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Health Insurance a Good Option to Invest for Differently Abled People

Published On Sep 05, 2019 12:00 AM By Sakshi Aggarwal

The need for financial independence is huge for differently-abled people. They require continued medical treatment because of which they are not left with much wealth in hand. The situation calls for the right health insurance plan that not only offers adequate cover but also fulfils their specific requirements. 

There are quite a few health insurance providers in the market that offer health insurance products specially designed for them. For instance, the Joint Managing Director of Star Health Allied Insurance Co. Ltd., Anant Roy shares, “In the case of individuals with physical challenges such as deafness, blindness, numbness and other physical disabilities like polio, Star Health Insurance evaluates the proposal and provides health cover. We have also designed a special product for children with Autism Spectrum Disorders, called Star Special Care.”   

Disability insurance is simply a policy that offers coverage for disabilities arising from accidents or severe illnesses such as cancer, heart disease, etc. This scheme covers the insured if they are unable to get back to work pertaining to long-term or short-term disability. 

Some common features of disability insurance policies include - non-cancelable option, guaranteed renewable, elimination period (usually less than 2 weeks), accumulation period, reasonable accommodations, rehabilitation plan, and return to work incentives and responsibilities. 

Major benefits offered under disability insurance policies:

  • Cost of living adjustment -This benefit compensates for the effects of inflation. 
  • Residual of living adjustment riders - This benefit helps the insured people to claim some benefits, if partially disabled people can function to perform productive work on a part-time basis. 
  • Return of premium -This benefit allows for a partial return of premium paid for the policy after a specific time period. However, returns vary from insurer to insurer. 
  • Additional purchase -This benefit reserves the right to purchase extra coverage at a later date. 

Apart from health insurance, the differently-abled people can also invest in government-backed deposits, bonds and market instruments to secure their future selves.   

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