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Term Insurance for Diabetics

Stay Protected with Term Life insurance for Diabetics

Diabetes is a chronic disease that can be evident in an individual based on elevated blood glucose levels. It can lead to severe damage to the critical organs of the body. Therefore, it is essential to keep the blood glucose levels under control. However, considering hereditary reasons and changing lifestyle conditions, getting affected due to diabetes has become very common, even for younger individuals. 
 

In certain cases, diabetic patients face difficulty in their day-to-day activities. They also have to face some monetary hurdles, not just in terms of treatment and medicine. Diabetes patients in India may also have to pay an extra premium if they wish to buy a term life insurance policy. 
 

Here is a detail about everything related to term insurance for a person with diabetes.

What Is Term Insurance For Diabetics?

A term insurance plan is a pure life cover that is affordable, offers a higher sum assured, and is highly flexible. It offers a simple and easy-to-understand life insurance against the premium paid. If the policyholder dies, the family gets the sum assured. There is no survival benefit associated with a term plan. 
 

The policyholders can customise the policy by using flexible features such as choosing the premium payment method, payout options, etc. 
 

Term insurance for diabetics is a life insurance plan that provides a financial death benefit to the family of the person with diabetes in the event of their unexpected demise during the policy term. 
 

Term insurance for a person with diabetes is important. It can extend the required financial help to the policyholders and their families when they are in extreme need of it. The life cover and the premium for such term insurance plans are based on the specific health condition of the individual policyholders.

Importance Of Term Insurance For A Person With Diabetes

Insurance for diabetics patients is considered very important, considering the uncertain medical conditions that are bound to occur and that can affect the family of the life insured to a great extent. 
 

Here are a few reasons why getting diabetes insurance coverage is important. 

  1. Family's financial stability

    Term insurance policy can be designated to provide a lump sum financial benefit to the family of the person with diabetes in the event of their absence. It can serve as financial protection, especially if the policyholder is the sole earning member and can help reduce the financial burden in the event of their unexpected death. 

     

  2. Add-on riders#

    A term life insurance policy provides a wide range of add-on riders#. It can enhance diabetes insurance coverage based on the occurrence of a specific scenario. For instance, if the policyholder purchases the add-on rider# for the critical illness benefit, the rider# will provide an additional fund if diagnosed with a critical illness during the policy term. It can be used to pay for the medical expenses of the policyholder.

     

  3. Tax* benefits

    Premiums paid and the payouts received on the term insurance policy will qualify for the tax* deduction and tax* exemption under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to the terms and conditions. In addition, the premium applicable for a health-based rider# will qualify for a tax* deduction under Section 80D, subject to the terms and conditions.

     

Type Of Diabetes And Its Impact On The Term Insurance Policy

The different types of diabetes can significantly impact the cost and the coverage for the person with diabetes. 
 

  • Type 1 Diabetes

    Type 1 diabetes can start at a younger age. It is harder to control, and persons with Type 1 diabetes are considered to be at a higher risk. Therefore, the life insurance premium will be slightly higher for these individuals.
  • Type 2 Diabetes

    Type 2 diabetes can occur later due to ageing and can be treated easily. Therefore, it does not pose a higher risk than Type 1 diabetes, and the applicable persons may not be required to pay a higher premium. However, if the policyholder is dependent on regular insulin intake, the premium will be subject to an increase.

Factors To Consider

Persons with diabetes should consider the various related factors before purchasing the best-term life insurance for diabetics considering their specific health conditions.
 

  1. Age of diagnosis

    If a person is diagnosed with diabetes at an early age, they are at a higher risk of contracting serious illnesses in the future. Therefore, they will have to afford a higher premium for the required sum assured. On the other hand, if it is diagnosed at a later stage, the risk is comparatively lower, reducing the premium. 
  2. Blood sugar levels

    The insurer will consider the HbA1c test reports that will detail the average blood glucose levels for the last two to three months to determine the term insurance cost and benefits. Below 6% is considered normal, between 6% and 6.5% is prediabetic, and over 6.5% is considered diabetic.
  3. Type of diabetes

    Type 1 diabetes and persons taking insulin will find it difficult to control their blood glucose levels and are considered to be at higher risk. Therefore, they will have to pay a higher premium. 
  4. Other health issues

    If the person with diabetes is affected due to any other health issues, it is important to inform the insurer. It is because the premium and the coverage can vary considering the health condition. And if it is not intimated, it can lead to policy claim rejections later when they are in extreme need.
  5. Pre-medical screening

    It is always best advised to take the pre-medical screening to determine the exact health condition to decide the coverage and the applicable premium to ascertain the maximum benefits. 
     

The term insurance application for a person with diabetes will be approved easily if the blood glucose levels are under control and do not show a higher risk of developing serious illnesses in the future. 
 

Tata AIA life insurance company provides the option to purchase term insurance plans online. Therefore, persons with diabetes can compare the different products and their customisable features to choose the best term insurance plan for all their future financial needs.

Conclusion

Term insurance for persons with diabetes is an ultimate necessity. It helps them secure their families in the event of their unexpected demise, considering their health condition. In addition, it provides flexible features and add-on riders# that help enhance the financial benefit. The premium and the coverage for the term insurance for persons with diabetes will depend on factors such as type of diabetes, age, other health conditions, etc. Therefore, it is important to compare the different options and choose the best term life insurance policy.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance

Frequently Asked Questions

Will I be eligible to purchase a term insurance plan if I am diabetic?

Yes, you can purchase a term insurance plan if you have diabetes. The coverage and the applicable premium will depend on factors such as the type of diabetes, age of diagnosis, blood glucose levels, etc.

Do persons with diabetes have to pay more for term insurance?

Yes, as life is at higher risk for a person with diabetes compared to others, they will have to pay a higher premium. However, if the diabetes is Type 2, the impact on the premium will not be high as it is a manageable health condition. And if it is Type 1, the premium will be high considering the high risk and the increased possibility of getting affected due to various critical illnesses later in life.

Disclaimers

  •  Insurance cover is available under the product.

  •  The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.

  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.

  • #Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders please refer to the Rider Brochure or contact our Insurance Advisor or visit our nearest branch office