People with diabetes are increasing in number in India. Irregular eating habits, consuming junk foods, inadequate exercise, and stress have caused a sharp increase in the number of people getting affected. According to a WHO report, 32 million cases of diabetes were reported in the year 2000, but the number is expected to increase to 80 million by 2030. It requires special mention that the rate of insurance claims by families of those suffering from diabetes is also increasing.
Hence, a term insurance plan is becoming an important prerequisite for a person with diabetes in India. In fact, the term insurance premium is cost-effective when you consider the wide-ranging benefits under the plan.
What is a Term Plan?
A term plan is a pure life insurance product that provides a sum assured to the nominee if the policyholder meets an unexpected death during the policy term. It has add-on rider benefits like the accidental death rider, terminal illness rider, critical illness rider, total and permanent disability rider etc. For example, the critical illness rider benefit will make a portion of the insured amount to be payable for medical expenses associated with a critical illness diagnosed during the policy term.
Importance of a Term Insurance Plan for a Person with Diabetes in India
Term plans have varied benefits that can support your family if you have diabetes. Here are a few of their significant advantages:
- High sum assured:
Term insurance plans are the best products that ensure a high sum assured for an affordable premium amount on a comparative scale. The incidence of diabetes is now common in young people, even those in the age group 25-35 years. This means diabetes as an important risk factor associated with other medical conditions gets prominent as you get older.
Therefore, as a primary responsibility, you have to ensure financial security for your family, especially when you are the only earning member. TATA AIA term insurance offers various attractive features, such as coverage up to 100 years, to suit your requirements best.
- Affordable premium:
Term plans also benefit from offering life insurance cover at the most affordable rate. However, the term insurance premium is slightly higher for a person having diabetes as it can bring other medical illnesses later in life that can even be fatal. Insurers will generally assess your medical condition and consider the risk factors before deciding on the premium and sum assured.
Hence, it is best advised that you purchase a term plan early in life to get the product for a reasonable rate. You should disclose all your medical conditions to the insurer to get maximum protection and avoid claim rejection later.
For example, if you are a person with Type 2 diabetes, the insurer will charge you a lower premium than a person with Type 1 diabetes. You can also use the term life insurance calculator available online to get an approximate value.
- Add-on rider benefits:
Rider benefits in a term insurance policy for diabetes provide financial support for handling hospitalization charges for critical illness, terminal illness, or other factors included in the rider options. The payouts are flexible too such as lump sum or monthly as per your requirements even up to 10 years.
If you have diabetes, you are prone to acute complications of different types of illnesses. Hence term insurance plans are needed to protect your family and reduce the financial burden for them.
The number of persons with diabetes has been increasing at a steady pace around the world and especially in India. As it can bring further health issues later in life, it is important to take a term insurance plan for protecting your family at an affordable rate, getting a higher sum assured and avail of the add-on rider options for extended benefits. Insurers have made term insurance for diabetic patients flexible as an added advantage. So, make sure you stay covered and ensure maximum protection for your family!