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How Term Plan Good For People Suffering From Diabetes?

Updated On Jul 31, 2021

A term insurance policy can be a great option for people suffering from diabetes. Since the number of diabetes patients is increasing at an alarming rate, the term plan is the best way to take care of financial obligations if the sole-earner of the family dies. The reason for the increasing cases of diabetes is chiefly due to a sedentary lifestyle but a term plan can ensure your family’s financial needs are easily fulfilled. 

Why Does A Diabetic Person Need A Term Insurance Plan?

In India, the term insurance plans are perfectly suitable to cover the financial needs of diabetic individuals and their family members in their absence. The term plans give a lump sum amount as a death benefit in case of the policyholder’s death during the policy term. These term plans are much more economical than life insurance plans as they offer a good amount of financial aid in adverse circumstances. When it comes to term insurance plans for diabetes, they have premium charges on the basis of policyholder’s age, profession, medical history, and optional benefits opted by them.

Who All Can Buy A Term Insurance?

There are various term insurance plans that will suit people ill with diabetes. Term plans offered by different insurers generally give ample amount of coverage from Rs 20 lakh to Rs 2.5 crore. If the policyholder manages to control his or her diabetes for above 6 months, then buying a term plan becomes easier. To purchase a term insurance policy, the patients should hold the standard eligibility criteria given below:

  • Diabetes patients with an A1c level up to 8.5 
  • Patient with fasting blood sugar level of up to 180

Coverage of Term Insurance Plans for Diabetes

If you can keep your diabetes level under control with better lifestyle choices, then buying a term insurance plan is not a problem. However, there are certain reasons to purchase a term policy that you should know before initiating the application. Here are some reasons why a diabetic person should purchase a term insurance policy:

1. Financial Coverage – Although diabetes is a disease that can be managed, still the risk of going through an unfortunate event is always higher for a person diagnosed with diabetes. Hence, to fulfil the financial requirements of your family member in your absence is why you must purchase a term insurance policy as a diabetic patient.

2. Critical Illness Rider – Term insurance policy gives you a rider benefit for critical illness. Diabetes can lead to various secondary ailments which can be treated as dire and critical. So in order to get an ideal term insurance plan with an option of rider for critical illness is a great choice for diabetic people.

3. Tax Benefits – Section 80 C of the Income Tax Act allows you to gain tax benefits of up to Rs. 1.5 lakh for a financial year. This slab is eligible for term insurance plans that also involve term plans for diabetics. Hence, in addition to securing your family's needs in case of your demise, term insurance also offers you tax benefits that surely enhance your savings. 

Must Read: Are Medical Tests Required Before Purchasing Term Life Insurance?

Is Term Insurance Important for a Diabetic Patient?


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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