How Important Is it for a Diabetic Person to Have a Term Insurance Plan?

Term insurance for diabetics is important as it provides the family of the diabetic patient long term protection against the uncertainties of life with large life cover. A term insurance plan for diabetic people offers protection to those who are suffering from diabetes. By purchasing this term insurance plan, one can provide financial protection to his/her family in unfortunate circumstances like death. Let’s understand the importance of a term plan for diabetic patient:

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Top Diabetic Plan

Bajaj Allianz Life Diabetic Plan

Life Cover

1 Cr

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Disclaimer: +The above plan is for *1 Cr sum assured +Standard T&C Apply. Price would vary basis your profile. Prices offered by the insurer are as per the IRDAI-approved insurance plans. Policybazaar does not rate, endorse or recommend any particular insurer or insurance product offered by the insurer

Importance of Term Insurance Plan For A Diabetic Patient

Term Insurance is the safest and the purest kind of life insurance. Its major benefit is that it offers a high sum assured amount to the policyholders at low premiums. However, a diabetic patient may wonder whether they are eligible for purchasing term insurance or not, and if they are eligible, then is it possible to get rejected based on the medical ground?

You can purchase a term plan for diabetic patients (pre-diabetic and type 2) at pocket-friendly premiums after fulfilling certain conditions. These plans provide the policyholder’s family with financial security in the event of the policyholder’s unfortunate death during the policy term. Your family can use the benefit payout to take care of any remaining loans or medical emergencies. Along with that, you can also receive tax benefits as per the prevailing tax laws and maintain your health over time.

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Why Do You Need Term Insurance for Diabetics?

If your diabetes is under control by making comparatively better lifestyle choices, purchasing Term Insurance will not be a problem. However, there are specific reasons for buying a term plan that you must know before submitting your application. Following are the reasons why a diabetic person should buy a Term Insurance Plan:

  • Financial Coverage: Even though diabetes is a manageable disease, the risk of going through unfortunate circumstances is still higher in the future. Therefore, you should buy a term insurance plan as a diabetic patient to secure and protect your family’s financial requirements in your absence. 

  • Cost-effective: Term Insurance Plans are the cost-effective type of life insurance plans and when purchased from a reliable insurer these plans provide higher coverage at lower premium rates. Therefore, you can secure your family’s future at low premiums by buying a term plan for diabetic patients.

  • Multiple Premium Payment Modes: You can choose to pay the premiums in any of the available premium payment modes like monthly, quarterly, annual, or bi-annual as per the availability of the term insurance plan.

  • Tax Benefits: You can get tax benefits as per the prevailing tax laws under the Income Tax Act of 1961 using term insurance for diabetics. Therefore, besides securing your family's needs in your absence, additional tax benefits are a significant reason for purchasing a Term Insurance Plan.

(*Tax benefits are subject to change as per the prevailing tax laws. Standard T&C apply)

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Impact of Different Types of Diabetes on Term Insurance

Different types of diabetes have different impacts on term insurance and they are as follows:

  • Type 1 Diabetes: People with type 1 diabetes are at a higher risk because it begins at a younger age and is harder to control. This is why the premium rates for people with this type of diabetes are slightly higher because of the increased risk factor.

  • Type 2 Diabetes: This type of diabetes occurs at a later stage of life and is much more manageable. Since it is a less severe type of diabetes, the premium rates are lower but if the person is dependent on insulin, they may be required to pay a larger premium.

  • Gestational Diabetes: Gestational diabetes usually occurs during pregnancy due to hormonal imbalances in the body. Thus, if you think you have diabetes during pregnancy, you should wait until after childbirth to see if the condition has improved and buy term plan at affordable premiums.

Points to Consider Before Choosing the Best Term Life Insurance for Diabetics 

Here are a few points for a diabetic person to take care of when purchasing a term insurance plan:

  1. Age of Diabetes Diagnosis

    If a person has been diagnosed with diabetes at an early age, then he/she has a higher risk of contracting serious illnesses in the future. Thus, he/she may have to pay a higher premium for the term plan for diabetic patients. Whereas, if the patient had been diagnosed with diabetes at a later age and does not have any other significant health issues the risk of disease is lower, thus the premiums rates will be lower.

  2. Type of Diabetes

    Patients with Type 2 or non-insulin diabetes mellitus are likely to receive lower term insurance premium rates as compared to those suffering from Type 1 or insulin-dependent diabetes mellitus. This is because type 2 diabetes is usually an age-related disease that can be controlled using oral medicines and insulin. On the other hand, strict supervision is required for Type 1 diabetic patients and is harder to control.

  3. Role of Blood Sugar Level

    The insurance companies consider the HbA1c test while deciding the premium of the term insurance for diabetics. If the HbA1c level of a person is less than 6.4% and he/she does not have any other health issues, then the insurer may provide him/her a term plan at a standard premium rate. On the other hand, a person with a higher HbA1c level may have to pay higher premiums.

  4. Health issues other than Diabetes

    If the person suffering from diabetes, is obese, has uncontrolled levels of blood sugar, heart condition, and smoking habit, then they have a higher chance of either being rejected by the insurers or being charged higher premium rates because they are at a greater risk.

  5. Pre-policy Medical Screening

    Before proceeding with the policy purchasing process, the insurer may ask the applicants to undergo a pre-policy medical check-up. This medical screening will usually verify your current health condition, risk factors present, age, and other risks for future illnesses. The insurer will verify these factors and will decide whether to proceed with the application or not.

  6. Easy Approval If the Condition is Under Control

    After assessing all the above factors if the patient’s diabetes has been under control for the last six months, then the insurer may offer a term insurance plan at affordable premiums. The person’s lifestyle habits like diet and maintaining good health can also decrease the premium rates.

What is the Best Term Life Insurance for Diabetics?

Bajaj Allianz Term Plan for Diabetes is a pure-risk protection plan that exclusively provides cover to pre-diabetic and type 2 diabetes patients.

Eligibility Conditions for Bajaj Allianz Life Diabetic Term Plan

Parameters Minimum  Maximum
Entry Age 30 years 60 years
Maturity Age 35 years 75 years
Sum Assured Rs. 25 Lacs No limit
Policy Term 5 years 25 years
Premium Payment Frequency Yearly, half-yearly, quarterly, and monthly
Premium Payment Term Regular Premium Pay

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.

Features and Benefits of Bajaj Allianz Life Diabetic Term Plan

  • With the policy’s health management services, you can get annual HbA1c tests, medical consultations, case management, second opinion, and vitals tracking.

  • You can change the premium payment frequency at any point during the policy term

  • The plan provides comprehensive cover to the family of the policyholder

  • Reduce premium rates at policy anniversary by maintaining good health

  • You can avail of the tax benefits as per the prevailing tax laws under IT Act of 1961

How To Buy Term Insurance For Diabetics in India?

To buy the term plan for diabetic patients you need to follow the below mentioned steps:

  • Step 1: Go to the Term Insurance for Diabetics form 

  • Step 2: Enter your personal details like name, gender, date of birth, and phone number

  • Step 3: Fill in the smoking habits, occupation type, annual income, and educational background

  • Step 4: Select the Bajaj Allianz Life Diabetic Term Plan and purchase the plan

Note: Know what is term insurance first and then buy a term plan for your loved ones.

Final Word! 

Term insurance plans are essential for diabetics these days, as the risk of diabetes is increasing day by day and term plans offer protection to your family. They provide financial protection and life cover that might help you in paying your expenses for the diabetes treatment or will help your family in your absence. Term plans for diabetics are pocket-friendly as they provide high cover at low premium rates.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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