Bajaj Allianz Life has launched the country's first term insurance product designed for Type 2 diabetics and pre-diabetic individuals. The plan is targeted at a segment that ends up being underinsured as they are denied cover at standard rates for health reasons.
The new plan, called Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c, aims to provide comprehensive life cover for individuals with diabetes. The company said that the cover has been designed keeping in mind that India is home to the largest diabetic population which is projected to reach 69.9 million by 2025 and 80 million by 2030.
The plan factors in the health condition of individuals with pre-diabetes or Type 2 diabetes, offering them the opportunity to provide financial security for their family. The plan covers individuals whose HbA1c levels are up to 8%.
At the product launch, Mr Tarun Chugh, MD & CEO of Bajaj Allianz Life, said that the new offering would help many Indians secure their family's long-term financial plans while providing them with peace of mind.
The company also aims to support diabetic customers by providing health management services and offering a 10% reduction in premium on their policy anniversary for meeting their health goals.
A key feature of the Diabetic Term Plan Sub 8 HbA1c is the "Keep Fit" benefit, which incentivises policyholders to monitor and improve their HbA1c levels. Individuals can avail a unique 10% reduction on renewal premiums during their policy anniversary if they demonstrate improvement in their HbA1c levels.
The cover is in the nature of a non-linked, non-participating, individual, pure risk life insurance plan. Bajaj Allianz Life also offers additional health management services such as webinars and medical consultations to assist customers in managing their diabetes and overall health, reported Times of India.