A new term life insurance policy for diabetics: High premium but much-needed financial security, should you buy?

economictimes.indiatimes.com:

Bajaj Allianz Life Insurance has now come up with a term insurance plan specially designed for people who have diabetes. Touted as Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c, it is a pure term life insurance cover. In case of the death of the policyholder, the sum assured will be paid out to the nominee.

There will be no maturity benefit if the policyholder survives the policy term. Mentioning the reason behind a term insurance plan especially targeted at diabetics, Tarun Chugh, MD & CEO, of Bajaj Allianz Life, said, «A significant number of India’s population who are diagnosed with diabetes are currently under-insured. With diabetes being termed as a chronic disease, those diagnosed with it find it challenging to get comprehensive life cover to financially secure their family’s needs.

With this first-of-its-kind term plan designed for diabetics,… we will be able to help several Indians secure their family’s long-term financial plans by giving them well-deserved peace of mind.» Who is eligible to buy Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c? Only Type 2 diabetics with HbA1C levels of up to 8 and pre-diabetic individuals are eligible to buy this cover. HbA1c reflects average plasma glucose over the previous eight to 12 weeks. For pre-diabetics, the HbA1C level stays between 5.7 per cent and 6.4 per cent, according to Indian Council for Medical Research.

Diabetics have HbA1c level of 6.5 per cent or above.Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c policy: Key policy details to know The minimum entry age will be 30 years and the entry age goes up to 60 years for this plan, as per policy document. The minimum policy term will be for five years. Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c can be