Policy Schedule
What it means, and what it does to a claim.
The document attached to your policy naming the insured persons, the sum insured, the policy period and the sub-limits your cover is actually subject to.
Why it matters
The wording tells you what the product can do; the schedule tells you what yours does. Waiting periods, co-pays and sub-limits are stated here per policy, which is why two people holding the same product can have materially different cover. When any review — including ours — quotes a figure, your schedule is what overrides it.
The legal definition
Policy Schedule means the Policy Schedule attached to and forming part of this Policy specifying the details of the Insured Persons, the Sum Insured, the Policy Period and the Sub-limits to which benefits under the Policy are subject to, including any annexures and /or endorsements, made to or on it from time to time, and if more than one, then the latest in time.
Quoted verbatim from an IRDAI-filed policy wording. Definitions are standardised across insurers, but the limits attached to them are not — always read your own policy schedule.
Related terms
- Co-Payment — A share of every approved claim that you pay yourself, as a fixed percentage.
- Policy Year — The twelve months running from your commencement date — not the calendar year, and not the financial year.
- Waiting Period — A stretch of time at the start of a policy when certain conditions are not covered yet.
- Sum Insured — The maximum the insurer will pay in a policy year.
Disclaimer: Figures shown here are compiled from IRDAI annual reports and public grievance disclosures, and from insurer public disclosures and policy wordings. Claim settlement ratios and complaint volumes are three-year averages for FY 2024–26. Premiums are indicative illustrations for the stated profile, not quotes — your actual premium depends on your age, health, city, habits and underwriting. Scores are Myinsurancebro's own assessment. Always read the official policy document and speak to an advisor before buying. Myinsurancebro is an IRDAI-licensed insurance advisor — we do not manufacture or underwrite any insurance product.