Health Insurance Survival Periods – Explained

What Is The Survival Period In Health Insurance | Coverfox

Health insurance is an essential requirement in today’s day and age. With growing instances of critical ailments, a health insurance policy has become a necessity rather than a luxury. While a standard policy is sufficient for ailments that aren’t fatal, a critical illness policy is specifically designed to cover life-threatening illnesses. Cancers, kidney failure, coronary artery (bypass) surgery, multiple sclerosis, primary pulmonary arterial hypertension, heart attack (myocardial infarction), heart valve surgery, organ transplantation, aorta graft surgery, and the like, are generally categorised as critical ailments. 

A critical illness policy works by providing the insurance pay-out to the policyholder on the diagnosis of the specified ailment. Unlike a standard insurance plan, it does not wait till the treatment is sought, to either pay the hospital or reimburse the cost of medical treatment. Hence, a critical illness health insurance policy proves to be beneficial. Moreover, one often loses a source of income during critical ailments. In these situations, a critical illness policy helps to safeguard their finances. But critical illness plans have a vital condition which is the policy’s survival period. It is the duration that the policyholder must survive after being diagnosed with a critical illness. Without completing this period, no pay-out is paid by the insurance company. 

Is the policy premium refunded if the policyholder does not survive the survival period?

No, health insurance plans do not provide a refund of the premium if the policyholder does not survive the survival period. The return of premium is available for life insurance plans where the entire premium paid is returned to the nominees of the policyholder. But no such facility is available for health insurance policies. *

Is it essential to consider the survival period when buying a critical illness policy?

It is important to be aware of the survival period of a critical illness plan when buying the critical illness insurance policy. It is best to buy a critical illness plan that has a shorter survival period. This ensures that the insurance coverage kicks in and pays for the treatment cost quicker. Furthermore, different treatments may be required to be paid for earlier, for which the compensation from a critical illness plan will help. Therefore, the survival period is a vital consideration when considering buying a critical illness policy. *

Is there a difference between the survival period and the waiting period?

Yes, survival period and waiting period are different concepts. The survival period is the duration which the policyholder must survive after being diagnosed with a critical illness. On the other hand, the waiting period is the duration which the policyholder must wait to raise an insurance claim from its purchase. The survival period applies only to critical illness plans whereas the waiting period applies to almost all health insurance policies including family health insurance, individual health insurance, and the like. *

The survival period is generally shorter than the waiting period. For instance, the survival period is set at 30 days, whereas the waiting period may range between 30 to 90 days depending on the insurance company. * Standard T&C Apply

In conclusion, the survival period is an essential consideration to factor in when choosing a critical illness policy, just like it is essential to know what is health insurance before buying any kind of insurance coverage. 

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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