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Term Insurance for Disabled Person

India is lagging in creating a well-equipped country for disabled persons. The main challenge faced by differently-abled people is a stable income. If their protectors pass away, they generally face a number of challenges as they are not able to afford the expenses of their medical treatment. In such situations, term insurance plans help you cope with such difficulties and provide a financially secure life to your disabled dependents.

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What is a Term Insurance Plan? 

Also known as Term Life Insurance, a Term Insurance policy is a specifically designed life insurance plan that protects the family of life assured and provides financial security to them in case of any uncertainties. It is a contract between an insurance company and a policyholder, in which the insurer takes on the responsibility to provide your nominees/beneficiaries with a certain pre-specified sum of money in the unfortunate event of your death during the policy tenure. 

This death benefit provided by the insurance company is a financial compensation that can further be used by your nominees/beneficiaries to fulfill their life objectives. In return for receiving this coverage, you are required to make periodical payments i.e., called premiums to the insurance company. The premiums amounts required to be paid are calculated on the basis of medical conditions, individual’s age, and life expectancy. There is no maturity payout in the case of a term plan. 

What is a Term Insurance For Disabled Person? 

Term insurance for Disabled person is a limited-time payment plan that provides a lump sum and a series of regular premium payments to the dependents after the insured’s death. Majorly, the payments done under this plan are for a maximum time period of 35 years and the received benefits are till the disabled person’s death. 

Benefits of Term Insurance For Disabled Person 

The important features of the term insurance for disabled person are: 

  • The policyholder should be between 22 years to 65 years. The amount of premium is determined based on a disabled person’s age. The younger the nominee, the lower the rates of premium will be. So, it is always recommended to buy a term insurance plan at an early age. 

  • The minimum sum assured of the disabled term insurance plan is Rs. 50,000 and there is no dmaximum upper limit. So, the policyholder should always decide the upper limit on the basis of the requirement of the disabled person. 

  • Term insurance for disabled persons covers the whole life of the dependents. The dependent gets a stable income from the insurer until demise. 

  • The policyholder is allowed to pay premiums over a fixed tenure or as a single premium payment. The longer the term, the lower will be the amount of premium. 

  • In case of a policyholder’s death during the policy term, a certain % of the guaranteed bonus + maturity value + terminal bonus is provided to the dependents. The remaining sum assured is changed to an annuity and regular, fixed payments are made to the family until death. 

  • Term insurance plan for the disabled offers various optional benefits which can be added during the policy term to make the family members or dependents more secure. The maturity payout can also be changed by paying a minimal extra premium. 

  • The benefits offered by a term insurance plan should only be utilized by a disabled person. 

  • The premium amount paid towards term insurance for disabled person is completely tax-deductible u/s 80DD. So, the premium you are paying towards the term insurance plan will decrease the tax liability. 

  • In case of the early demise of the dependents, the plan will expire. The policyholder can claim a refund of the premium amount that is paid in the policy term. 

Factors To Consider Before Buying A Term Insurance For Disabled Person 

There are various factors that life assured should consider before purchasing term insurance for Disabled Person or dependents which are: 

  1. Choosing the Right Sum Assured 

    The sum assured is a very important factor to consider while buying a term insurance plan. The life assured should select the right sum assured that is adequate for the dependents. If the sum assured amount is low, it becomes difficult for the disabled person to manage his/her expenditures after the demise of their guardian. 

  2. Premium Amount 

    The term insurance plans for disabled persons do not provide any maturity benefits. So, when the policyholder survives the term of the policy, no amount is paid to him/her However a term insurance plan is a unique tool for investment as it provides security and protection at a minimal cost. You should keep the premium charges in mind when you purchase term insurance for disabled person. Always make sure that the coverage offered by the term plan is proportional to the premium amount paid by you. 

  3. Consider Inflation 

    A Term plan provides coverage that fits the requirements of a disabled person. This is because you should carefully choose a plan after considering the effect of inflation. With this, you can ensure the proper coverage along with adequate funds in place. 

  4. Trustworthy and Reliable Insurer 

    Term insurance is a long-term commitment. If you are planning to protect and secure your dependents for a long time, the creditability of an insurance company is the important parameter that needs to be considered. The insurer should have goodwill in the insurance industry.

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