Disability Insurance

What is Disability Insurance?

Disability insurance protects the lost income that occurs due to failure to work in case of any permanent or temporary disability. This kind of insurance helps in providing a part of your lost income along with the medical expenses, just in case if you meets with an accident that led to disability.

Types of Disability Insurance

 Short-term

  1. The waiting period for these plans can range from 0 to 14 days.
  2. Benefits can be availed for a maximum of 2 years.
  3. Injuries since birth or caused due to an accident are eligible for this.

 Long-term

  1. The waiting period for these plans ranges from weeks to months.
  2. The policyholder is eligible to avail of the benefits for life.
  3. Usually covers critical illnesses and injuries.
  4. It also covers a wide range of mental illnesses, cancer, cardiovascular ailments, tissue rupture and similar diseases.

 Eligibility Criteria

The eligibility criteria for this insurance is 18 years minimum and 70 years maximum respectively.

What Disability Insurance Covers?

A disability can occur due to many reasons. Below are facility offered by the disability insurance.

  1. A weekly benefit is offered as compensation for the lost income.
  2. In case of an accident, sudden disability, the insurance will receive 125% of the sum.

Claim Process

In case of emergency or for the family needs in which immediately contact the insurance company about the claim. To process the claim for accidental permanent or partial disability, below mentioned documents need to be submitted to the insurance company.

  1. Duly filled in and signed claim form.
  2. Hospital discharge summary.
  3. Final hospital bill.
  4. Certificate of disability issued by a medical board.
  5. Medical and fitness certificate with seal and stamp.

Time Taken to Settle Claims

On receiving the claim of the insurance amount and required documents, the insurance company will assess them and then transact for them within 7-30 days from the date of the accident.

Companies Offering Disability Insurance In India

  1. Max Bupa
  2. HDFC Life
  3. ICICI Lombard
  4. PNB MetLife Insurance

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