under your critical illness insurance policy when you are identified with a serious illness. This amount is to cover the medical costs associated with its treatment. They do not give your family members a death benefit. Insurance companies will not be required to pay anything if you do not recover from the illness. Additionally, the insurer would be exposed to a bigger liability if it paid a flat sum to all policyholders upon diagnosis of a serious illness. As a result, insurance firms have included a survival clause in all critical illness plans. They will only pay the sum insured if you live past the time.
Is the Waiting Period the Same as the Survival Period of Health Insurance?
Both waiting period and survival period terms may sound similar but are not interchangeable. The waiting period is the amount of time that you need to wait before you can enjoy the benefits of the specific health insurance plan. However, there are various types of waiting periods that are applied according to the condition of the customer. During the initial waiting period, the customer cannot health insurance claim any benefit until it is covered. It is generally a 30-day period. During the pre-existing waiting period, the customer is asked about any disease followed by the test. It is generally between 1 to 4 years. And the customer needs to cover that period before claiming any benefit.
Read more - Waiting Period Clause in Health Insurance
The Distinction Between Survival Period and Waiting Period in Health Insurance
The waiting period and the surviving period may appear to be two sides of the same coin, yet each has a distinct definition. The significant differences between them are listed below.
| Survival Period | Waiting Period |
| Applies to critical illness policies | Applies to all health insurance policies (including critical illness insurance plans) |
| It is the duration that you need to survive after you have been diagnosed with a critical disease before you can get the monetary benefit | It is the time you require you to wait before you can claim for some or all benefits of the health insurance |
| The survival period can last anywhere between 14 to 90 days | There is an initial waiting period of 30 days as well as waiting periods of 2-4 years for pre-existing or specific conditions. |
| The survival period will depend on the critical illness and the insurer | The waiting period will depend on the disease and the insurer |
Survival and Waiting Periods of Different Health Insurance Plans
| Health Insurance Plans | Sum Insured (In INR) | Survival Period | Waiting Period |
| Bajaj Allianz Critical Illness Insurance | 1-50 lakh | 30 days from the diagnosis of the disease | 90 days from the policy commencement date |
| Star Critical Illness Multipay Insurance | 5-25 lakh | 15 days days from the diagnosis of the disease | 1 year |
| HDFC ERGO Critical Illness Silver Plan | 1-50 lakh | 15/30 days days from the diagnosis of the disease
| 90 days from the policy commencement date 48 months for pre-existing ailments |
| ManipalCigna Lifestyle Protection Critical Care | Up to 3 Cr | 30 days days from the diagnosis of the disease | 90 days from the policy commencement date |
Essential Survival Period Information
Make sure that this surviving period is as short as possible when selecting a critical illness health insurance policy. Here are some essential details regarding critical illness coverage and the survival period.
- The calculation of the survival duration begins with the serious illness’s initial diagnosis.
- A policy's initial waiting time and the survival period are both additional.
- After the survival period has expired, the insurer will pay the lump sum payment that was specified in the critical illness plan.
- After the survival period, the money can be used for anything, including personal expenses and medical care.
Conclusion
Understanding the distinction between the waiting period and the survival period is crucial since it is a crucial component of a significant health insurance policy. Keep in mind that the coverage amount will be paid out more quickly for a shorter duration of time. So choose the one carefully that pays you specifically at the given time. Before deciding to purchase a health insurance policy, make sure you conduct sufficient research on all different insurances. Any critical illness plan in health insurance must include the Survival Period clause. It is an important component. We cannot foretell when an illness will strike us, but we can ensure our financial future by choosing a shorter survival period. Purchase health insurance and make plans for yourself and your family's future security.
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If you pass away during the survival term, the majority of critical illness insurance plans do not include a return on premium choice. A return on the premium is the term used to describe the repayment of the complete premium paid by the policyholder before his or her untimely demise. Plans for life insurance offer this feature. In contrast, no premium refund is given to the nominee or their family members in the event of health insurance if the policyholder passes away during the survival term.
Before purchasing critical illness health insurance plan, it is crucial to be informed of the survival period clause. An insurance policy with a shorter survival time should be purchased. As opposed to a policy with a longer survival time, this will enable you to obtain the coverage amount more quickly. To choose which critical illness plan is appropriate for you, you must first compare and investigate several options online.
No, only critical illness insurance policies are subject to a survival period clause. Examining the policy's wordings will allow you to determine whether it is present or not.
No, the insurance company will reject your claim if you submit it before the original waiting period has expired, except for an accident-related hospitalisation.
No. A waiting time and a surviving period are not the same things. After receiving a critical disease diagnosis, you must stay alive through the survival period. However, the waiting period is the time frame that you must endure before filing an insurance claim. The claim includes waiting periods for pre-existing conditions, serious illnesses, maternity coverage, etc.