With life moves on at a blistering fast pace, we often hear news of industrial and domestic accidents happening around the world. Despite all the necessary precautions and safety measures taken by companies and individuals, mishaps occur without any prior warning.
Such unforeseen mishaps and accidents have a tremendously damaging effect on life and property. While minor injuries can be dealt with instant medical care, it is the major injuries that often leave a permanent impact on individuals—sometimes leaving them with disability for life.
Any such disability, whether it is caused by an unfortunate event such as accident or any medical condition, will affect your ability to work and earn income. Now imagine the economic brunt a family will have to face if its sole breadwinner was afflicted by a permanent disability?
Permanent Disability can be completely devastating, both emotionally and financially—leaving your life in a disrupted state. Most individuals lose their job, which is a regular source of income to pay for the liabilities, EMIs of existing loans, instalments of investments, and other fixed expenses such as children’s fees, household bills, and others, all which are recurring on a monthly basis.
To help you pay off these debts in a convenient way after losing your regular income source, several options are available in the market.
To begin with, life insurance companies are now offering income replacement plans that offer periodic pay-outs along with lump sum amount as sum assured to the insured in case of a disability or death. The pay-outs act as replacement of income, thereby helping you meet the daily cost of living and even expenses of medical treatment and rehabilitation. Most of the plans offer coverage to disabilities such as loss of limbs, paralysis, and loss of eyesight or hearing caused due to sickness or physical injury.
The pay-outs are adequate enough to tackle inflation, thereby returning your life back to normal financially. Apart from these plans, reaping monetary gains from your existing investments such as savings plans, mutual funds, fixed deposits, and others is also advisable. As every person tends to save for a rainy day, such events call for breaking of savings.
To procure standard aids after disability, Government has launched several schemes that assist the affected individuals by funding them.
For permanently disabled individuals, the Indian government has set up reservation for jobs. Several banks are known to offer jobs in clerical and subordinate cadres for blind, deaf, and orthopedically handicapped individuals. Certain state governments such as Andaman & Nicobar Administration provide financial allowance to the disabled.
Gone are the days when disabled people would remain bed-ridden or to the confines of their room for a lifetime. With various investment products, government schemes, and financial assistance provided by private as well as administrative bodies, sustaining livelihood with ease is now possible for permanently disabled.
Insure your loved one’s financial future after you with a term insurance plan