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Subrogation in Insurance: Its Waiver, & Other Things to Note
Aug 11, 2022

What Is The Survival Period In A Critical Illness Health Insurance?

Health insurance is no longer a luxury in 2022, but a necessity. As lifestyles are changing, so are the ailments that are affecting people at large. Among the different illnesses that are gripping people, critical ailments are typically more concerning. When a serious illness such as cancer goes undiagnosed, it often results in a critical illness. However, that isn’t always the case. The reason that makes critical illness concerning is the fatality rate associated with different types of critical ailments. Hence, the right treatment and early diagnosis are crucial when it comes to critical ailments. A critical illness health insurance policy is an effective way to tackle the sky-high treatment costs for these kinds of critical ailments. These treatments may result in even a debt trap if not planned for. As medical emergencies are unexpected, treatment cannot always be planned. Thus, the lump sum payout in a critical illness plan helps tackle the treatment cost and ensures that the right treatment is available. Among the different terms to know about when buying a critical illness plan, the survival period is of particular importance. Let’s look at the meaning and significance of the survival period in a critical illness policy.

What is the Meaning of Survival Period in Critical Illness Policy?

The survival period in a critical illness cover refers to the period during which the policyholder must be alive after the illness is diagnosed. The insurer does not pay any compensation till the end of the survival period and makes a lumpsum payout at its end. Generally, the survival period ranges from 14 days to 30 days depending on the insurance company’s terms and the type of ailment. Unlike life insurance plans, a critical illness health cover does not pay any death benefit to the dependents or nominees of the policyholder. Instead, the insurer pays the specified amount, which is usually the entire sum assured, on diagnosis but at the end of the survival period. Thus, the policyholders can seek the necessary treatment and take advantage of critical illness insurance. * Standard T&C Apply

Is There Any Refund of Premium in Case the Policyholder Does Not Survive the Survival Period?

No, health insurance policies do not offer a return on premium if the policyholder does not survive the specified survival period. Return of premium is where the insurer refunds the premium in case of an unfortunate demise of the policyholder. However, this feature is available when buying life insurance covers. *

Is It Essential to Consider the Survival Period When Buying a Critical Illness Cover?

Yes, it is important to account for the tenure of the survival period. A shorter period helps by ensuring a quicker payout by the insurance company whereas a longer survival period will increase the financial burden. Faster treatment of the ailment is possible with a shorter survival period eliminating the burden on the policyholder’s financial resources. *

Is the Waiting Period and Survival Period the Same?

No, the waiting period is the duration that the policyholder must complete before the insurance cover is activated. On the other hand, the survival period starts after the diagnosis of the specified critical illness. * * Standard T&C Apply

The Bottom Line

To conclude, the survival period is an essential point to keep in mind when buying a critical illness policy. The different factors impacting the critical illness policy’s premium can be understood by using a health insurance premium calculator. 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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