Insurance Guide

A Quick Financial Guide For Differently-Abled People

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“The only disability in life is a bad attitude”

Gone are those days when disability was considered a social taboo in India. Thanks to various financial and insurance schemes launched in the market, the complete scenario has undergone a tremendous change. Let’s understand different financial products which are specially designed for differently-abled people.

Insurance Policies

LIC has launched two insurance plans- Jeevan Adhar-Whole life and Jeevan Vishwas- Endowment Assurance that covers the life of a person who has handicapped dependants. Handicapped dependent (s) will get a lump-sum either on maturity and death of the policyholder. 

On the health insurance side, physically disabled people can buy a health insurance after medical tests. Disorders that are too general like learning or speech disability or someone with an amputated foot are usually accepted without test. The National Trust has launched ‘Nirmaya’, an insurance scheme for people facing diseases like autism, cerebral palsy, mental retardation, multiple disabilities (sclerosis). It covers various OPD treatments for pre-existing ailments from Day 1. Also, it offers a group life insurance for parents, guardians and supporters of people with autism, mental retardation and multiple disabilities. In group, Rs 10 lakh coverage is given to guardian.

Discounted Interest Rates for Disabled People

The government offers loans at concessional rates to meet divergent needs like buying vehicle, higher studies, setting up own venture etc. The loan structure is detailed below

Loan Amount

 Interest Rate

Up to Rs 5 lakh

5%

Above Rs 50 thousand and up to Rs 5 lakh

6%

Above Rs 5 lakh

8%

Further, a rebate of 1% is given to disabled women in all schemes of the government. Besides this, various welfare development services ranging from scholarships, skill development to rehabilitation etc; are launched for disabled people.  

Special Aadhaar Card

The Unique Identification Authority of India (UIDAI) has eased out the norms of biometric data entry for physically challenged people. The government has also started a special mobile van to enroll them for Aadhaar Card. 

Visually impaired and people can also buy insurance and investment products. Companies use software that reads out the policy to them. Fortunately, the visually-impaired can use automated teller machines (ATMs). Banks like Union Bank of India have set up talking ATMs, where both the card reader and card slot are Braille- supported.

Disability is NOT Inability

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