IRDAI has clarified that pre-existing condition of policyholders is not applicable on travel insurance policies.
In a circular issued today, IRDAI has asked insurance companies to include diseases that a policyholder contracts before buying a travel insurance policy. Simply put, all pre-existing diseases will be covered under travel insurance policies.
So far, if a policyholder was diagnosed with a major ailment before buying a travel insurance policy, insurance companies would consider the disease as pre-existing condition, which has a waiting period of 4 years.
Pre-existing diseases include diseases, which are being diagnosed within 48 months prior to the effective date of issuance of the policy.
