CNBC TV18 explains waiting periods May 22

CNBC TV18 reported on May 21 that waiting-period clauses in some Indian life insurance products can limit payment of certain non-accidental claims during the first 90 days after a policy is issued. The report said the clause is used across selected products and depends on product design and underwriting terms. It also said insurers and regulators are focusing on clearer disclosures, stronger know-your-customer checks and faster claim settlement for policyholders in India. Ageas Federal Life Insurance and the Insurance Regulatory and Development Authority of India, or IRDAI, were cited in the report. ### Which life insurance claims are affected by the waiting period? CNBC TV18 said the 90-day waiting period applies in certain life insurance products to specific non-accidental claims that arise shortly after policy issuance. The report said accidental death claims are generally treated differently, subject to the terms and conditions of the policy. (cnbctv18.com) Jude Gomes, managing director and chief executive officer of Ageas Federal Life Insurance, told CNBC TV18 that the clause is part of industry practice in selected life insurance products and is intended to support risk management. He said whether the waiting period applies depends on the structure of the individual policy and the underwriting norms used by the insurer. (cnbctv18.com) ### Why are insurers focusing on disclosure at the point of sale? Jude Gomes told CNBC TV18 that the issue is not only whether waiting-period clauses exist, but how clearly they are communicated and understood when a customer buys a policy. He said insurers should explain important conditions in a “clear, meaningful and customer-friendly manner” at the start of the customer journey. (cnbctv18.com) IRDAI’s Master Circular on Protection of Policyholders’ Interests, dated September 5, 2024, said the regulator’s reforms are aimed at protecting policyholders, strengthening governance and improving grievance redressal. The circular said provisions relating to policyholder interests are covered in that framework and that it applies to life insurers, general insurers, health insurers and distribution channels. (cnbctv18.com) ### Where do KYC and documentation fit into the claims process? CNBC TV18 said stronger KYC checks are part of the broader push around life insurance sales and claims handling. The report did not set out a separate KYC rule for waiting periods, but linked customer awareness, documentation and early-stage claim conditions as part of how insurers are trying to reduce disputes later in the policy life cycle. (caalley.com) IRDAI’s policyholder-protection circular said insurers and distribution channels are expected to fulfill obligations toward policyholders through governance and grievance mechanisms centered on policyholder welfare. That regulatory backdrop helps explain why insurers are emphasizing documentation and process discipline at issuance and at claim stage, though CNBC TV18 attributed the operational comments in this case to Ageas Federal Life Insurance. (cnbctv18.com) ### What has IRDAI required insurers to do on policy communication? IRDAI’s Master Circular on Life Insurance Products, dated June 12, 2024, said insurers must provide a Customer Information Sheet with every policy. The circular said the sheet is meant to explain basic features of a policy in simple words and include details such as the type of insurance, sum assured, benefits and exclusions. (caalley.com) CNBC TV18 said IRDAI has also introduced disclosure norms aimed at simplifying policy terms and improving customer understanding of exclusions and waiting periods. That places waiting-period clauses inside a broader regulatory push to make policy documents easier for customers to understand before a claim arises. ### How are insurers framing claim settlement speed? (elpee.co.in) Ageas Federal Life Insurance told CNBC TV18 it recorded an individual claim settlement ratio of 99.80% in FY26 and an average turnaround time of three days. Gomes said claim settlement performance matters when customers enter the policy relationship with a clear understanding of what their coverage includes and excludes. (cnbctv18.com) The next reference point for readers is the policy document itself. IRDAI’s June 12, 2024 life insurance circular says the Customer Information Sheet must accompany every policy, and CNBC TV18’s May 21, 2026 report points readers to waiting periods, exclusions and claim conditions as the sections to check before buying or filing a claim. (elpee.co.in) (cnbctv18.com)