A lot of people suffer from diabetes in India and one of the most common challenges they face is getting suitable term insurance cover. In such cases, a diabetic person may wonder whether or not they are eligible to buy term insurance. The answer is Yes, a diabetic person can buy term plan. These plans encourage diabetics to make sure their families have all the necessary financial resources to continue their normal lives, in case of the life assured’s absence.Read more
Exclusively Designed for Diabetics
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Disclaimer: +The above plans and premiums are for *1 Cr sum assured for 18 years old with 12 years policy term. +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
Yes, individuals suffering from Pre-diabetes or Type II diabetes can easily buy term insurance plans. And, it becomes easier if your diabetes has been in control for 6 to 12 months.
Term insurance for diabetes is a life insurance plan that provides financial coverage to diabetic (pre-diabetics and Type-II diabetics) individuals and their families during unfortunate situations. These plans pay out a death benefit to the designated beneficiaries/nominees in case of the demise of the policyholder during the policy term. The payout received from these plans can help your family take care of their financial obligations like paying the rent, the child’s fees, any remaining loans or liabilities, and staying prepared for any medical emergencies.
It is recommended that every diabetic individual should buy term insurance plans to financially secure the life of their loved ones in their absence at affordable premiums. Not just that, these plans also offer tax benefits on premiums paid and benefits received by family while allowing you a chance to maintain your health in the long run.
|Death Benefits of Term Insurance for Diabetics
|The sum assured on death is paid to the nominee in case of the unfortunate death of the policyholder during the policy term.
|No maturity benefits.
|As per the prevailing tax laws
|Sum Assured (Min/Max)
|Minimum - Rs. 25 Lacs Maximum - No Limit
|Easy online claim process
|Premium Payment Frequency
|Annually, Half-Yearly, Quarterly, and Monthly
Comprehensive financial security to your family members in case of your absence.
Large life cover at low premium rates
Flexibility to choose from multiple premium payment modes
Get tax benefits on the premium amount paid and received benefits by your family as per the prevailing laws of the Income Tax Act of 1961.
Typically, there are 3 types of diabetes, and different types of diabetes based on their severity will impact the term insurance policy differently.
Type 1 Diabetes: Individuals who have been diagnosed with Type 1 diabetes are at higher risk. It generally occurs at early ages and is extremely difficult to control. The premium rates of a term insurance plan for such situations will be more than the regular premium because of associated risk factors.
Type 2 Diabetes: Type 2 diabetes happens at later stages of life, and thus it has quite less time to affect the whole body. This type of diabetes is easy to control and because of this, the premium rates of term plans for this disease are lower. But, if an individual is dependent on insulin to manage their diabetes, then they are required to pay a higher amount of premium.
Gestational Type Diabetes: This type of diabetes is generally caused due to hormonal imbalance during pregnancy. It is advised to wait until childbirth to see if the condition improves. In case the condition goes away, you would be able to buy term plan at lower premium rates.
Bajaj Allianz Term Plan for Diabetics is a protection plan that provides term insurance coverage to Type-2 diabetes and pre-diabetics by considering their health conditions. This plan encourages diabetic individuals to ensure their loved ones have the necessary financial protection that helps them live their lives comfortably, in the absence of a sole earner.
Here is a list of all the conditions you have to qualify for before purchasing this term plan for diabetic patients:
|Basic Sum Assured
|Rs. 25 Lacs
|Upto 1 Crore
|Premium Payment Term
|Regular Premium Payment Term
|Premium Payment Modes
|Monthly, Quarterly, Semi-annually, and Annually
Let us take a look at some of the features and benefits of this term insurance for diabetic people:
The plan offers comprehensive coverage to the policyholder’s family in the event of an eventuality
The plan is exclusively designed for patients with type 2 diabetes and pre-diabetic patients
With the ‘Keep fit’ benefit, the policyholders can get a premium reduction on completing 1 year of the policy
Helps the policyholders maintain their health via webinars and medical consultations under the plan’s Health Management Services
The plan provides tax benefits as per the prevailing tax laws u/s 80C and 10(10D)
Here is how you can buy the best term plan for diabetic patients in India in just a few simple steps.
Step 1: Go to the Term Insurance for Diabetics page
Step 2: Fill in your basic information like name, gender, contact information, and date of birth
Step 3: Enter your occupation type, annual income, smoking habits, and educational qualifications
Step 4: Click on the Bajaj Allianz Life Diabetic Term Plan and proceed to pay
Easy approval if the diabetes is under control
When an individual has Type 1 or Type 2 diabetes, he/she can easily opt for a term insurance plan, provided diabetes has been under control for the last 6 months. The type of treatment undergoing also plays an important role in determining the likelihood of buying a term plan at low premium rates. Insurers typically consider individuals who have controlled this disease by doing healthy exercise or diet or oral medications than those individuals who need insulin regularly to manage it.
Other Associated Risks or Health Complications
Diabetic individuals who are overweight or obese, have uncontrollable high blood pressure, have cardiovascular diseases or have smoking habits have higher chances of getting rejected or are charged a high amount of premiums since they are at higher risks. These health conditions further increase the problems in patients whose diabetes is not under control.
Age at diabetes is diagnosed
Diagnosis of diabetes at an early age increases the chances of getting a life insurance plan. Because at young ages, there is a higher risk of the illness damaging your health, thus the premium price increases. On the contrary, if you get diagnosed at a later age, you have a lower risk and can secure insurance at low premium rates.
Blood Sugar Level
The HbA1c Test measures the severity of diabetes. It is a blood test that determines your average glucose (blood sugar) level over the last 2 to 3 months. As per ICMR (Indian Council for Medical Research), Pre-diabetics should have an HbA1c level in the range of 5.7 to 6.4% and diabetics have an HbA1c level of above 6.5%. You should always get your blood sugar levels checked before buying term plan.
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