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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. 

Note: Now that you know that what is term insurance plan you can easily buy a term plan for your loved ones.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

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. 

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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 maximum 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 term insurance 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. 

    Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

  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.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.


Premium By Age

˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com  in the first 6 months of FY 24-25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

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