Declare chronic ailments with insurers willing to cover them

By paying extra premium, you can reduce waiting period for pre-existing conditions

- SANJAY KUMAR SINGH

The Insurance Regulatory and Development Authority of India (Irdai) recently issued the Irdai (Insurance Products) Regulations, 2024. This notification introduces several customer-friendly measures, including reducing the maximum waiting period for pre-existing diseases (PEDS), a shorter duration for conditions to qualify as PEDS, and a decreased moratorium period.

Waiting period for PEDS reduced

When a customer attempts to purchase health insurance, the insurer enquires about all existing illnesses. If the declared condition qualifies as a PED, the customer must wait for a specified period before receiving coverage for it. If the customer falls ill during the waiting period, they must bear the medical expenses.

Previously, in most policies, the waiting period for PEDs ranged from 12 to 48 months. However, the regulator has now mandated that the maximum waiting period for PEDS cannot exceed 36 months (provided there is no break in coverage during this period).

Experts say this is a welcome development. "Reducing the waiting period by one year will positively impact insurance penetration, as more individuals with PEDs will gravitate towards purchasing health plans," says Naval Goel, chief executive officer (CEO), PolicyX.