September 22, 2023

NVT Health

Health Blog

Term Plan Exclusively Designed For Type 2 Diabetics – Know Its Advantages

Millions of individuals around the world struggle with the chronic illness known as Type 2 Diabetes. Although it might be challenging to manage, it is possible to live a healthy life despite having this ailment with the correct treatment plan. A tailored term plan for diabetics is among the most efficient strategies to treat Type 2 Diabetes. In this article, we’ll go through the benefits of a term plan created specifically for those with Type 2 Diabetes.

Diabetic Term Plan

Everybody should have a term insurance plan since it protects the family from losing money if an earning member passes away. However, a large amount of the population has been identified as having diabetes, and because of their health, they find it extremely challenging to obtain a life insurance policy. Because of this, the majority of diabetics feel exposed and powerless to meet their obligation to financially protect their families if they were absent.

The diabetic term plan is a much-needed product that takes into account the specific medical circumstances of type 2 diabetics and pre-diabetics. With the increased risk of complications that come along with this disease, it is important to have a plan that offers comprehensive coverage and tailored benefits to sort out the unique needs of individuals with type 2 diabetes. The diabetic term plan provides coverage for medical expenses, hospitalisation, and critical illness, ensuring that individuals with diabetes can access quality healthcare without worrying about financial constraints.

With the ability to provide financial support in the event of an unexpected tragedy or loss, this product can be a lifeline for families who rely on the income of a breadwinner with diabetes. 

Key Benefits

  • A term plan specifically created for Type 2 diabetics and prediabetics.
  • Offers your family total financial security.
  • As a bonus for keeping fit and improving your health, you can choose to have your premiums reduced on your insurance anniversary.
  • To assist our customers in managing their diabetes and general health, health management services will also be offered via webinars, medical consultations, etc.
  • The ability to select from a variety of premium payment frequencies.
  • As per the Income Tax Act, tax benefits are available on what you pay and what your family obtains.

How does The Plan Function?

Step 1 – Choose your Sum Assured 

Step 2 – Choose your policy term (the policy and premium payment terms are equivalent for this product).

Choose the time frame for which you want life insurance policy coverage. To keep your life insurance coverage active, you must continue to pay premiums.

Step 3 – Select your premium payment frequency

Step 4 – Complete the health questionnaire to determine your health status.

Your present age, gender, HbA1c level, smoking status, health status, and insurance term will all be considered when determining your premium.

Detailing The Main Advantages

  • Death Benefit:

Your nominee or legal heir will receive the Sum Assured on Passing away (as determined by you at policy creation) upon the passing away of the life assured within the policy’s term, assuming the policy is in effect. 

Sum Assured on passing away is defined as being greater than
A) 10 times the Annualised Premium
B) 105% of all premiums paid up to the date of passing away
C) Sum Assured

  1. Maturity Benefit

Since this is a pure-term insurance programme, there will be no payout for staying alive until maturity. On the maturity date, the insurance coverage will expire.

  1. Keep Fit Benefit 

We strongly ask you to enhance your level of health. This benefit enables you to reduce your underwriting loading, if any, at each policy anniversary to the effect of 10% of the base instalment premium (excluding any underwriting loading and applicable taxes) based on improving your diabetes parameters from inception or latest revival date, whichever is later, as demonstrated by medical reports before each policy anniversary.

In summary, a term plan for diabetics is important for controlling this long-term condition. It is possible to improve blood sugar control, lower the risk of complications, and enhance general health and quality of life by adhering to a tailored plan considering the distinctive requirements of people with type 2 diabetes. Type 2 diabetics can design a personalised term plan that suits their unique needs and preferences with the assistance of a healthcare specialist. People with type 2 diabetes can take charge of their health and improve their long-term outcomes by utilising the advantages of a specialised term plan.