Insurance News Details

Bajaj Allianz Life unveils term plan for Type 2 diabetics and pre-diabetics

(30-May-23   10:10)

Leading private life insurer Bajaj Allianz Life Insurance has launched an exclusive term insurance plan for Type 2 diabetic and pre-diabetic individuals. 'Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c' is first of its kind protection plan in the Indian life insurance industry.

According to the insurer, India is referred to as 'diabetes capital of the world', with the country's diabetic population expected to hit an alarming mark of 69.9 million by 2025 and 80 million by 2030. 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.

Thereby, the Bajaj Allianz Life's Diabetic Term Plan Sub 8 HbA1c gives protection by offers term life insurance coverage by factoring in the nuances of the health condition of those having diabetes.

'Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c' is a non-linked, non-participating, pure-risk premium life insurance plan. As a pure-term insurance product, no benefit is payable upon survival till maturity, and there is no surrender value either.
The minimum and maximum entry age is 30 years and 60 years, respectively. The policy term ranges from five to 25 years, and premiums can be paid monthly or annually. Premiums are determined based on factors, such as age, gender, health status and HbA1c level.

The plan pays a sum assured on death of the insured. The amount is higher of either a) 10 times the annualised premium b) 105 per cent of total premiums paid till the date of death or c) sum assured.

For pre-diabetic or Type 2 diabetic individuals whose HbA1c is up to 8%, the comprehensive plan will enable them to provide financial security for their loved ones.

Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, ?As Life Goals enablers we continue to innovate and challenge ourselves so that more individuals can secure their life goals. With this first-of-its-kind term plan designed for diabetics, I'm happy that we will be able to help several Indians secure their family's long-term financial plans by giving them the well-deserved peace of mind.

Chugh added, We will also provide our diabetic customers an eco-system to manage and maintain their health. We understand that they do a lot to control their insulin levels, and as compatriots in their journey we will offer a 10% reduction in premium on their policy anniversary for meeting their health goals.

Also, another unique feature of Bajaj Allianz Life's Diabetic Term Plan Sub 8 HbA1c is that it will incentivize individuals to keep a check on their HbA1c and keep improving it. This will ensure they can avail a unique 10% reduction on renewal premiums at policy anniversary.

Furthermore, Health Management Services will also be provided through webinars, medical consultations, etc. to support customers to manage their diabetes and general health.

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