Personal disability insurance

We often see that people insure their valuable possessions like home health and vehicles. However, we have seen that most people do not ensure something very critical for their survival which is the ability to work and earn for their livelihood. Apart from Life Insurance, a person must have a disability insurance plan. Life is unpredictable, and hence it has become very important for you to plan yourself financially and prepare yourself for every scenario. If any miss happening text place where you will not be able to return to your work due to illness or injury, then in such a situation, personal disability insurance will help you to replace a portion of your income. People with disabilities are given the option to choose from why insurance plans met their desired needs. Instant disability helps you to get your personal disability insurance. 

What is disability insurance? 

As the name suggests, personal disability insurance is the kind of insurance that helps the policyholder to get a certain amount of money when he is unable to go to work due to his disability. With the help of a disability insurance plan, if any accident or disease takes place due to which you become disabled, then this policy protects you financially. Based on policy terms, disability insurance plans also help you by covering various medical bills, which may incur because of the therapy sessions. 

How does permanent disability insurance works?

For crucial financial planning for you and your family member, it is very important that you should understand the concept of disability insurance. In India, disability insurance is a contract between the policyholder and the insurance forms. According to this personal disability insurance policy, the company will give you a monthly amount in exchange for your payments resulting in your inability to go to work because of your permanent disability. The standard disability insurance policies include the whole process and the therapy of medical bills, whether the accident is temporary or permanent. If, due to an accident, you become permanently disabled, then you are eligible to get the entire sum of money insured under this insurance policy. If the disability is partial, you are eligible to get some proportion of the insured amount based on the degree of disability. 

Eligibility criteria of disability insurance

The minimum and maximum sum insured under this policy are largely varies according to the insurance. The minimum age to avail of this policy is 18 years, and the full entry age for this policy is 70 years, respectively. 

Diseases do not cover by permanent disability insurance

There are some exclusions in the permanent disability insurance, which are as follows:

  • Loss of certification of occupation for a professional license. 
  • Disability or injury caused by accident or war, suicidal attempts normal pregnancy for aviation accidents are excluded under permanent disability insurance. 
  • If any pre-existing medical conditions prevail, then it is the exclusion of permanent disability insurance. 
  • If the insured person is disabled because of incarceration, then it is exclusion. 

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By Michael Caine

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