Executive Summary Health Insurance for a Diabetic patient is now available with some interesting features. Normally a Type II diabetic patients are only accepted. Premiums are lower with national insurers for lower sum assured. Options like Apollo Munich Energy focus on wellness and also reward policy holders with reduced premium when health parameters improve.
Diabetes is a medical condition in which the person has high blood sugar. It is a chronic disease meaning it has long lasting effects on your health. It has to be managed as curing it is very difficult. Diabetes also increases the risk of other complications of health. Due to this nature of the disease, insurers consider diabetics as high risk customers and therefore do not want to provide cover for them. But insurers are waking to the fact that diabetics also need insurance and have started offering insurance plans for them. Generally they offer plans only in Type II cases. We compare some of the policies available in the market.
Policy Name Star Health Apollo Munich Energy National Insurance Varistha Mediclaim Description / Eligibility A person between 18-65 years with or without Diabetes Mellitus or can take this insurance. Individuals between 18- 65 years with Type 2 diabetics or pre- diabetics are offered this insurance policy. An insurance policy designed for senior citizens between the ages of 60 and 80 that covers medical expenses for critical illnesses and diseases including diabetes. Policy Term The policy can be renewed till the insured reaches the age of 70. The policy has a lifelong renewal option. It can be renewed till the age of 90. Coverage Covers Diabetes and Covers hospitalization It is a health insurance P a g e | 2 Policy Name Star Health Apollo Munich Energy National Insurance Varistha Mediclaim related complications. It also has a regular hospitalization cover. arising from Diabetes and Hypertension. Other pre-existing conditions will be covered after a waiting period of 3 years. policy for senior citizens covering illnesses, sickness, injury, accidents and diseases. Sum Insured Available You can get a cover of - - Rs. 50000 or - Rs. 1 lakh or - Rs. 2 lakhs or - Rs. 3 lakhs or - Rs. 5 lakhs or - Rs. 10 lakhs Offers sum assured of Rs. 2 lakhs, Rs. 3 lakhs, Rs. 5 lakhs and Rs. 10 lakhs. Offers base sum assured of Rs. 1 lakhs and Rs. 2 lakhs. Premium* Premium to be paid is Rs. 2300 For a cover of Rs. 3 lakhs for a 35 year old male. For the silver plan variant, the premium is Rs. 9962. For a cover of Rs. 3 lakhs for a 35 year old male. Premium starts at around Rs. 4100 for Mediclaim cover of Rs. 1 lakh for a senior citizen (60-65 years). To cover critical illness, premium is higher. For diabetes to be covered, additional 10% premium has to be paid. Pre- Medical Tests Medical tests are mandatory before purchasing the standard policy. An alternate plan with certain conditions is available without medical tests. The individual will have to undergo medical tests and the company will offer a cover accordingly. Pre-medical check-ups are not required if the client has not been insured for the last 3 years else it is required. P a g e | 3 Policy Name Star Health Apollo Munich Energy National Insurance Varistha Mediclaim Exclusions Cataract, AIDS etc. are excluded. It covers pre-existing diseases with the insured paying about 50% of the amount. Pre-existing conditions have a waiting period of 3 years AIDS, Congenital diseases, mental disorders, pregnancy, dental treatments are not covered. The following are not covered - Treatment taken within 30 days of policy commencement Vaccinations Dental Treatment and Cataract Operations AIDS If patient smokes 40 cigarettes or more (or equivalent cigars), the claims will not be entertained. Unique Features Hospitalization up to a limit is covered. Kidney transplantation is covered. If the first one fails, a second transplant is covered. A personalized web portal tracks the health of the insured. A health coach will guide the insured in diet and fitness plans. Based on medical tests and key medical parameters, the premium can be reduced if these show improvement.
Covers old age people with medical conditions.
Comments It is more cost effective than the other plans. A basic health plan might It is an expensive policy but has a more comprehensive cover It is a unique policy for senior citizens. If you are not getting a normal health P a g e | 4 Policy Name Star Health Apollo Munich Energy National Insurance Varistha Mediclaim not cover diabetes. So if you have diabetes or have a high risk of getting diabetes, you should consider this product. than other policies. It even gives discounts in health foods. Check the premiums for other policies and assess your diabetes risk and decide if you need to take this cover. plan given your age and health condition, you should consider this product.
* Please understand the terms and conditions and premium to be paid for your policy when you purchase it. This is indicative.
Before you go for a specialised insurance product, apply for a normal health plan even if you have diabetes or are a pre-diabetic. Sometimes insurance companies do consider certain less risky cases, health conditions and client's commitment to keep the disease at bay and decide to insure the client. If that does not happen, consider these alternatives only after understanding them thoroughly or running them through your financial planner.