Individual
Term Insurance Policy for Diabetics
For purchasing term plan, one of the important factors considered by the insurance providers is your health. If you’re someone dealing with Diabetes, Type I or Type II, you might assume that you are ineligible for a pure protection term p
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With over 15 years in life insurance, Vaibhav is a recognized products and digital leader for driving innovation at Axis Max Life. He's played a pivotal role in developing new business lines and implementing successful D2C strategies.
What is Term Insurance for Diabetics?
A term plan for diabetics is a type of term insurance policy that is specifically designed for people who have been diagnosed with diabetes prior to purchasing a term policy. As such, a term insurance policy for diabetics cannot be purchased by healthy individuals and it is specifically designed to provide life cover to individuals who have diabetes as a pre-existing condition.
If the life insured individual passes away during the policy term, the policy beneficiary (or the appointed nominee) will get a payout of the life cover amount as death benefit, provided the premiums were paid regularly. It should be kept in mind that such term plans for diabetics are only designed as pure protection plans and do not include any investment benefits.
High life coverat affordable premiums
Death Claim Paid Ratio99.65%^
Worldwide Claims
Coverage against64 critical illnesses@
Who is Eligible to Buy Term Insurance for Diabetics?
To determine who is eligible to buy term insurance for diabetes, whether type 1 or type 2, your health and how you are managing your illness plays an important role. Type 1 diabetes is when the pancreas does not make insulin, leading to a chronic condition that can be difficult to manage and lead to serious health-related concerns like heart disease, kidney-failure and more.
Contrary to this, Type 2 diabetes is when the pancreas does make insulin but due to insulin resistance, the blood sugar in the body rises.
Currently, type 2 diabetes is considered to be easier to manage as compared to type 1 diabetes and thus individuals with Type 2 diabetes may find it easier to purchase a term insurance for diabetics compared to individuals suffering from Type 1 diabetes. However, it is noteworthy that the premiums for term plans for diabetics are generally higher and the policy tenure offered is shorter as compared to a term plan for healthy individuals.
To be eligible for term insurance for diabetics in India, insurers often have specific medical requirements that the applicant needs to meet. In many cases, only individuals with type 2 diabetes are eligible, with their blood sugar levels determined by HbA1c level tests playing a critical role. Notably, HbA1c measures the average blood sugar level over the past few months, and in the case of some life insurance companies in India, only applicants with levels of up to 8% or lower are eligible. If higher levels are detected in the test results, insurers may disqualify you from purchasing a term plan for diabetics.
Pre-diabetic individuals with HbA1c levels between 5.7% and 6.4% might also qualify for coverage, depending on the insurer's requirements. For those already diagnosed with diabetes, an HbA1c level of 6.5% or higher is common. To be eligible for a term insurance plan, it's important to keep blood sugar levels well-managed over an extended period of time prior to applying for a term plan for diabetics.
Features & Benefits of Term Insurance for Diabetics
The following-mentioned benefits explain the reasons about the importance of term insurance for diabetics:
1.Financial Security for the Family
2. Affordable Premiums
3. Pure Protection
4. Tax Benefits
Factors to Consider When Buying Term Insurance Policy for Diabetics
1. Type of diabetes and its severity
The type of diabetes one has does have an impact on eligibility for a term insurance for diabetics. While those with Type 2 diabetes might find it easier to find a suitable insurance provider for term insurance, people with Type 1 diabetes might have a bit more difficulty to get the requisite cover.
Also, those with diabetes (especially Type 1) may not get some additional benefits like a critical illness rider, that may be offered to applicants with type 2 diabetes. In addition to this, the severity of the disease also has a noticeable impact on term insurance. If the applicant’s condition is severe there is already significant impact on their health, the chances of getting the approved for a term insurance for diabetics may be quite slim.
2. Management of the disease
Currently diabetes is incurable, but with regular tracking, timely medication and an active lifestyle, it can be managed. Therefore, how well someone manages their diabetes plays a significant role in getting approval for a term insurance policy for diabetics. As part of the process, the insurance provider would typically ask for medical records and also require the applicant to undergo various tests to determine how well the condition is being managed and determine the overall health of the applicant. Typically, being in good health with proper management of the condition, you may be eligible for preferentially lower premiums and/or get a longer policy tenure.
3. Blood Sugar Levels
Maintaining stable blood sugar levels is crucial for getting approved for a term insurance plan for diabetics. Insurers often request details about your current and historical blood sugar levels usually via HbA1c. Demonstrating good control over your diabetes through regular monitoring and management can positively impact your insurance application.
4. Research the Track Record of the Insurer
Before finalizing the insurance company, it is very important that the customer does a thorough research of the company’s track record including its claim settlement ratio as well as the solvency ratio over the past few years. These are key indicators about how well the insurance company has managed its finances and the claims it has received in the past. After all, the whole idea of buying a term insurance for diabetics is for the aggrieved family to be able to get the death benefit when needed the most.
5. Complete disclosure of medical history and records
It is very important for the applicant to fully disclose their medical condition before the insurance provider. If the applicant provides compromised test results or hides some information whether related to health or lifestyle to get lower premiums, it might become a roadblock at the time of making a claim. Also, if the customer had applied for a term plan before but got rejected by another insurer, it is important that the same is disclosed with the next company they apply for.
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