What is the full form of PED in Insurance?
The PED full form in insurance is Pre-existing diseases. This is an important factor in health insurance and refers to the diseases or ailments that the policyholder is suffering from at the time of buying the health insurance policy. Pre-existing diseases might range from ailments like allergies or high blood pressure or serious medical conditions like diabetes or cancer.
Why should policyholders declare their pre-existing conditions?
The policyholders, at the time of seeking the health insurance policy, should declare all of their pre-existing conditions. In case they hide them from the insurance provider, and if the insurance provider finds out about the disease later, they may not cover the medical expenses of the ailment.
What are the pre-existing diseases covered in health insurance in India?
According to the IRDAI, any disease or condition that is diagnosed up to 48 hours before the purchase of the policy is a pre-existing illness. It includes many long-term health conditions such as asthma, high blood pressure, thyroid, diabetes, arthritis, COPD, kidney disease, etc. The health insurance cost of pre-existing disease is generally higher, and this is the reason why some health insurance providers offer higher premiums for PEDs.