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The disability insurance is regarded as a policy that protects an individual’s wages during a time when he/she cannot work due to physical inability. Sometimes, people face accidents at work which cripple them for some time. In such cases, the health insurance takes care of the medical costs of the insured, while the disability insurance ensures that the coming in of income that is lost due to the mishap.
Let us read below about how many types of disability insurances are available.
Short-Term Disability Policy | Long-Term Disability Policy |
Waiting period of these plans range from 0-14 days | Waiting period of these plans range from weeks and can go up to months |
Benefits under these plans can be availed for a maximum of 2 years | Benefits under these plans can be availed for life |
The plan covers injuries from birth as well as the ones caused by accidents.
Also, injuries caused after long-term ailments are also eligible which are likely to recover after a short period |
Covers mental illness, cancer, cardiovascular ailments, tissue rupture etc. |
Also Read: Steps to Cancel Health Insurance Policy in India
If you are looking at the essential features of disability insurance India, they are mentioned below.
Also Read: What is the Free Look Period in Health Insurance Policy?
Buying disability insurance is an intelligent decision. However, with many alternatives available, it becomes difficult to make a decision.
There are few things to consider while buying a disability insurance in India. Here we are offering some such suggestions to help you make the buying process of disability insurance easier:
Also Read: Cashless Mediclaim Policy – All You Need to Know
Choosing disability insurance might prove tricky. This is because no one knows if they are going to fall ill or get injured. Also, no one can predict if and for how long they are going to stay out of work due to any disability. All these hypothetical questions make it difficult to pick the right disability insurance.
If you consider buying the short term disability insurance, the premiums are much less as compared to the long term ones. However, in this case the payout as well as coverage of the insurance are not extensive. So, if an individual faces any long term disability or illness and stays away from work, the policy will not suffice his/her requirement. In such situations the long term policies might serve well. However, if you could get a combination of short and long term disability insurance, it would be the best combination.
Read More: Health Insurance Plans for Differently abled Person
To Sum Up
Illness and injury are not age bound. They may befall anyone, anytime. Further, these issues cause serious financial challenges to the ones suffering and their families. Even if it is a short term disability, it can still cause you financial strain. So, keeping a backup plan in the form of disability coverage is important.
Further, with the start of online mode, the disability insurance buy online process has become extremely simple and can be used by anyone with ease.
Also Read: National Health Insurance Schemes by Indian Government
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It is good to avail disability insurance as it allows additional protection in case of unforeseen events. If someone gets crippled/disabled because of an accident or disease and couldn't work (for short period or long), they can get financial protection from the insurer. Yes, one can buy disability insurance if they already have one. Owning more disability insurance plans help individuals to create good coverage. The disability insurance premium depends on the sum insured or coverage amount of the policy along with policy tenure and many other factors. Many plans of disability insurance in India include coverage for permanent disability that include the entire period of the insured being incapable of work caused by accident. So, if an insured becomes permanently and completely incapable, he/she can receive the entire sum insured under the permanent disability insurance plan. The premium rates for disability insurance in India are determined by various factors like age, gender, occupation, and the amount of potential loss of income that the insured wants to safeguard. So, if you work in a low risk job with less tension of getting into danger, the premium will be low. Similarly, the greater the risk of injury in a job, the higher the premium.
FAQs on Disability Insurance Cover, It's Types and Features
Why is it necessary to avail Disability Insurance?
Can I avail more than one Disability Insurance?
What Is Minimum Premium for Disability Insurance?
Does Disability Insurance Cover Permanent Disability?
How To Calculate Disability Insurance Premium?
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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