New Delhi, Nov. 12 -- When you buy a health insurance policy, you cannot request a claim immediately. All policyholders, irrespective of their age, must serve an initial waiting period, which is generally 30 days from the date of policy issuance.

During this waiting period, insurance companies would not cover hospitalisation expenses arising from illnesses, though accidental hospitalisation is covered from day one, subject to the policy terms and conditions.

The waiting period becomes longer for pre-existing diseases. Any medical condition such as high blood pressure, diabetes or asthma, that was diagnosed purchasing a health insurance plan is considered pre-existing disease.

As per guidelines by the Insurance Regulatory and Developmen...