Term Insurance for Diabetics
  • Explore Best Diabetes Term Plans
  • Benefits of Diabetes Term Plans
  • Eligibility & Sum Assured
Term Insurance for Diabetics
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Best Term Life Insurance for Diabetics

A term insurance plan is a crucial product to safeguard the future of the dependents by providing financial support in your absence. But what if you have a pre-existing diabetic condition? In most of the cases the insurance companies either deny or charge heavy premium rates on the purchase of a term insurance plan and most insurers don't issue a term plan for diabetes patients. So in this article, we will take a closer look at term insurance for diabetic patients

Kindly note that term insurance can only be issued for Diabetic patients if the insulin that they are consuming doesn't exceed 500mg of levels.

  • Health Management Services
  • Medical Consultations
  • Medical Second Opinions
  • Health Coaching
  • Vitals Tracking, and more

Term Insurance for Diabetes Eligibility Criteria

It is important to note that if you are an individual suffering from type 1 or type 2 diabetes you can avail of term insurance. However, it is easier to avail of term insurance for diabetics if your diabetes has been under control for 6 to 12 months with almost no fluctuations. We have mentioned below the generic eligibility criteria for the best term life insurance for diabetics

Parameter

Specification

Entry Age Minimum: 30 Years
Maximum: 60 Years
Maturity AgeMinimum: 35 Years
Maximum: 75 Years

Best Term Life Insurance for Diabetics Key Features

Diabetes Term Insurance offers a plethora of features to their policyholders and we have compiled a list of them all in the table provided below

Key FeatureBenefit
Death BenefitAvailable (Amount refers to the plan chosen at inception)
Maturity BenefitNot available
Tax BenefitsAvailable (up to 1.5 lakh under section 80C)
Sum AssuredMinimum: Rs. 25,00,000
Maximum: No Limit
Other health-related servicesAnnual HbA1c test, Medical Second Opinion, Medical Case Management, Medical Consultation, Vital Tracking, Health Coaching, Webinars, etc.
Surrender ValueNot available
Premium Payment FrequencyMonthly, quarterly, Half annually, annually.
Pre-Policy Medical TestFasting Blood Sugar Levels (HbA1c test)

Benefits of Diabetes Term Insurance

We have mentioned below the benefits provided by the diabetes term plan available to customers in India

  • Provides not only term insurance coverage but also takes care of your overall health and well-being. Multiple webinars, medical second opinions, and vitals tracking are provided.
  • Insured individuals can avail of the keep fit benefit, wherein a premium reduction benefit is offered on the policy anniversary provided the insured individual has consistently improved their diabetes parameters.
  • A minimum sum assured of Rs. 25,00,000 is offered on the purchase of the diabetes term insurance plan providing adequate financial coverage to your family in case of your demise.
  • The plan is a unique insurance product with type 2 diabetes patients in mind as well as pre-diabetics.
  • Flexibility to opt for your policy term between 5 to 25 years and a flexible premium payment facility is available allowing insured individuals to choose between yearly, half-yearly, quarterly, and monthly premium payment facilities.

Cost of Diabetes Term Insurance

Given below is a premium illustration of a 35-year-old individual having Diabetes along with insulin consumption of up to 500mg

50 Lakhs

Policy Term In Years10 Years15 Years20 Years
Premiums In Rs.10,72911,75313,533

1 Crore

Policy Term In Years10 Years15 Years20 Years
Premiums In Rs.18,69420,86124,399

Factors To Consider When Purchasing The Best Term Life Insurance for Diabetics

Before making a purchase decision it is necessary to carefully consider all the factors mentioned below

  • Term insurance for diabetics must provide sufficient sum assured options for you and your family as it is essential to safeguard your family members in case of any complications arising due to diabetes or sudden demise. Creating an adequate financial corpus is a top priority.
  • Understand if the term insurance for diabetic patients offers you additional benefits that help you in managing your overall health as diabetes is a lifestyle disease and affects all aspects of your life.
  • Before purchasing a diabetes term insurance make sure that you check if your diabetes diagnosis is covered under the term insurance plan or not. Type 1 and Type 2 diabetes come with different complications, hence it is important to understand if your diabetes diagnosis is covered or not.
  • The age at which you were diagnosed with Diabetes is important to consider as many insurance providers will provide you with a term insurance plan at a higher premium if diabetes is diagnosed at an early age.

How Does Diabetes Type 1/2 Impact Your Term Insurance Policy?

It is important to understand that the type of diabetes you are diagnosed with will play a vital part in purchasing a diabetes term plan and here is how

  • If you are diagnosed with Type 1 diabetes, an individual is considered at high risk as it is more difficult to control and is diagnosed at an early age. This may lead to higher premiums or even rejection of term insurance plans.
  • If you are diagnosed with Type 2 diabetes, you are considered low risk as it is diagnosed at a later stage in life and does not have much time to impact your body which means you are at lower risk of health complications especially if the individual is careful with their health and wellness. Insurance providers will offer you a term plan, however, if you are dependent on insulin you may face higher premiums and policy rejection chances.
  • There is a third case of gestational diabetes which is developed due to hormonal changes in pregnant women, In case you are diagnosed with gestational diabetes, it is best to wait a few months post-birth in order to apply for a term insurance plan.

Wrapping It Up

If you are diagnosed with diabetes, it is not impossible to avail of term insurance for diabetic patients. There may be certain terms and conditions to be fulfilled however, you can avail of the best term life insurance for diabetics. With adequate sum assured availability, wellness benefits, death benefits, and other such benefits term insurance plans for diabetic patients will promise financial safety for you and your loved ones.

Term Insurance Plan For Diabetes

A pure-risk life insurance plan designed exclusively for Type 2 diabetics with HbA1c level <=8% and pre-diabetics.

Unique Features

  • Diabetics & Pre-Diabetics Cover
  • 'Keep Fit' Benefit
  • Health Management Services

Diabetic Term Plan Sub 8 HbA1c (Pros)

  • Premium Reduction on Renewal
  • Good Health Premium Discounts
  • Health Management Services.

Diabetic Term Plan Sub 8 HbA1c (Cons)

  • No Maturity Benefit
  • No Surrender Value
  • Limited Coverage With Hba1c Level Above 8%

Diabetic Term Plan Sub 8 HbA1c (Other Benefits)

  • Tax Benefits Available
  • Flexible Sum Assured Options
  • Multiple Premium Payment Frequencies

Diabetic Term Plan Sub 8 HbA1c (Eligibility Criteria)

  • Entry Age -30 Years
  • Max Entry Age- 6 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - LP

Best Term Life Insurance for Diabetics: FAQs

1. I have type 2 diabetes, will I be eligible to purchase a term insurance for diabetes?

Yes, despite being diagnosed with Type 2 diabetes, insurance providers offer term insurance to these individuals. The condition being that the insulin consumption is not higher than 500mg.

2. I am ongoing treatment for diabetes and consuming medications, will I be able to purchase term insurance for diabetic patients?

Yes, you are eligible for term insurance for diabetic patients.

3. Will my term insurance plan premiums be higher if I am diagnosed with diabetes?

Yes, your premium amount will be slightly higher than, compared to the normal term plan premiums.

4. Are tax benefits applicable on the best-term life insurance for diabetics?

Yes, you can rebate tax benefits under section 80C of the income tax act 1961.

5. Do I need to undergo medical tests in order to purchase term insurance for diabetic patients?

Yes, you need to go for a blood sugar level test before opting for term insurance.

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What Our Customers Have to Say

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Varun Saxena

Written By: Varun Saxena

Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.