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Waiting Period in a Term Plan

A term insurance plan is the simplest kind of life insurance you can purchase. It is a pure life cover, meaning that you only get death benefits under this policy. So, in case the policy is active at the time of your demise, your nominee can raise a claim for these death benefits with the insurer. However, if you survive the policy term, you do not get any maturity benefits under the policy.

Make use of a term insurance calculator to determine the ideal amount of coverage required to protect your family financially before applying for a term plan — depending on various parameters like your age, your monthly income and expenses, your expected retirement age and other factors.

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You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.

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99.50%

Claim Settlement Ratio##

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Is There Any Waiting Period in a Term Plan?

Is There Any Waiting Period in a Term Plan?
August 28, 2023

Table of Contents

 

Before you purchase a term plan, you must be see through the fine print. And one area of the T&C that many new policy buyers overlook is the waiting period.

What is the Waiting Period in an Insurance Policy?

The waiting period is a clause that is generally present in health insurance policies and health-related life insurance riders (like critical illness riders). It defines the maximum period after which the insurance service provider will accept claims on the policy or the rider. This clause exists to minimise the risk for the insurance provider by ensuring that policyholders do not seek coverage for pre-existing conditions or illnesses.

Is There Any Waiting Period in a Term Plan?

No, there is no waiting period to raise a claim on a term insurance policy. A term plan is a pure life cover that does not offer financial protection in case of any medical emergency. The only contingency that a term insurance policy covers is untimely death during the policy term. Therefore, there is no need to attach a waiting period clause for a term plan.

Other Time-Sensitive Clauses/Exceptions You Should Be know of in a Term Plan

Although there is no waiting period per se for term plans, there are some time-sensitive clauses or exceptions that you need to know of. Here are the details.

  • Coverage for Death by Suicide
    All term insurance policies offer coverage even for suicide. However, in most term plans, the coverage for suicide only commences after the completion of 12 months from the date of commencement of the risk (i.e. policy purchase).
  • Waiting Period for the Saral Jeevan Bima Plan
    The Saral Jeevan Bima Plan is the only term insurance policy that comes with a waiting period of 45 days from the date of commencement of risk. If you are reviving this policy, the waiting period will not be applicable. It is only relevant when you first purchase the policy.

Conclusion

In addition to the waiting period and other time-sensitive clauses, it is necessary to read the fine print about the inclusions and exclusions under your term plan, the premium due dates, the payouts and claim-related processes. You must also educate your nominees about these details, so they are not caught unawares if they need to raise a claim on the policy. 

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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^ Available under Life & Life Plus plan options

#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved

##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 23-24

***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).

**7% online discount available on 1st year premium only

@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024

~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information. 

ARN - ED/08/23/3572

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