Term insurance plan is a must-have for everybody, it provides protection to the family against the loss of income due to the demise of the earning member. However, we do have a large segment of the population who have been diagnosed with diabetes and find it very difficult to get a life cover due to their health condition. Due to this, most of the diabetics feel vulnerable with no protection cover to fulfil their responsibility of financially protecting their families in case they were not around.
Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c is a protection plan that offers term insurance cover to Type 2 diabetics and pre- diabetics by factoring in the nuances of their health conditions. The product empowers diabetics to ensure their families have the necessary financial resources to continue with their lives, in the absence of the breadwinner.
Key Advantages
o Term Plan exclusively designed for Type 2 diabetics (with HbA1c level <= 8%) and pre-diabetics.
o Provides comprehensive financial security to your family.
o With the ‘Keep Fit’ benefit, on improving your health, you get the flexibility of premium reduction on policy anniversary.
o Health Management Services will also be provided through webinars, medical consultations, etc to support our customers to manage their diabetes and general health
o Flexibility to choose from multiple premiums payment frequencies.
o Tax benefits available on what you pay & what your family receives, as per extant Income Tax Act.
Note:
HbA1c: Glycated haemoglobin: A haemoglobin A1C (HbA1C) test is a blood test that shows what your average blood sugar (glucose) level was over the past two to three months.
As per the Indian Council for Medical Research – Pre-diabetics have HbA1c level in the range of 5.7% to 6.4%; Diabetics have HbA1c level of 6.5% or above.
Key Benefits in detail
- Death Benefit (Benefit payable on death of the Life Assured during the Policy Term)
On death of the life assured during the Policy Term, provided the policy is in-force, your nominee/legal heir will receive the Sum Assured on Death (as chosen by you at inception). The policy will terminate on death of the life assured.
Sum Assured on Death is defined as higher of
- a) 10 times Annualised Premium
- b) 105% of total premiums paid till date of death
- c) Sum Assured
- Maturity Benefit
Since this is a pure term insurance product, no benefit shall be payable on survival till maturity. The policy will terminate on the maturity date.
- Keep Fit Benefit (Benefit of premium reduction on policy anniversary)
We actively encourage you to take measures towards improving your quality of health. On improving your diabetes parameters from inception or latest revival date, whichever is later, as evidenced by medical reports prior to each policy anniversary, in line with Board Approved Underwriting Policy, this benefit allows you to reduce your underwriting loading, if any, at each policy anniversary to the effect of 10% of base instalment premium (excluding any underwriting loading, extra premium and applicable taxes).
Eligibility Criteria
Parameter Eligibility
Age at Entry Minimum: 30 years, Maximum: 60 years
Age at Maturity Minimum: 35 years, Maximum: 75 years
Policy Term Minimum: 5 years, Maximum: 25 years
Premium Regular Premium (Premium Payment Payment term Term is equal to Policy Term)
Sum Assured Minimum: Rs. 25,00,000
Maximum: No Limit, subject toprevailing Board Approved Underwriting Policy
Premium As per the minimum & maximum SumAssured
Premium Yearly, Half-yearly, Quarterly and Payment Monthly
Frequency (Half-yearly, Quarterly and Monthlypremium frequency is only allowed under auto-debit process as all owed by RBI to financial institutions.)
Sample Premiums
Sum Assured – INR 50 Lakhs
Age Policy Term Policy Term Policy Term 10 years 15 years 20 years
35 10,729 11,753 13,533
40 14,346 16,656 19,539
45 21,506 25,191 28,981
Sum Assured – INR 1 Crore
Age Policy Term Policy Term Policy Term 10 years 15 years 20 years
35 18,694 20,861 24,399
40 25,980 30,706 36,341
45 40,431 47,790 55,321
The above premiums are for pre-diabetics including GST, excluding any underwriting loading, annual premium payment frequency, for male life assured, non-smoker, regular pay (policy term and premium payment term are equal).
