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Permanent sickness insurance

Permanent sickness insurance

As it is a long term contract of insurer with the insurer, unlike other accident and illness insurance contracts, it does not expire at the end of the year. This agreement is usually made to compensate for chronic illness. According to life insurance, it also has a surrender value. In order to insure this, the health, habits, etc. of the proposer are examined at the time of proposal and a medical examination is required.

 This type of insurance is very beneficial for professionals and those whose income depends on work. This type of insurance premium depends on age and its rate gradually increases with age. Profession is the issue to be considered. Insurance is provided by deducting premiums for low quality of life due to occupational risk or adverse personal and family history.

 In case of change of occupation for more risky work, the insurer has to be informed and the risky activity starts from the date of payment of additional premium for the same. The insured’s travel or accommodation is prohibited at all times. One month grace period is given for renewal premium payment.

Insurance benefits start to be provided from the day the policyholder becomes disabled due to all types of accidents and illnesses except voluntary or any type of race or violation of law or accidents due to war or communal riots. The insurer has to give notice within one week of such disability and submit a temporary medical report as required. The insurance company reserves the right to insure the insured at any time during the period of disability. According to life insurance, this illness insurance also has various provisions related to age proof, expired insurance policy, revival and entitlement. If there is any disagreement between the two parties, there is a mechanism to settle the claim through arbitration.

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