Monday, June 24, 2024

Insurance

All you need to know about the Disease & Disability cover in India

Disease & Disability cover in India

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The rate at which severe medical conditions are rising in the country is a cause of concern for every Indian. At the same time, medical inflation is consistently rising too.

While we often believe that nothing of this sort could happen to our family members or us, there is no saying who could be the next victim of a severe disease or disability. For something as uncertain as life and health, the only solution is to always remain prepared.

Take a look at how the disease and disability cover in India could protect you financially against such a calamity-

1. What is the Disease and Disability Cover?

While a standard health insurance plan is excellent for securing your health, the death and disability cover takes this safety net a significant step further by offering added protection. The cover provides financial assistance in case the policyholder suffers from a critical illness or accident.

Such catastrophic events often result in loss of income for the victim. To ensure that the family expenses are taken care of throughout the treatment and recovery of the victim, the death and disability cover generally also includes job loss benefit and child education benefit.

2. What Diseases are Covered Under the Plan?

The disability cover is available for an extensive range of severe health conditions, including cancer, kidney failure, benign brain tumour, motor neuron disease, liver disease, hypertension, and more. The cost of treating such severe conditions could easily be in lakhs at quality hospitals.

The disease and disability cover could play a critical role in ensuring that such conditions have minimal financial implications on you and your family.

3. What Disabilities are Covered Under the Plan?

Temporary and permanent disabilities are generally covered under the plan. The disability could arise from an accident or a severe health condition, like paralysis or stroke. Like a regular health plan, the disease and disability cover also has a fixed sum assured, which can be utilized for the treatment.

In the case of permanent and total incapacitation, the entire sum assured is paid to the policyholder by the insurer.

4. Who Can Purchase a Disease and Disability Cover?

Any individual between 18 years and 70 years is eligible to purchase disease and disability insurance. While the product is commonly preferred by people in their 40s and 50s as they are more likely to suffer from severe health problems, it is equally important for people in their 20s and 30s.

As for the sum assured, it could vary between insurers. Closely analyse the sum assured, premium, features, and benefits of the plan before purchasing.

5. How to Purchase a Disease and Disability Cover?

Purchasing the disease and disability cover is similar to buying regular medical insurance. Some insurers offer them as individual health plans, while many others provide the option to add severe disease and disability cover as a rider with a regular health plan.

Focus on factors such as the financial situation of your family, current health condition, life goals, liabilities, lifestyle requirements, demands of the dependents, and other relevant factors to choose an adequate sum assured.

Secure Your Health and Finances with a Disease and Disability Cover

Emergencies never knock on our doors and often arrive when we least expect them. While you might be in the prime of your health now, there is no saying as to what might happen in the near future.

The disease and disability cover is an excellent way to protect yourself and your loved ones, at least against the financial implications of such severe life events. Consider a reputed insurer to know more about this health insurance cover and secure your health and finances at the earliest.

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