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Are You Diabetic – Take Diabetes Health Insurance Plan

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Life can be really painful and challenging in various ways when you are living with a chronic medical condition. The emotional and physical pain is a daily reality, probably getting worse every day. The medical expenses keep increasing and medical bills keep accumulating day by day. It is for this reason that you go in for health insurance, a great cushion against medical emergencies and the resulting financial consequences.

While medical insurance is a big boon, it could also be a big shock to you when you come to know that your ailment is not covered by insurance and that you have to pay from your own pocket. This could specially be a big shock when your medical bill is huge and you realize it only after you get the bill. Diabetes is one such ailment that could be excluded from the list of ailments covered by many companies. India being the diabetes capital of the world, it should not be a surprise at all if it is excluded from the list of many insurers.

However, there are few insurers today which cover diabetes both as:

However, there are few insurers today which cover diabetes both as:

provide insurance cover exclusively for diabetes only

Pre-existing Disease Insurance Policy

Public sector units

Many public sector units in India cover diabetes as a pre-existing disease, when the Policy typically comes with a 2-6 year waiting period. You also pay an additional Premium in case you already have diabetes before you purchase the policy. The disease is covered with certain conditions, such as:

  • 1st year- no claims
  • 2nd year- no claims
  • 3rd year: 50% of the permissible Claim or 50% of the sum insured, whichever is less
  • 4th year: 75% of the permissible claim or 75% of the sum insured, whichever is less
  • 5th year onwards: 100% of the permissible claim or sum insured, whichever is less

Private insurers

  • Private insurers also provide insurance Coverage for diabetes but go on a case to case basis.
  • Most of them give coverage for the age group of 45-75years.
  • An additional premium may be charged if the doctor’s report is not very favorable.
  • If you have related problems like cardiac complications, these will not be covered by your policy. These Exclusions could be only for 5 years or for the entire Term of the policy.

Diabetes-only Insurance Policy

  • These policies are meant mainly for type 2 diabetes patients
  • These are for a 5 year term only and you can get them upto the age of 60years.
  • Companies also cover patients for eight related complications such as cardiac and kidney failures.
  • The company pays you a lump sum amount, i.e. the sum assured, on detection of any of these complications, besides the expenditure incurred.
  • You can manage your illness too with these policies as you have to go for mandatory checkups periodically.
  • If your existing diabetic condition has improved, you get a discount or you will have to pay more if your condition has worsened.

There are also many insurers providing a diabetes-only health insurance policy these days. This is part of the Critical Illnesses policy of the Life Insurance companies. Some of the features of these policies are:

As you have seen, being a diabetic no longer means that you cannot live a normal life like others due to lack of necessary finances. There are various options in the insurance market these days. So, go for the right one that suits you and get the required financial support.