Is There Any Waiting Period in a Term Plan?

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.
Related Articles:
- Make Your Online Term Plan Your Family's Monthly Pay Cheque
- Calculate and See for Yourself How Starting Young Gives You Lower Premiums
- What is the Age Limit to Buy a Term Insurance Policy?
- How much term insurance coverage does one need?

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