You must be aware of Income Protection Insurance. Still, in a nutshell it is the protection of your money and guarantee of payment of some amount monthly or yearly till the time you are not earning in your job as per the reasons defined in the policy. This policy provides the financial support at the time when no other source of income is available to you and helps you to pass by the difficult emotional and financial time in an easy manner.

Income Protection Insurance does not replace 100% of your income but a considerable percentage that is 75% is replaced in most of the policies. Further, some policies cover total disability while other covers the disability partially. Let us through some of the features covered in the Income Protection:

Total disability: Sometimes a medical condition i.e. illness or accident makes people disable to work completely. Some Income Protection Insurance policies have been designed keeping this in view. Benefits can be provided on monthly basis or on yearly basis.

Partial disability: Suppose a person falls ill or get injured, which hampers his working capacity and reduces his total earning, this situation for the term of defining the policy amount is categorised under partial disability. So the benefits will be allocated accordingly. Unemployment cover: Some Income Protection is designed to provide benefits for the time period when you are out of job due to unemployment and the unemployment is involuntary.

Apart from the above, there are other benefits too, like the following:

Premium waivers : Involuntary unemployment, maternity leaves, waiting period if your salary gets reduced due to specific conditions etc are some of the situations in which Income Protection Insurance companies reduces the premium to be paid by the insured. 24 by7 coverage: Once you become a policy holder than irrespective of the place you are in the entire world, your income is being protected. Adjustment against inflation: The benefits of policy get adjusted automatically every year as per the inflationary index. Rehabilitation: Cost and expenses of certain rehabilitation programs as described in the policy document are covered under the Income Protection.

Support for family: One of the major advantage of Income Protection Cover is the benefits that accrue to the family of insured at the time of need like: Accommodation benefit to a family member, covering the income of a family member who has to leave his or her employment to provide you support and care when you met with a sudden condition like critical illness or accident.

Home care : The expenses of recruiting a nurse for your care, for recruiting a housekeeper as well as the expenses of availing transportation for routine medical check up at the hospital is covered under certain policies. Again all the above benefits are subject to the terms and conditions of the policy as available with the Insurance Protection Insurance company.

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