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How Important It Is For A Diabetic To Have A Term Insurance Policy?

In India, the number of individuals diagnosed with diabetes is rising at an alarming rate, owing to specific lifestyle choices and bad eating habits. Given how crucial it is to ensure that your family is financially secured, especially if you have been diagnosed with a serious condition or ailment, purchasing a term insurance plan as soon as possible is strongly recommended. Many diabetics, on the other hand, are hesitant to apply for life insurance because they are afraid of being turned down.

However, you can be certain that if your disease is under control and you've made the essential lifestyle modifications, getting a life insurance policy without paying a high premium won't be too tough. Nevertheless, as a diabetic, there are a few considerations to bear in mind when looking for life insurance coverage. Continue reading to learn more about the importance of a term insurance plan if you are diabetic. 

How Important It Is For A Diabetic To Have A Term Insurance Policy?

Here are a few reasons why a diabetic patient needs enough term insurance.

  • Coverage For Life

When you're sick, your health is at risk, and your life expectancy drops. A disease like diabetes, on the other hand, may be controlled. As a diabetic, you are at a larger chance of dying than a non-diabetic; thus, you should have adequate life insurance coverage. As the term plan provides complete life coverage, it is highly suggested that you get one as soon as possible.

  • Affordable

The finest diabetic term insurance plan is a cost-effective life insurance option. Term insurance is less expensive than other types of life insurance, such as endowment insurance or a unit-linked insurance plan. So, if you need life insurance, a term plan is your best option.

  • Benefits of Critical Illness Rider

Riders are available on the majority of term insurance plans. With the finest term insurance plans for diabetics, you can choose the highly useful critical illness rider. Diabetes can cause secondary illnesses; therefore, having a critical illness rider can be extremely beneficial in the long run. It must be noted that riders come at an extra cost; thus, adding a critical illness rider to the best term insurance plan for diabetics will increase the overall cost.

  • Tax Benefits

Tax advantages are offered on all term insurance policies, including the finest diabetic term insurance plans. Section 80C of the Indian Income Tax Act of 1961 allows you to claim an income tax benefit of up to Rs 1.5 Lakh per year. This is a fantastic reason to acquire life insurance because you can save money on your taxes while also keeping your life protected.

Endnotes

Term insurance for diabetics will be more expensive because the insurer will consider your health state before providing you with a policy. However, you should always tell the truth about your health problems and take the screening exams seriously. If you are truthful while purchasing the plan, your family will receive a seamless term insurance claim if you die within the policy time.

Also read:

Documents Required Life Insurance Claims

Do I Still Need Term Policy If I Have Health Insurance?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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