Waiting period on NCB/Multiplier benefit

Thank you Shailesh Ji. So, are these examples correct with respect to the waiting periods and amounts?

Section 5(i)- Total amount that can be claimed 15 lacs (10+5) as waiting period of 1 year has passed

Sectiion 5(ii)- Waiting period of 1 year remaining on 15 lacs

Section 5(iii)- Waiting period of 2 years remaining on 15 lacs (PED or not, just trying to understand)

As insurers do not mention how much waiting period is remaining about NCB on the policy document, does this have to be calculated by the insurer manually? Is there a specific IRDAI guideline about this?

Waiting periods are calculated from the date of policy inception and

not from the date of NCB allocation

If last year the waiting period was 2 years, this year it gets reduced to 1 and it applied to both basic as well as NCB SI

There are different waiting periods for pre existing conditions & specific diseases (stone/cataract/hernia) , these are also to be observed from the date of policy inception.

Also note in case of porting, the original date of policy inception would be the reference point from your first policy, unless your new insurance company has specified any further waiting periods.

Hope this clarifies

Would be happy to discuss this further for your clarity.

Best wishes

Rana Sahib

I endorse views given by Rana Sahib