Are you a diabetic and looking for term insurance plan? Check features, premium and other details here

Today a large segment of the population has been diagnosed with diabetes, and they find it difficult to get term life insurance due to their health condition. Hence, to cater to such a need, Bajaj Allianz Life, a private life insurer, has launched an exclusive Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c. This protection plan is designed especially for Type 2 diabetic & pre-diabetic individuals. 

Tarun Chugh, MD & CEO of Bajaj Allianz Life, said, “We will provide our diabetic customers with an eco-system to manage and maintain their health. We understand that they do a lot to control their insulin levels. As compatriots in their journey, we will offer a 10 per cent reduction in premium on their policy anniversary for meeting their health goals.” 

Who can buy it? 

The minimum entry age to buy such a term plan is 30, and the maximum age is 60 years. The policy term ranges from 5 to 25 years. There is no limit on opting for the maximum sum assured, while the minimum sum assured limit is capped at Rs 2.5 lakh.

Key features 

Term Plan is for Type 2 diabetics (with HbA1c level equal to less than 8 per cent) and pre-diabetics. (HbA1c is Glycated haemoglobin: A haemoglobin A1C (HbA1C) test is a blood test that shows what your average blood sugar (glucose) level was over the past two to three months. As per the Indian Council for Medical Research - Pre-diabetics have HbA1c level in the range of 5.7% to 6.4%; Diabetics have HbA1c level of 6.5% or above.)

With the 'Keep Fit' benefit, on improving your health, you get the flexibility of premium reduction on the policy anniversary. This benefit allows you to reduce your underwriting loading, if any, at each policy anniversary to the effect of 10 per cent of the base instalment premium (excluding any underwriting loading and applicable taxes). You also get Health Management Services through webinars, medical consultations, etc., to support our customers in managing their diabetes and general health. Besides, you can claim tax benefits on premium payments and have the flexibility to choose from multiple premiums payment frequencies (Yearly, Half-yearly, Quarterly and Monthly). 

Maturity benefit 
Since this is a pure-term insurance product, you will not get any benefit on survival till maturity. The policy will terminate on the maturity date. 

Premium: You must also know that these diabetic term plan sub 8 HbA1c plans can cost you double compared to pure term insurance.

The above annual premiums are for male life-assured, non-smoker, premiums excluding GST. Sum Assured = 50 Lakhs; Policy Term = Premium Payment Term = 25 years. eTouch premiums mentioned are without any discounts. Further, the premium will vary based on your current age, gender, sum assured, HbA1c level, smoker status, health status, policy term, premium payment frequency, etc. 

Death benefit: The death benefit is payable on the policyholder’s death during the policy term. 

If the policy is in force on the death of the policyholder during the policy term, his nominee/legal heir will receive the sum assured on death (as he chose at inception). However, the policy will terminate on the death of the policyholder. 

Sum assured on death is defined as a higher of 
a) 10 times the annualised premium 
b) 105% of total premiums paid till the date of death 
c) Sum assured