Don't worry too much about the political correctness aspect. People who have the disability know it, and are typically grateful for any software that acknowledges their condition and provides assistance. (I speak from experience: I have close relatives who have the condition, and have known many others; I also work as a UI developer, and as such I am required to make sure color palettes accommodate those with differing perceptions of color.)
As you know, there are different types of color-blindness: monochromacy, dichromacy, and trichromacy (there are other terms, such as deuteranopia, tritanopia, etc., which cover multiple ranges of color-perception ability). Check which you mean to correct for, because they can be vastly different. At least look at the article on Wikipedia, from which here are a few excerpts:
Color blindness or color vision deficiency is the inability or decreased ability to see color, or perceive color differences, under lighting conditions when color vision is not normally impaired. "Color blind" is a term of art; there is no actual blindness but there is a fault in the development of one or more sets of retinal cones that perceive color in light and transmit that information to the optic nerve.
Color blindness is usually classed as a mild disability but there are situations where color blind individuals can have an advantage over those with normal color vision. Some studies conclude that color blind individuals are better at penetrating certain color camouflages; this may be an evolutionary explanation for the surprisingly high frequency of congenital red–green color blindness.
There are various resources available to assist you in developing for color deficiencies. Look at a color simulator or two so you can get better acquainted with the types and how to correct for them. There are also plugins for Photoshop that will render your image as the various classes of color-blind individuals will see them.
My suggestion would be to offer color correction mechanisms and label them by what type of color deficiency they assist with: red-green deficiency, blue-yellow deficiency, etc.