December 3 was the International Day of Persons with disabilities. ‘Disability’ has no definite meaning, but an individual can be qualified as disabled if he or she has had an impairment which may include physical, cognitive, developmental or mental disorders.
Over two crore Indians suffer from various disabilities, according to the 2001 census, with almost half of this population suffering from vision impairment, while a fourth suffers from some sort of movement disability.
India is believed to have the most number of disabled people in the world.
However, even the disabled can get insurance cover. Insurance companies may charge a higher premium for covering disabled people — reason being the higher risk associated with their lives. However, not all insurers do so.
There are no fixed parameters on which the extra premium is charged. This depends on the intensity of the disability, and the risk associated with the person’s life.
For example, if a person is mentally challenged, then a higher premium would be charged only if his IQ is 50% below the average. Else, the normal premium would apply.
Notified policies are also available in the market, which come with tax benefits, etc.
Meanwhile, acknowledging the day, Bajaj Allianz has launched its ‘ability insurance’ range of products, consisting five life insurance and two general insurance products. One of the key facilities of the policies is free roadside assistance to disabled drivers, which includes services such as tyre puncture repair, lost key services, etc.
Further reading
Niramaya can help ease your burden
The National Trust has introduced “Niramaya”, an insurance scheme for persons suffering from autism, cerebral palsy, mental retardation, multiple disabilities (sclerosis) and other similar diseases. The scheme covers overall medical expenses up to `1 lakh within separate sub-limits.
http://www.dnaindia.com/
money/comment_niramaya-can-help-ease-your-burden_1408943
The National Trust has introduced “Niramaya”, an insurance scheme for persons suffering from autism, cerebral palsy, mental retardation, multiple disabilities (sclerosis) and other similar diseases. The scheme covers overall medical expenses up to `1 lakh within separate sub-limits.
http://www.dnaindia.com/
money/comment_niramaya-can-help-ease-your-burden_1408943
Tax benefits for people with special needs
To mitigate the hardships faced by disabled persons and their parents/ guradians, the Income-Tax Act offers benefits in the form of deductions. Insurance is also avaliable.
http://www.dnaindia.com/
money/comment_benefits-for-people-with-special-needs_1396423
To mitigate the hardships faced by disabled persons and their parents/ guradians, the Income-Tax Act offers benefits in the form of deductions. Insurance is also avaliable.
http://www.dnaindia.com/
money/comment_benefits-for-people-with-special-needs_1396423
Cover for parents of kids with special needs
The National Trust has launched Asmita, a group life insurance policy for parents, guardians, and supporters of people with autism, cerebral palsy, mental retardation and multiple disabilities. Here, a cover of `10 lakh is given on the guardian.
http://www.dnaindia.com/
money/comment_cover-for-parents-of-kids-with-special-needs_1437541
The National Trust has launched Asmita, a group life insurance policy for parents, guardians, and supporters of people with autism, cerebral palsy, mental retardation and multiple disabilities. Here, a cover of `10 lakh is given on the guardian.
http://www.dnaindia.com/
money/comment_cover-for-parents-of-kids-with-special-needs_1437541
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