Entries in Insurance Glossary starting with the alphabet W

Waiting Period in Health Insurance

The concept of waiting period in a health insurance policy is defined as the period of time specified which must pass before some or all of your health care coverage can begin. Hence, this is the period during which claim is not admitted. Different conditions and coverage have different waiting periods and have different rules for the same.

The most important types of waiting period in an individual or family health insurance policy would be:

Initial waiting period of 30 days to 90 days... Read More »

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Waiver of Premium Rider Benefit in Life Insurance Policy

Rider is an additional benefit along a life insurance policy. It cannot be taken completely on its own. It is considered as an add-on benefit along with the base policy.

The Waiver of Premium Rider entitles waiver of future premiums to be paid by the policy holder in case of the occurrence of the specified event like death of life insured, disability, dismemberment, etc. So in case because of certain pre-defined reasons you are unable to generate income to pay the premiums of the life... Read More »

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Whole Life Insurance Policy Definition

A Whole Life Insurance Plan is basically a Term Plan with unlimited term. Thus, it is also a pure protection plan like a Term Plan, where the nominee gets the Death Benefit on the death of the Life Insured and there is no Maturity Benefit. The basic difference between the two plans is that in Whole Life Plans, the nominee gets the money whenever the life insured dies till the age of 99 years whereas in Term Plan, the nominee would get the death benefit only if the Life Insured dies within the... Read More »

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