As per experts at IDF (International Diabetes Federation), diabetes is growing at a very fast pace in India, which is a matter of concern. In India, more than 60 million people are suffering from diabetes, and according to a study, it is estimated that diabetes will cross the 100 million mark before 2040. Diabetes is such a disease, which cannot be taken lightly and insurance sector understands its seriousness. Let’s see what important role insurance plays in Deepak’s life -
Deepak is a 30-year-old IT professional, who lives in Delhi. Recently, he was diagnosed with ‘Type II Diabetes Mellitus’. He consulted his doctor who advised him to exercise daily, walk daily, and reduce the sugar intake from his daily routine. Diabetes can seriously affect his eyes, legs, and heart. Keeping this in mind, his doctor advised him to take some serious steps towards it.
As Deepak had a limited monthly income, he was more worried about the medical costs. A friend of Deepak suggested him to purchase a health insurance policy. Deepak took this idea seriously and he started to look for a perfect insurance plan that can provide him coverage against all the medical costs that can incur in the future.
To select a perfect health insurance policy with Diabetes cover, you need to understand what these policies are and their availability across the market.
Indian Diabetes Health Insurance Market
If you are suffering from diabetes and you wish to buy a health insurance policy, then it is considered as a pre-existing medical condition. According to the terms and conditions of a health insurance policy, pre-existing conditions are subjected to a waiting period (specified number of years). If you are unlucky, then the insurer may reject your application for the new policy too.
In India, ICICI Prudential Life was the first company to introduce a health insurance policy meant for diabetic patients, known as Pru Diabetes Care; however, this plan does not exist now. After ICICI, Star Health Insurance came into the league by the name ‘Star Diabetes Safe’, and then Apollo started its plan known as Energy.
Diabetes-oriented health insurance plans provide with limited options in the term. Selecting such plans can eliminate all other benefits like coverage for treatments of selected illnesses outside India, features like restore and multiplier, sum assured etc., as they provide coverage for day 1 only. ICICI Pru Diabetes Care plan and Star Diabetes Safe plan do not cover all the family members under one policy, and hence, you get fewer benefits at the lower premium.
Hence, if you are young like Deepak, then selecting such plans would not be beneficial for you, as they will provide you with only day 1 coverage. You have the option to select regular health insurance plans with some waiting period. Religare Care Freedom is one of those plans that have a waiting period of two years only and offers more benefits.
If you are a senior citizen, then it is advisable to compare plans before selecting one. Senior citizen health insurance plans are not very straight forward. Everyone needs to understand all the terms and conditions mentioned in the policy wording. It is also advisable to consult an insurance expert and understand the insurance policy completely so that you have no doubts in your mind. Comparing insurance policies will help you to understand the difference between different insurance policies so that you can earn more benefits by paying the lesser premium.
From the financial planning point of view, you should have a devoted medical fund to overcome issues like the rejection of claims, non-medical expenses or delay in the claim even if you have a health policy. Having medical fund will make you independent by providing you support for your health insurance policy. Depending only on your health insurance policy may land you in financial problems.
|You may also like to Read: Diabetics Health Insurance|
Diabetes health insurance is meant for growth in India, you will see more advancements and innovations in the coming years, which will provide you with a plenty of features. And for Deepak, he got clarifications on health insurance plans meant for diabetes. Now, he has confidence on his insurance policy, be it any health condition subject to the policy terms. By getting such a clarification, Deepak can now buy peace and well-being in the form of right health insurance policy for him and his family too.
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