Health is wealth - this is an age old adage. Since health is wealth, much attention should be given to obtain good health. All precautions and measures of maintaining good health is very necessary for an individual to lead a peaceful and healthy life. No doubt everyone follow balanced diets, do exercises regularly, get frequent health checkups etc. But beyond this luck is something that no one can work against.
In the event of an accident or a sudden illness that could render one permanently disabled, what is the next option with regard to medical bills and monetary benefits for you and your family? This is where the need for an insurance policy finds a place in any person's life. Insurance is as important as health and it should be given equal priority in one's life.
For this purpose one can opt for the total and permanent disability insurance policy which is an extra cover on one's life wherein is takes care of the all the liabilities incurred by the policy holder. Debts like mortgages, credit cards, car loans, house loans and personal loans can be paid off in one lump sum by opting for this type of insurance policy. It also provides a regular and steady income to the family so the family's monetary losses will not be felt. Apart from all this it provides the medical expense that is involved for the policy holder's recovery or sustenance.
Certain norms are required when registering for this policy. The requirements and norms vary with each insurance company. Mostly TPD is covered under life insurance and factors like education, status and nature of job the policy holder was holding at the time of the ill fate etc. will be taken into consideration.
Age, medical history and sex are the main factors that are looked at when acquiring a TDP policy. Tax exemption is not allowed on this type of policy and hence claiming all the money in one lump sum could entail a tax deduction, in fact a high rate of tax if the holder is less than 55 years of age.
While entering into a policy like this one has to read and understand the factors and norms involved in it to avoid disappointment at the time of making claims. The premiums will vary according to one's age, sex and health condition at the time of insuring. The other factor that is included in this type of insurance is the lifestyle and the occupation of the individual.
Profession and the nature of disability is a very important factor when making insurance claims. For instance if one is a doctor and has lost the use of one's hand, then he/she is considered totally disabled and can make a complete claim for insurance.
Availing a TDP is as useful as going to the gym regularly or visiting the doctor for frequent health checkups. Various insurance companies and consultants are available online to suit the requirements of each individual. It is always advisable to seek assistance from a professional in the insurance field or a financial consultant who will give highlights of the policy and its benefits.