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What is Disability Insurance?

Getting disability insurance will offer you a regular flow of income so that you and your family can continue to lead the lifestyle of your choice. Click here to know more.

  • 447 Views | Updated on: Dec 18, 2023

There is no greater blessing in life than returning home every day, safe and sound! While that is what we all want, the unpredictability of life cannot be accounted for, and this necessitates the purchase of term insurance.

Among the most often asked questions is, does life insurance cover disability? The answer is simple: you may add a disability rider to your term insurance policy, which would incorporate both term insurance with accidental disability rider as well as a total permanent disability rider. It is suggested that you acquire disability insurance in parallel to term insurance to leave no stone unturned in your efforts to protect the future financial stability of your family and yourself.

Considering the frequency of accidents in our country, everyone should consider a disability insurance policy in India to deal with any unforeseen events that may arise in the future. Read ahead to understand why you should consider adding a disability rider to your term plan.

Learn What is a Disability Rider

A disability rider covers the possibility of losing earnings owing to the inability to work due to a temporary or permanent disability. For example, suppose you are disabled as a result of an accident. In that case, this form of coverage can assist to compensate for a portion of your lost earnings, empowering you to deal with your healthcare or other daily expenses. It includes sick days and provides short and long-term disability compensation.

Disability Insurance Types

  • Short-Term/Temporary Disability
  • Temporary disability is a part of term insurance with accidental disability riders. Temporary or short-term disability refers to impairments that have occurred from birth or that have arisen as a result of an accident or illness. An average wait period for the short-term insurance coverage might run somewhere from zero to fourteen days. Short-term disability insurance coverage is only available for a maximum term of two years.

  • Long-Term/Permanent Disability
  • Permanent disability, too, is a part of total permanent disability rider in term insurance. It protects you against financial hardships that may arise from accidents or serious diseases causing irreparable permanent damage that force you to leave your job. It includes various illnesses, such as psychiatric conditions, cardiac problems, cancerous cell rips, and other related conditions. It is a form of insurance coverage with a grace period that can last from weeks to even months, offering lifelong coverage. One of the principal factors that are such a popular type of insurance is its flexibility.

    To conclude, getting disability insurance, whether as a standalone policy or as a disability rider on term insurance, is a requirement in today’s world. Getting disability insurance will offer you a regular flow of income so that you and your family can continue to lead the lifestyle of your choosing.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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