Insurance companies are bringing new products for disability, 5-7 lakh disabled people are increasing every year
Financial Security: In view of the increasing disability, insurance companies are bringing new products, which will provide great relief to the people in treatment. According to the data, 19 percent of the people go below the poverty line due to heavy expenses on treatment.
Many people have had to face financial difficulties due to esoteric expenses brought about by the increasing number of cases of disabilities for various reasons. Realizing this important gap in the security of one's finances, insurance companies are now putting emphasis on the introduction of new insurance products for the disabled. Disabled people actually receive financial guarantees from insurance companies under health insurance. Both physical and mental diseases, accidents, and some unforeseen events that lead to temporal and permanent disability are these days being covered by insurance. The premium of these schemes can also be paid through installments or credit cards.
According to experts, every year about 5 to 7 lakh people in the country become temporarily or permanently disabled due to accidents and serious diseases. They are not able to work and earn a livelihood. Future Generali India Insurance Chief Distribution Officer Ramit Goyal said, "Disability treatment costs a lot. This makes the need for insurance important on the social and financial front."
A study available on the website of the National Institute of Health (NIH) shows that about one-fifth of the monthly household expenditure is being spent on disability treatment. More than half (57.1 percent) of the families have to spend heavily on health due to a member being disabled. There are 19.1 percent of people in whose families, the treatment of a member being disabled has pushed them below the poverty line.
