Yes, there is a 90-day waiting period* following the Policy Effective Date. If the insured suffers from any illness(es) and the sign(s) and/or symptom(s) of which are manifested within this period, he or she will not be entitled to any compensation.
As Bowtie Term Critical Illness Insurance is designed as an income replacement and extra cushion for expenses, there is also a 14-day survival period. It means the insured would only get the compensation when they survive at least 14 days from the date of diagnosis of major critical illness and/or the completion of the major surgical procedure.
*It refers to a period after policy is in effect when insured would not be compensated under most circumstances.