What is the Full Form of TPD in Insurance?
The Full Form of TPD in Insurance is Total and Permanent Disability. A permanent illness or injury can make it difficult for the insured to return to work. The TPD insurance can help them with the financial safety net to help support themselves and their family. The insurance will also help support the insured and their family and pay for their medical and rehabilitation costs.
What does TPD cover?
TPD insurance helps pay lump sum money if the insured becomes totally and permanently disabled owing to an illness or injury. The insurance money generally helps them to manage the living expenses of themselves and the family, can be used to repay the debts of mortgage, handle their medical and rehabilitation costs, and also helps the insured to save for their retirement.
How to qualify for TPD insurance?
A person will most likely be ineligible for permanent total disability compensation unless the underlying medical condition is addressed and stabilized. This means that as long as there are additional, curative treatment options available or a doctor feels you will recover over time, an insurance company will not classify you as “permanently and totally disabled.” Being in this situation does not stop someone from collecting TPD benefits in the future; however, they will have to wait until their medical treatment is done.