How can I do case insensitive git diffing while also doing `git diff --color`?

Question

Is it possible to do a case insensitive git diff while also doing git diff --color-words? Or do I need to use an external diff program while doing

Answer 1

I figured out a way to perform case-insensitive diff, although not with the --color-word option as the OP asked for. See my answer to my own question.