What is a waiting period?

A waiting period refers to the specified duration a policyholder must wait after purchasing an insurance policy before certain benefits become available. During this waiting period, the policyholder is not eligible to claim certain benefits outlined in the policy.

Here are some common types of waiting periods:
Initial Waiting Period: Typically applies to all illnesses or diseases.
Pre-existing Condition Waiting Period: If you have a pre-existing medical condition, there may be a waiting period before you can claim related benefits.
Waiting Period for Specific Illnesses: Some policies have waiting periods for specific illnesses or treatments.