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11. What is a waiting period? What are different types of waiting period?

mahindra-finance-author

by Mahindra Finance

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January 6, 2025

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1 mins read

  • Initial waiting period – Usually 30 days from the start date of the policy. Only claims related to accidents are admissible in the first 30 days.
  • Specific disease waiting period – Usually 2 years from the start date of the policy. Claims related to slow-growing diseases (ex. Hernia, cataract etc,) are paid only after continuing the policy for 2 years.
  • Pre-existing disease waiting period – Usually 4 years from the start date of the policy. Claims related to any pre-existing condition such as heart disease/diabetes etc. are paid only after 4 years of continuing with the policy

Disclaimer:

This blog is for general informational and educational purposes only and does not constitute financial, legal, or investment advice, recommendations, or solicitation. The prices, rates, and financial values mentioned are approximate and subject to change due to regional differences, market fluctuations, regulatory changes, and other factors. Please consult an authorized dealer or financial advisor for accurate and up-to-date details.

The content may include forward-looking statements or projections, which are speculative and subject to risks and uncertainties. Mahindra Finance is not obligated to update these statements to reflect future changes. Any opinions or third-party contributions presented are purely informational and may not reflect the views of Mahindra Finance.

While we strive for accuracy, Mahindra Finance does not guarantee the reliability or completeness of the information provided and disclaims all liability for errors, omissions, or reliance on this content. Readers are advised to verify all details independently and seek professional advice based on their specific needs.

This information applies to Indian regulations and may not be relevant to other jurisdictions. Mahindra Finance is not liable for any direct, indirect, or consequential decisions made based on this blog.

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