Term Insurance for Diabetics

Diabetes as per health professionals is classified under lifestyle disorder. India, emerging as one of the most powerful countries globally, is also growing on the global diabetic front every passing day. So much so that as per World Health Organisation reports, there will be 101 million people in India suffering from diabetes by the year 2030.

Read more
Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

People suffering from diabetes face a lot of difficulties in life and one out of which is finding a suitable Term Life Insurance cover. Getting a good term insurance cover is important for all as it protects one’s family and loved ones in case of his/her untimely demise.

So, if the question arises whether a diabetic person can avail of term insurance or not, the answer would be a definite yes!

What Is Term Insurance for Diabetics?

Term insurance plans for people with diabetes are insurance plans that provide financial coverage to diabetic individuals and their families during unfortunate situations. These plans offer death benefits in case of the demise of the policyholder during the tenure of the policy. 

Term insurance for people with diabetes is highly recommended as it offers insurance coverage to the insurer right from day one of the policy purchase. Unlike some other insurance policies, there is no waiting period.

Key features Of Term Insurance for Diabetics 

Key Features

Benefits Offered

Death Benefits of Term Insurance for Diabetics

A predefined amount is paid to the nominee in case of the untimely demise of the insured during the policy tenure. 

Maturity Benefits

No maturity benefits.

Diagnostic Tests 

Pre-Diabetics have to undergo certain tests like Impaired fasting glucose test, Impaired Glucose Tolerance Test (IGT), HbA1c, etc. (May different for different insurers). 

Rider Benefits/ Add-Ons

There are several add-ons or rider benefits provided to enhance the coverage of term insurance for diabetics.

Tax Benefit

Available u/s 80C and 10D

Sum Assured (Min/Max)

Starts at Rs. 3 lakhs/ Maximum – No Limit

Buying Process

Online and Offline

Claim Assistance

Available 

Claim Process

Easy offline and online claim process

Premium Payment Frequency

Annually, Half-Yearly, Monthly, and Single Pay

Physical Paperwork

Online in case of offline policy purchase

*Disclaimer: These are the generic key features of a Term Insurance plan for Diabetics. Different insurance providers may have different features. Please see the policy documents for more clarification on policy features. 

Eligibility For Buying Term Insurance For Diabetics

In general, the eligibility criteria for diabetic people vary from insurer to insurer. General criteria that every insurance company follows before selling their policy to a diabetic person are:

  • Diabetes type that the person is suffering from
  • Age of the diabetic and when it was detected first
  • Complete health profile
  • Major or minor complications from diabetes
  • Ongoing diabetic treatment
  • A1C level
  • Frequency of doctor check-ups
  • The current condition of the diabetic
  • The degree of the control from the past 6 to 12 months is estimated
    • Medical records
    • Height
    • Weight, etc.
  • Family medical history of diabetic
  • Whether having any harmful health habits or addictions

The eligibility criteria to buy a term insurance plan is as follows:

Minimum age at entry

5 years

Maximum age at entry

65 years

Minimum Policy Tenure

5 years (may vary with insurer)

Maximum Policy Tenure

No limit for term plan (may vary with insurer)

Disclaimer: The aforementioned eligibility criteria are generic and may vary with the insurer. Please check with your insurer about the exact eligibility criteria for its term insurance plan.

Reasons to Buy Term Insurance For Diabetic People

The primary reasons to buy a term insurance plan for diabetic people are stated below:

  1. Life Insurance Coverage

    A diabetic person has a high risk of life with less life expectancy. The life coverage option will be the best option for the insured who is a diabetic.

  2. Choice of Critical Illness Rider

     Limb amputation due to high diabetes and diabetic retinopathy are some of the common critical issues that a diabetic person may face. Most of the term insurance for diabetic plans provides riders or additional covers for such complications due to diabetes. One can enhance the coverage of his/her term insurance policy by adding these covers. However, one has to pay additional premiums for adding any rider benefit to the base plan. 

  3. Tax Benefits

    The policyholders can avail of the tax under section 80C of the Income Tax Act, 1961, but this benefit is available for a maximum of 1,50,000 rupees per year. Moreover, the nominee can also avail of the tax benefits under section 10D of the IT Act, upon receiving the death benefits. 

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

  4. Affordable Plan

    A term plan is much cheaper than your one-time fancy restaurant bill. Believe it or not but it is true. As there are no high investment components involved, term insurance is available at very affordable premium rates as per your annual income, diabetic condition, and age. A term insurance plan for people with diabetes is affordable as compared to other life insurance products.  

How To Choose Right Term Insurance Plan for Diabetics?

With so many companies selling term insurance policies with different coverages and benefits, it is important to choose the policy best suited for you and your family.

To make a good decision, it is important to keep a check on the following points before buying a term insurance plan:

  1. Comparing The Term Policies

    It is important to compare different term plans in the market before buying one. Different insurance companies come up with different insurance plans for people with diabetes. The person needs to deeply analyze and compare every feature and premium and opt for the one which is suitable for them.

  2. Choose The Affordable Plan

    Depending upon the health condition of the insured, different insurance companies sell term insurance policies for people with diabetes. Even though term insurance plans involving diabetics are a little costlier, there are many best affordable plans for diabetics available in the market as well. The person must need to go for the affordable term policy.

  3. Age Factor

    Age plays a significant role in getting a reasonable term plan for diabetics in India. The costs of premiums are less when one is diagnosed with diabetes at a later age of his/her life, that is after 40 years, as compared to for those who are diagnosed with diabetes at an early age like before 40.

  4. Choose A Plan with Extensive Coverage

    One should always avail term insurance plan which offers extensive coverage. Critical illness coverage and other benefits should be checked before choosing a suitable plan.

  5. Check The Ideal Coverage Online and Offline

    Before buying the term plan for people with diabetes, one can check online or offline.  One can visit the insurance company’s website, compare the existing plan options and buy. If not online, one can also visit a branch office to enquire about various plans.

  6. Keep A Constant Eye On Health

    To get a suitable term insurance plan for diabetics, individuals must keep a good health condition. The insurance companies always look for this aspect. The better is a person’s health, the greater are his/her chances of getting better benefits and coverage for his/her family after the untimely demise.

  7. Policy Term

    A person should look for the policy tenure at the time of purchasing term insurance. The higher the tenure, the more time one has to create a good corpus for their family.

Term Insurance for Diabetics Premium Payment Options

As per the payouts, the amount of premium may differ. If you go with increasing sum assured, the amount of premium increases over a period when we compare it to the level sum assured. There are three premium payout options available under term insurance plans:

  1. Regular Pay

    In this, insured is needed to pay premiums in regular interval for the complete policy period. You can choose half-yearly, yearly, or monthly options to pay premiums. 

  2. Limited Pay

    Assured can make recurring payments for a pre-decided limited time. In this, the premium payment term is less than the policy term.

  3. Single Pay

    This option allows assured to pay the complete premium amount at once during the time of policy purchase.

Some Diabetic Term Insurance Plans in India

  1. Star Health Insurance

    Criteria

    Specification

    Entry age (minimum)

    18 years

    Entry age (maximum)

    65 years

    Eligibility

    For both having diabetic mellitus or even at the risk of having it

    Sum assured (minimum)

    Rs.3,00,000

    Sum assured (maximum)

    Rs.10,00,000

    Availability criteria

    Individual basis
    floater basis

    Flexibility

    Plans cannot be switched in the middle of the policy tenure

    Hospitalization expenses

    Pre expenses taken care up to 30 days before hospitalization
    post expenses taken care up to 60 days after discharge

    Tax benefit

    Tax is exempted under section 80d of income tax act, 1961

    Coverage

    Diabetic complication coverage from day 1 of policy purchase

  2. Apollo Munich Energy for Diabetes Plan

    Criteria

    Specification

    Entry age (minimum)

    18 years

    Entry age (maximum)

    65 years

    Eligibility

    Patients suffering from type 2 diabetes, IFG, ITG, or hypertension

    Sum assured (minimum)

    Rs.2,00,000

    Sum assured (maximum)

    Rs.10,00,000

    Flexibility

    This plan is flexible and allows portability.

    Hospitalization expenses

    Pre expenses taken care up to 30 days before hospitalization
    post expenses taken care up to 60 days after discharge

    Medical expense

    Covers 144 days of care procedure.
    Organ transplantation is also covered under medical expenses.

    Tax benefit

    Tax is exempted under section 80d of income tax act, 1961

    Coverage

    Diabetic complication coverage from day 1 of policy purchase

    Premium payment

    If diabetes is under control after policy purchase, up to 25% of premium is reduced.

  3. ICICI Prudential Diabetes Care Plan

    Criteria

    Specification

    Entry age (minimum)

    26 years

    Entry age (maximum)

    60 years

    Eligibility

    Patients suffering from type 2 diabetes or pre-diabetes

    Sum assured options

    Rs.3,00,000, Rs.5,00,000 and Rs.10,00,000

    Policy term

    5 years

    Sum assured amount

    Diagnosis of diabetes after 1 year of purchase - 100% of sum assured
    Diagnosis between 6 to 12 months of purchase - 50% of sum assured
    Diagnosed before 6 months of purchase - premiums paid till date

    Claims

    Claim is payable only if the patient survives 28 days after diagnosis

    Rider benefit

    10 % of basic sum assured under diabetes enhanced rider benefit

    Premium payment

    If diabetes is under control after policy purchase, premium is reduced.

FAQ's

Term insurance articles

Recent Articles
Popular Articles
Term Insurance Plan for COVID-19

20 Oct 2021

COVID-19 or coronavirus disease is a highly contagious disease...
Terminal Illness Benefit in Term Insurance

20 Oct 2021

The terminal illness diagnosis can have a devastating impact on...
How Can You Select a Cancer Insurance Plan?

20 Oct 2021

Over the years, several individuals are getting diagnosed with...
What is Direct Term Life Insurance?

20 Oct 2021

Traditionally, buying a term insurance policy involves various...
Is Rs.1 Crore Term Insurance Cover Enough for You?

20 Oct 2021

Nowadays, a large number of people are happy with the 1 Crore...
Types of Deaths Covered & Not Covered by Term Life Insurance
Types of Deaths Covered and Not Covered by Term Insurance When it comes to securing the future of your loved ones or...
Why Medical Test is Important in Term Insurance
Why Medical Test is Important in Term Insurance ‘No medical tests required’, you will find this clause blatantly...
10 Questions You Should Ask Before Buying Term Insurance
10 Questions You Should Ask Before Buying Term Insurance There are various doubts faced by customers when it comes...
Term Insurance for NRI in India
Term insurance offers financial protection to the family of the insured in case of demise. Every bread-earner...
6 Reasons Why Term Insurance is a Must Buy
6 Reasons Why Term Insurance is a Must Buy Life is short and one can never foretell what the future holds. To make...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL