Waiting period for a specific disease/ailment is the period from the inception of policy within which claims will not be accepted for any treatment related to that disease. The policy holder has to pay the premiums for the waiting period and such claims will be accepted after the waiting period is over.
For example, there is a waiting period for pre-existing conditions, in which claims for any such diseases and ailments will only be accepted after the policy has been in force for the specified amount of time. Other types of waiting periods include those for, if covered in the policy, Maternity Benefit, and for new born babies. This means that any claims that are brought to the insurer’s notice before the end of the waiting period will not result in payment from the Insurer.