A term plan can provide a sense of security and peace of mind to individuals with diabetes, as they can hope to have their loved ones cared for even after their passing away. This type of insurance policy can also be curated to match the specific requirements of every individual, including the amount of coverage and the duration of the policy. Additionally, a term plan can be an affordable chance for people with diabetes who are worried about the cost of insurance premiums. By selecting a term plan, individuals with diabetes can ensure that their family’s financial future is protected, regardless of the challenges they may face due to their medical condition. To paraphrase, a term plan can be an excellent investment for people with diabetes who want to secure their family’s financial stability and prepare for the unexpected.
Why Would Someone With Diabetes Need Term Insurance?
Term plans are particularly beneficial for those who have diabetes, as they can help alleviate the financial burden that comes with managing the disease. Unlike other life insurance policies, term plans provide a death benefit for a specific period, typically 5 to 40 years. This time frame can be useful for individuals who want to meet their short-term financial obligations, such as paying off a mortgage or financing their children’s education.
The cost of a term plan for diabetics is determined by various factors, such as age, occupation, medical history, and the optional benefits selected by the policyholder. It is important to note that the premiums for these policies may be higher for individuals with diabetes than those without the condition. However, the financial protection offered by a term plan can outweigh the cost, especially if the policyholder passes away unexpectedly.
In India, the number of diabetes cases is on the rise, and it is essential for individuals with the condition to secure their family’s financial future. Life insurance policies can be an excellent option for people with diabetes, providing peace of mind and ensuring that their loved ones will be financially protected during their untimely passing away.
Who Among Us May Purchase Term Insurance?
Several term insurance options are suitable for diabetics. Different insurers’ term plans typically provide generous coverage ranging from Rs 20 lakh to Rs 2.5 crore. Purchasing a term insurance coverage is made simpler if the policyholder can control their diabetes for more than six months.
If you can control the severity of your diabetes with better lifestyle choices, buying a term insurance policy won’t be a problem. Before beginning the application process, you must have knowledge of the several reasons to buy a term policy. Here are some explanations as to why a diabetic should buy term insurance:
- Financial Coverage – Although diabetes is a manageable disease, a person with diabetes will always be at a higher risk of experiencing an unexpected occurrence. Therefore, as a diabetes patient, you must buy a term insurance policy to cover your family member’s financial needs in the unfortunate case you pass away.
- Critical Illness Rider – A rider for critical illness is provided with a term insurance policy. Diabetes can cause several secondary conditions that can be seriously and critically treated. Therefore, getting the ideal term insurance plan with a critical illness rider can be a terrific alternative for diabetics.
- Tax Benefits – Under Section 80 C of the Income Tax Act, you are qualified to get tax benefits of up to Rs. 1.5 lakh for each financial year. Plans for term insurance, including diabetic term coverage, are available for this slab. Therefore, term insurance provides you with tax advantages that undoubtedly increase your savings in addition to covering your family’s requirements in the event of your passing.
A term plan can be an excellent option for people suffering from diabetes. It is one kind of life insurance policy that offers financial protection to the policyholder’s family in case of their untimely demise. Since diabetes is a chronic illness, individuals who have been diagnosed with it may face difficulties in getting insurance coverage.
However, with a term plan, they can ensure that their loved ones are financially secure even after they cease to be around to provide for them. Moreover, a term plan for diabetics is cost-effective and can be customised to suit an individual’s needs, making it a viable option for people suffering from diabetes who want to secure their family’s future.