Buying a life insurance policy is one of the wisest decisions that a person will ever make. Life insurance secures the future of your loved ones and offers great money saving opportunities to meet your long-term financial goals. The process of buying an insurance policy is pretty simple, unless you are suffering from any pre-existing critical illnesses. A lot of insurance companies don’t provide insurance coverage for people who are suffering from critical illnesses. Diabetes is one of the critical illnesses and was earlier not covered under life insurance policies. Simply put, people with pre-existing diabetes of any form were not eligible for any kind of life insurance. This situation has changed now with majority of insurance providers offering attractive life coverage for diabetics.
Buying life insurance for diabetics
Diabetes leads to numerous acute and life-long health complications. Although controllable, it’s associated with myriad health disorders including eye, kidney and heart diseases. Hence diabetes is considered as a major health hazard and a critical illness. There are different types of diabetes including type I or insulin dependent diabetes, type II or non-insulin dependent diabetes and gestational diabetes mellitus.
India is infamously known as the ‘diabetes capital’ with 4% of the total population suffering from one of these types of diabetes. Considering the fatal nature of this disease, any diabetic or people with family history of diabetes would like to cover themselves with a decent life insurance policy. Many Indian insurers have introduced attractive diabetes care insurance policies. These policies are multifunctional and they can also be bought online with minimum complications.
These policies not only offer a great financial support but they also help the diabetics to manage their health efficiently. People who are suffering with Type II diabetes and those in pre-diabetic life stage with a family history of diabetes can opt for the affordable critical illness rider. This life insurance rider is ideal for maximum coverage of pre-existing diabetes and pre-diabetes. The eligibility criteria and general terms and conditions to get Life insurance policies for diabetics in India are as follows.
• Applicant should be in the age group of 26 to 65 years. • This policy can be renewed up to age 70. • Original copies of medical bills, prescriptions and doctor’s reports are mandatory. Benefits of critical illness rider • Wellness programs are organized by the insurer which offers free checkups each year. • Lump sum payment and waiver of premium on diagnosis of diabetes for pre-diabetics. • Reduction of premium rate if the disease is under control for a longer time span. • Optional life insurance riders for foot, kidney and eye diseases. • Tax benefit under Section 80D of Indian Income Tax Act.
Apart from these benefits, when you buy life insurance policies with diabetes, the insurer also initiates measures for diabetes management. Some insurers offer web assistance, free seminars and timely checkups to the patients so that they stay healthy for a longer period of time.