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Waiting period on NCB/Multiplier benefit

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26 Aug, 2022 by  Arora H

Hi,


Say SI for a health insurance policy for 21-22 was 10 lacs


SI for 22-23 is 10 lacs + 5 lacs NCB/Multiplier benefits. Now is there any waiting period on this amount of 5 lacs? or Is it counted along with 10 lacs i.e. 15 lacs total Insured amount in total and waiting period as follows-


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)


Is there a specific IRDAI guideline about this?


Thanks



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Parents-Health-Insurance

1 Answer

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26 Aug, 2022
CEO, Insurance Samadhan

Dear Arora

Basic guideline

1. Applicable sum assured will be basic SI plus NCB of 5 lakh .

2. Waiting period as well as exclusion would apply as the basic terms and conditions of policy for example if there was a waiting period of 24 months then same would be applicable. There will not be any revision due to NCB .


Hope this clarifies


Shailesh Kumar

Insurance Samadhan

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26 Aug, 2022
Arora H
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27 Aug, 2022
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27 Aug, 2022
CEO, Insurance Samadhan
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