Term Insurance for Diabetics

Will You Be Eligible for Term Insurance If You Are Diabetic?

Yes, individuals suffering from Pre-diabetes or Type II diabetes can easily buy term insurance plans. And, it becomes easier if your diabetes has been in control for 6 to 12 months.

What Is Term Insurance for Diabetics?

Term insurance for diabetes is a life insurance plan that provides financial coverage to diabetic (pre-diabetics and Type-II diabetics) individuals and their families during unfortunate situations. These plans pay out a death benefit to the designated beneficiaries/nominees in case of the demise of the policyholder during the policy term. The payout received from these plans can help your family take care of their financial obligations like paying the rent, the child’s fees, any remaining loans or liabilities, and staying prepared for any medical emergencies.

It is recommended that every diabetic individual should buy term insurance plans to financially secure the life of their loved ones in their absence at affordable premiums. Not just that, these plans also offer tax benefits on premiums paid and benefits received by family while allowing you a chance to maintain your health in the long run.

How do Types of Diabetes Affect Term Insurance?

Typically, there are 3 types of diabetes, and different types of diabetes based on their severity will impact the term insurance policy differently.

• Type 1 Diabetes: Individuals who have been diagnosed with Type 1 diabetes are at higher risk. It generally occurs at early ages and is extremely difficult to control. The premium rates of a term insurance plan for such situations will be more than the regular premium because of associated risk factors.

• Type 2 Diabetes: Type 2 diabetes happens at later stages of life, and thus it has quite less time to affect the whole body. This type of diabetes is easy to control and because of this, the premium rates of term plans for this disease are lower. But, if an individual is dependent on insulin to manage their diabetes, then they are required to pay a higher amount of premium.

• Gestational Type Diabetes: This type of diabetes is generally caused due to hormonal imbalance during pregnancy. It is advised to wait until childbirth to see if the condition improves. If the condition goes away, you can buy term insurance at lower premium rates.

Key Features Of Term Insurance for Diabetics

How Insurance Companies Review Diabetic Profiles? 

Benefits of Buying Term Insurance For Diabetic People

• Comprehensive financial security: Term insurance for diabetic customers provides comprehensive financial protection to you and your loved ones. The large life cover helps your family in your absence to take care of their financial needs.

• Low Premium Rates: Term insurance is one of the most affordable types of life insurance, and thus, the premiums for term insurance are lower for a higher sum assured.

• Multiple Premium Pay Modes: With this term plan, you can choose the most suitable premium payment mode for your needs and salary. You can choose the most suitable premium payment term as well, per your budget.

• Tax Benefits: You can claim term insurance tax benefits on the premiums paid, and the benefits received by your family as per the prevailing laws of the Income Tax Act of 1961.

• Peace of Mind: Term insurance plans give you the peace of mind knowing that your family will be financially protected in case of your unfortunate demise during the policy term.

* You can calculate the premiums applicable for the suitable term plan for diabetics using the term insurance calculator available online.

How Much More Diabetics are Paying for Term Insurance? 

People with diabetes generally pay higher term insurance premiums because insurers factor in the long-term health risks associated with the condition. This increase is applied as a premium loading, and the exact amount depends on how well the diabetes is managed, the applicant’s age, and whether there are any related complications.

In most cases, insurers apply the following loading ranges:

• 25% to 50% higher premiums for individuals with well-controlled diabetes, stable HbA1c levels, and no complications

• 75% to 100% or more for older applicants, long-standing diabetes, or cases involving complications such as high blood pressure or kidney issues

To put this into perspective, if a non-diabetic individual pays ₹10,000 per year for a term insurance policy:

• A well-controlled diabetic may pay around ₹12,500 to ₹15,000 per year

• A higher-risk diabetic profile may pay ₹17,500 or more per year

These figures are indicative, but they closely reflect how insurers typically price term insurance for diabetics. Maintaining good health records and controlled readings can make a noticeable difference in premium outcomes.

How To Buy The Term Insurance for Diabetics from Policybazaar?

Here are a few simple steps to buying the term plan for diabetic patients in India.

Step 1: Go to the Term Insurance for Diabetics page

Step 2: Fill in your basic information like name, gender, contact information, and date of birth

Step 3: Enter your occupation type, annual income, smoking habits, and educational qualifications

Step 4: Click on the Bajaj Allianz Life Diabetic Term Plan and proceed to pay

Things to Consider While Buying a Term Insurance Plan for Diabetics

Easy approval if the diabetes is under control

When an individual has Type 1 or Type 2 diabetes, he/she can easily opt for a term insurance plan, provided diabetes has been under control for the last 6 months. The type of treatment undergoing also plays an important role in determining the likelihood of buying a term plan at low premium rates. Insurers typically consider individuals who have controlled this disease by doing healthy exercise or diet or oral medications than those individuals who need insulin regularly to manage it.

Other Associated Risks or Health Complications

Diabetic individuals who are overweight or obese, have uncontrollable high blood pressure, have cardiovascular diseases or have smoking habits have higher chances of getting rejected or are charged a high amount of premiums since they are at higher risks. These health conditions further increase the problems in patients whose diabetes is not under control.

Age at which diabetes is diagnosed

Diagnosis of diabetes at an early age increases the chances of getting a term insurance at lower premiums. Because at a young age, there is a lower risk of the illness damaging your health, thus the premium price decreases. On the contrary, if you get diagnosed at a later age, you have a lower risk and can secure insurance at low premium rates.

Blood Sugar Level

The HbA1c Test measures the severity of diabetes. A blood test determines your average glucose (blood sugar) level over the last 2 to 3 months. As per ICMR (Indian Council for Medical Research), Pre-diabetics should have an HbA1c level in the range of 5.7 to 6.4% and diabetics have an HbA1c level of above 6.5%. You should always get your blood sugar levels checked before buying term plan.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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