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Disability Insurance- Need for it, Coverage, Benefits etc.

Disability insurance is also known as the personal accident insurance provides disability income to the policyholder in the event of disability specified under the policy terms and conditions. Disability due to accidents can occur any time and the income earning capacity of an individual might take a hit due to the accidents. To compensate the policyholder in the event of disability, disability insurance is introduced.

Insuring one’s ability to earn livelihood is of utmost importance. Accidental disability can render anyone temporarily or permanently disabled. The disability insurance or personal accident insurance is offered to people having income earning capacity and the premium is calculated on the basis of sum insured and the nature of work in which the policyholder is involved.

What does Disability Insurance Cover?

In India the disability insurance is not offered as a stand-alone product, it is offered as a personal accident product which covers the accidental death and disability of the insured. The coverage in disability insurance or personal accident insurance is explained below.

  • Accidental Death: In case of accidental death of the policyholder, maximum of the capital sum insured is paid to the nominee of the policyholder. The policy stands cancelled after the payment of the claim amount. The claim amount is paid as lump sum to the nominee in the event of accidental death of the policyholder.
  • Accidental Disability: Disability which is of accidental in nature is covered under the disability insurance policy. The table of contents are mentioned below”:-
Disability Permanent Temporary
Total Total paralysis, Loss of two limbs, two eyes, one limb and one eye etc., Fracture of both the limbs, bed ridden due to accident etc.,
Partial Loss of one eye, one limb, loss of hearing, loss of speech, loss of fingers etc., Fracture of one limb etc.,
  • Permanent Total Disability: Disability which is permanent in nature and irreversible is called as permanent total disability. For example, loss of both the limbs, eyes etc are classified as permanent total disability as the body loses the ability to re-grow the organs. 100% of the capital sum insured is paid to the policyholder in case of permanent total disability.
  • Permanent Partial Disability: Disability which is temporary & irreversible in nature is called as permanent partial disability. For example, the loss of one limb or one eye comes under permanent partial disability. The disability is partial and is permanent i.e. human body cannot re-grow the organs. Claim amount of 1% to 50% of the capital sum insured is paid to the insured in case of permanent partial disability.
  • Temporary Total Disability: Disability which is temporary in nature and prevents the insured from performing his regular duties for a limited period of time is called temporary total disability. For example, fracture of two limbs render a person from performing his regular duties. A claim amount of 1% of the Capital Sum insured is paid weekly for 104 weeks.

Benefits under Disability Insurance:

There are certain benefits under the disability insurance:-

  • The claim amount provided to the insured in case of disability can be used for rehabilitation.
  • In case of temporary total disability weekly benefits will be provided to the insured.
  • High coverage with less amount of premium in case of disability insurance.

Exclusions under Disability Insurance:

  • War and other allied perils are not covered under disability insurance policy.
  • Participation in any kind of speed testing (using motor vehicles for bike or car race).
  • Act of terrorism is not covered under disability insurance.
  • Involving in any kind of dangerous activities such as paragliding etc are not covered under the disability insurance.

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