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Term insurance guide for disabled persons

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Term insurance guide for disabled persons
April 09, 2023

Term insurance is one of the most basic ways in which financial inclusion can be ensured for the eligible persons. Unlike a traditional life insurance plan, a term insurance plan entitles the policy holder's nominee(s) to receive the main plan benefit (i.e. sum assured) in the event of her/his demise during the policy term without any maturity proceeds or benefits if the policy holder survives the plan term. A term insurance plan is a very critical component of any successful financial portfolio and as such, it is very important for every person to purchase it. For disabled or differently-abled persons, the need for financial inclusion and coverage is as important as it is for any other person. The needs and requirements of a disabled person are far more extensive than those of others. This is because there is a required corpus for coverage against medical bills, check-ups, therapies etc. and therefore, the insurance requirement also gets extended.

When it comes to purchasing a term insurance plan for a disabled person, there are certain things that must be kept in mind.

Following is a list of important parameters that must be considered while purchasing a term insurance plan for a disabled person:

  1. Coverage scope and sum assured:

    Term insurance plans come with the clause that entitles the policy subscriber's nominee(s) to receive the sum assured in the event of the subscriber's unfortunate demise during the plan term. Therefore, while choosing  a term insurance plan, it is very important that the sum assured i.e. the scope of coverage must match your specific needs and requirements.

  2. Payable premiums

    Unlike general life insurance plans, term plans do not have any maturity benefits. This, in essence, means that if the policy subscriber survives the term of the plan, no additional benefits are payable to her/him. While on one hand, this may seem a little bit limiting as far the additional benefits are concerned but at the same time, term plans come at very economical prices. In fact, among the various types of basic insurance plans, term insurance plans are rated among the most economical ones. While choosing a particular policy, it is important that the payable premiums must be kept in mind so that the coverage offered is proportional to the premium-rates. 

  3. Take inflation into account

    By its very nature, a traditional term insurance plan is futuristic in nature. The kind of coverage that a term insurance plan has to suit the particular needs and timely requirements of a disabled person. Therefore, it is important that the policy must be chosen after considering the factor of inflation as this will ensure that there is proper coverage and that sufficient funds are in place at the time of need.

HDFC Life offers term insurance plans that offer diverse and extensive benefits for securing the financial strength of your family. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.

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ARN: ED/12/19/17049

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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