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Can You Buy A Term Insurance For a Differently Abled Person?

Can You Buy A Term Insurance For a Differently Abled Person

Can You Buy A Term Insurance For a Differently Abled Person?


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Oct 12, 2021

By : Bajaj Allianz Life

 

What is Term Insurance?

 

A term insurance policy is a type of life insurance provided by an insurance company. In exchange for a financial safety net, the insured and the insurer engage into a contract in which the policyholder agrees to pay a premium as one time or regular premium payments. If the policyholder dies before the policy's term expires, the death benefits promised by the term insurance plan are paid to the beneficiary or nominee.

 

Can a disabled individual get term insurance?

 

Yes, people who are handicapped or disabled can invest in term insurance plans. This is especially important in our country, given the high percentage of disabled individuals in the population.

Term insurance for disabled people can help handicapped and differently abled individuals protect their family's future. Term insurance for disabled people can also be beneficial to those with different abilities.

 

Benefits of term insurance for the disabled

 

Disabled people and their families can benefit from term insurance for disabled people in a variety of ways. The following are some of the advantages of term insurance.

 

• Beneficiaries of the policyholder receive financial help

 

Term insurance for disabled people pays death payments to the policyholder's nominees if the policyholder dies during the policy's term. If the insured was the family's sole or principal breadwinner, the surviving beneficiaries may face a financial loss. The death benefits can assist the family in getting through these difficult times by providing a financial safety net on which they can rely. It can be used to pay off debts left behind by the deceased or to cover major expenses.

 

• Tax advantages

 

There are term insurance tax benefits for disabled people. The premium paid by the investor can be deducted from their total income under Section 80C of the Income Tax Act 1961, lowering their tax burden. Up to Rs. 1.5 lakhs of the premium is tax deductible. Furthermore, due to the rules of section 10 (10D) of the Income Tax Act 1961, the death benefits received by the incapacitated person's nominee or beneficiary are not taxable. These tax benefits are subject to the provisions stated in the Income-tax Act 1961 Disabled people might benefit from a protective cover as well as tax advantages by investing in term insurance.

 

Factors to consider before investing

 

Because of the increased level of risk involved, insurers often incorporate particular terms for disabled people. As a result, before acquiring a plan, people with disabilities should familiarise themselves with the conditions of the coverage. If you're differently abled, you'll need to consider a few additional issues, which are outlined below.

 

• The cover provided

 

You must verify that the term insurance plan's coverage is sufficient to assist your beneficiaries through any financial difficulties that may arise as a result of your death. Look up the sum assured and see if it's adequate to pay your dependents' annual expenses.

 

• The amount of the premium to be paid

 

The cost of purchasing term insurance for disabled people is typically higher than the cost of conventional insurance. Nonetheless, be sure the premium you'll have to pay fits into your budget, so you don't have to worry about missing a payment. You can take the aid of an online term insurance premium calculator as well.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.