Disability insurance replaces a portion of your income in case the policy holder is unable to continue working because of injury. In cases of accidents, the policy holder will not only get his/her medical expenses cover but also get a part of his income covered to run his family.
This helps the policy holder manage his/her medical and family’s running expenses and continue living life in their usual lifestyle.
An accident is defined as a sudden, involuntary and unforeseen event caused by external, visible and violent means.
An insurance holder can avail LIC’s Accident Death and Disability Benefit Cover by paying an additional premium. LIC’s Accident Death and Disability Benefit Cover can be availed by any policy holder of an in-force policy by paying the additional premium with the premium paying period of the base plan, provided that the payment period of premium of the base plan.
Irrespective of when the policy holder availed the Death and Disability Benefit Cover, as long as it is well within the premium paying period, he or she is entitled to all the benefits of the Cover policy. The policy holder can avail all the benefits, given that the policy is active and in force on the date of the accident. Although, once all the premiums of the policy are paid, the additional premiums need not be paid.
The Maximum limit assured under any policy, in any case, should not exceed Rs. 100 lakhs of Accident Benefit sum. This includes policies with in-built Accident Benefit from LIC of India under both individual policies and also group policies taken on a single life.
If the policy holder has had to meet an unfortunate accident at any point when the policy is active for the full sum assured and if such an injury directly or indirectly permanent and total disability or death of the policy holder, some proof should be submitted for the satisfaction of the corporation. This is done so to convince the Corporation to
The policy holder will be eligible to all the benefits of the Cover only when the disability occurred to the life insured is the result of an accident which had caused permanent disability. The policy holder will be considered or treated as permanently disabled when he is unable to carry out any four of the below-mentioned activities as a result of accidents and the disability should have been caused by the accident within 180 days from the date of happening. A medical examiner from the Corporation will determine if the policy holder is permanently disabled or not depending on whether he is able to perform these activities without external or medical support.
If the life insured has sustained injuries from an accident but doesn’t comply with the above- mentioned list but still has lost entire sight of both eyes or amputation of both hands or both feet shall also be considered a disability.
If a person has availed an insurance policy that is worth Rs. 100 lakhs as Disability Benefit Cover, the policy holder is entitled to claim his benefit when