Ever thought about how you would pay your dues and bills if you get sick? What if it's a misfortune and your injury is not letting you go to work? Things are uncertain, and when they knock on your door, you need protection and peace of mind. For such situations, we have income protection insurance, also known as permanent health insurance, income replacement insurance or long-term disability insurance. Some policies are designed to protect you up to seventy percent of your gross income. Still, the thing is— failure to pay your premiums will bring your policy to an end, and you won’t get any premium if you are availing benefits. You need expert advice before choosing a policy for you. We at DM Financial Services assure you of the best advice that suits your needs and budget.

I am self-employed. Should I buy this policy?

Yes. For self-employed professionals, this policy is a good option. However, please be advised that premiums are generally higher in this sort of policy. Check with our experts.

I am a full-time professional. Should I be buying this policy?

Yes. However, before buying, please check whether or not your company pays you for your sick leave and for how many days. Please check the terms and conditions in your appointment agreement about this.

What is the definition of “being unable to work?”

• Inability to do your job
• Inability to do a job for which you are qualified
• Inability for doing any sort of paid work

Any tax on these payments?

Currently, these payments are tax-free. However, changes in the future can be expected.

What is the durability of this insurance?

You can expect to receive payments as long as you are employed. It is basically a deferred period; the longer the period, the lower the premiums and the better the income protection.

No payments situation?

Most income protection insurance policies are designed to pay you only for income losses that occur due to illness. You won't be paid if you are critically ill because of HIV/Aids, pregnancy, war, self-inflicted injury, criminal activity or misuse of alcohol/drugs, etc.