Life Insurance

Understanding Disability Insurance Cover

Nov 15, 2021

As times are changing all individuals are becoming more and more susceptible to health risks and thus opt for health insurance to get covered against the said health risks.

You may be a well-informed individual and may not fail to make any payments including your insurance premium.

There could be an instance where you suffer an injury that would disable you physically and then the health insurance would barely be able to satisfy your needs for the future. Having disability insurance along with a health insurance cover is more apt to safeguard you in the long run.

Nature of Disability Insurance cover

Disability Insurance Cover could help you compensate a portion of your earnings in the instance you acquire a disability after a serious mishap. It could provide to be a vital tool to help you continue living the way you would if you were physically able to do so. It could promote aiding your monetary commitment on a short term, long term basis and even benefit you if you were to be laid-off due to your disability and still be paid.

Eligibility criteria for Disability Insurance Cover

This insurance cover could be availed by anybody between the ages of 18 to 70 years but it might vary from company to company and from plan to plan.

Aspects covered under Disability Insurance cover

Most policies cover interim and longstanding or even complete ailments that could range from confinement to cancer. 

Short term Cover includes

  • Confinement
  • Accidents that cause temporary damage

Long term Cover includes

  • Cancer
  • Paralysis
  • Psychological disorders

Singling Out the Best Policy according to your financial capability

It is necessary to take into consideration the aspects that would lead us into purchasing a Disability Cover. Following points will help you decide how to select the best cover for you and your beloved family.

  1. Determine the perfect coverage output for you 

It is important for you to understand that purchasing a Disability Cover depends on some essential factors such as how many family members are dependent on you, what is your standard of life, how much coverage are you able to afford and so on. Once you have all these calculations made in your mind you will be able to choose the best coverage for yourself and your family.

  • Being informed as to what ailments are guaranteed

A company needs to cover an individual for maximum ailments and we need to look for what kinds of and how many longstanding illnesses can be covered in the insurance that we choose to buy. There are some really well-known institutions that help us find the best policy that could exist. 

Insurers that extend a Disability Insurance Cover in India

There are four major institutions that extend a Disability Insurance Coverage in India listed as follows

         1. PNB MetLife Insurance

PNB MetLife Insurance covers numerous long-standing illnesses including

total blindness or irreparable eyesight, arms dismembered above the wrist or loss of both arms and/or dismembered legs above the ankle and Paralysis. You will be able to recover your policy amount only if the ailment lasts for a term of 180 days consistently.

         2. ICICI Lombard

ICICI Lombard will guarantee you a 100% reset of the policy once a policy year ends and they also give you rewards when you keep in good health. Apart from that they also cover most of the long term illnesses and also have a chain of over 5000 hospitals under their policy. You can also request your claim for at-home treatment.

        3. Max Bupa

Max Bupa offers a 100% claim towards your family in the case you have a total or partial disability. In the case of confirmed total damage, the insured will receive 125% of the coverage. They also help your offspring receive an amount of up to 5 lakhs in the case of your demise for facilitating their educational needs. With that, they also have reasonable premiums and cater to the policyholder in times of need.

         4. HDFC Life

HDFC Life offers minimal rate premiums and also an assured monthly sum of 1% of the assured insurance amount for 10 years. They cover most of the Permanent ailments. You can opt for the Disability Insurance coverage as an extension with your already purchased term life insurance policy at a bare minimum rate of premium.


Apart from these insurers, there are more companies that extend disability insurance as well.

         1. Government-funded Disability Insurance Cover

Apart from private firms that operate in India to provide Disability Insurance Cover, there are some Government aided disability covers that you could avail. These covers include Nirmalya Health Insurance and Swavlamban Health Insurance.

         2. Nirmalya Health Insurance

This scheme covers psychological disabilities and extends coverage of upto INR 1 lakh at nominal premiums. Your hospital expenses and OPD expenses are looked after by this health insurance cover. 

        3. Swavlamban Health Insurance

The goal of Swavlamban Health Insurance is to extend reasonable insurance cover for people suffering from long term ailments such as blindness or some hearing disabilities. Under this insurance scheme, the insured is required to pay the premium at one go for a cover of up to INR 3 lakh. Under this insurance cover, there are no pre-existing ailments that are excluded either.

Conclusion

As extremely fragile beings we cannot deny the fact that we are vulnerable to various dangers around us and we would never know when our last moment has come. So we need to insure ourselves keeping not just us but our very near and dear ones in mind as well and how they would manage to keep their life on track if we become a liability for them.

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