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Life can be uncertain, but your financial future does not have to be! If you are a self-employed individual you already do not have the umbrella of employer benefits, but you do get the flexibility to choose the disability insurance fit for your needs. You can get comprehensive coverage against disabilities by purchasing term life insurance and including a disability rider in the base plan. Let us see what disability insurance is and how it works.
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Disability insurance for self-employed is a type of life insurance product that provides a payout to self-employed individuals in case of a disability. A disability can occur due to a medical or accidental reason and can be temporary or permanent. It is defined as the loss of a sensory organ like sight, speech, or hearing or the loss of one or more limbs. Therefore you should always buy comprehensive disability insurance that covers most disabilities.
Disability insurance acts as compensation for self-employed individuals who can’t reap the benefits of employer-provided benefits. It is especially important for the breadwinner of the family with dependents. You can choose from short-term or long-term disability insurance for the self-employed and purchase the one that suits your needs.
Note: Now that you know that What is Disability Insurance Cover, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Term Plans
Let us see the importance of disability insurance and how it works:
As discussed above, disability insurance works by providing a self-employed individual with financial security so that their family will be taken care of in case the policyholder suffers an injury and is unable to work due to a disability. Let us understand this with an example:
Suppose a self-employed individual met with an accident on his way home and was severely injured. The person lost both his arms and is unable to work anymore. Now, along with the medical bills rising, the person is also jobless with various financial obligations like rent and child’s fees waiting to be paid.
In a situation like this, if the person had bought disability insurance for self-employed, he could
Secure himself and his family
Take care of financial obligations
Have financial peace of mind and thus focus on recovery
Save on annual taxes u/s 80C and 10(10D)
Here is a list of all the benefits of buying the disability insurance for self-employed individuals:
Disability of the family’s sole earning member can have a major impact on not only the individual itself but also the dependents of the family. Accidental disability insurance, short-term disability, long-term disability, and permanent disability insurance can help secure you and your loved ones in such cases. The benefit payout received from the disability insurance for self-employed, can help you pay for your lifelong goals, financial obligations like loans, and other unexpected expenses.
In case you do not have disability insurance, the time you spend in recovery could be tough and stressful. This stress makes you uncomfortable and in the future may worsen things. The disability insurance plan provides relief from any stress, allowing you to concentrate only on your recovery process.
If you are suffering from a disability due to an accident, you may not be able to work for some time. Self-employed disability insurance will help you in this case, by providing you with a regular income to take care of important expenses. You can use this payout to pay your child’s fees, rent, or any other medical emergencies.
You can save on your yearly taxes on the premiums paid and the benefits received under sections 80C, 80D, and 10(10D) of the Income Tax Act of 1961.
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Various insurance companies offer disability riders that you can include in the base term plan to enhance its coverage. Here is a list of the disability insurance for self-employed offered by different insurers.
| Name of the Insurer | Disability Insurance For Self-employed | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
It is a life insurance plan that offers comprehensive coverage against uncertainties related to disability, disease, and death. Key Features
Provides financial security to you and your family at pocket-friendly rates.
Benefit paid on accidental total or permanent disability and 2 times the additional sum assured will be payable on death in public transport.
The lump-sum benefit is paid to the family in case of the unfortunate death
The fund value will be payable on maturity of the base plan
Tax benefits as per the prevailing laws of the Income Tax Act.
An insurance plan that provides a financially secure future for your family by offering a payout to the nominee/beneficiary in case of an unfortunate death during the policy term. Key Features
The plan offers high coverage at low premium rates.
This insurance plan offers enhanced death benefit offering death benefit in case of the unfortunate death of the policyholder.
The plan’s disability secure rider provides financial protection in case of total permanent disability
You can avail of tax benefits as per the prevailing tax laws
You can get cover against 64 critical illnesses by including Critical illness rider
This plan provides you the flexibility to select the policy and premium paying term at your convenience. Key Features
You can pay the premiums in a singular, limited, or regular premium payment term
Choose from any 3 benefit options
Select your policy term from 10, 15, 35, or (85 - entry age) years.
With life income benefit on accidental disability rider receive regular income for 10 years in case of an Accidental Total Permanent Disability
Get Tax benefits u/s 80C and 10(10D) of the IT Act.
The plan is specifically designed to provide comprehensive protection at affordable premiums. Key Features
Get large life cover at affordable premium rates
Choose to receive the premiums paid throughout the policy term at the end of the policy
Get comprehensive security and health and wellness benefits under the plan
Get protection against accidental total and permanent disability with the Accidental Total & Permanent Disability rider
Avail of tax benefits as per the prevailing tax laws
Here is how you can choose the disability insurance in India in 2023:
The life cover is mainly determined by the annual income and age of the policyholder. Assess your needs by adding your rent, monthly expenses, groceries, utilities, and debts to select the right coverage amount for your disability insurance plan. By selecting the right plan, you and your loved ones can spend their lives without any stress even if someday you suffer an unfortunate disability.
It is important to compare the rates and types of disabilities covered by different insurance companies and select the one with the wide-ranging coverage. Disability insurance having comprehensive coverage is more effective than limited disability coverage, regardless of its premium rates.
The amount of disability cover and the percentage of the coverage varies under the disability insurance plan. The sum paid during a partial disability is determined through policy documents. So, read all the documents related to your policy carefully to avail all the benefits.
Read the fine print stating the legal and natural exclusions listed under the plan. This can avoid any confusion in the future during the claims process.
As a self-employed, you can either choose an individual disability insurance plan or opt for a disability rider along with a base term plan. If you are looking out for basic protection, then you should opt for accidental death/disability riders which you can attach to your term cover.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
Know More about Term Insurance
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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