Correct Answer : Option (A) - Bajaj Allianz Life
Bajaj Allianz Life has launched a Diabetic Term Plan Sub 8 HbA1c to specifically provide insurance coverage to pre-diabetics and Type-2 diabetics in India.
The plan considers HbA1c levels and offers a 10 per cent premium reduction for those meeting health goals.
The policy term ranges from five to 25 years, and premiums can be paid monthly or annually. Bajaj Allianz Life announced in a press statement that many diabetics struggle to obtain comprehensive life cover, thus hindering their ability to secure their family’s future.
Tarun Chugh, managing director and CEO, Bajaj Allianz Life, said that the Diabetic Term Plan Sub 8 HbA1c is the first-of-its-kind in the Indian life insurance industry, specifically designed for Type-2 diabetics and pre-diabetics.
Premium and features of plan :
* It is a non-linked, non-participating, pure-risk premium life insurance plan. As a pure-term insurance product, no benefit is payable upon survival till maturity, and there is no surrender value either.
* Premiums are determined based on factors, such as age, gender, health status and HbA1c level. HbA1c is a blood test, in which pre-diabetics have HbA1c level in the range of 5.7-6.4 per cent, while diabetics have HbA1c level of 6.5 per cent or above.
* The minimum and maximum entry age is 30 years and 60 years, respectively.
* According to the insurer, for a sum assured of Rs 50 lakh, a 35-year-old male, non-smoker will have to pay an annual premium of Rs. 11,802 for a 10-year policy term, and Rs. 14,887 for a 20-year term.
* Likewise, a 45-year-old would pay Rs. 23,656 and Rs. 31,879 annually for 10- and 20-year terms, respectively.
* The plan pays a sum assured on death of the insured.
The amount is higher of either :
a) 10 times the annualised premium
b) 105 per cent of total premiums paid till the date of death or
c) sum assured.
The policy also allows a grace period of 15 days for premiums paid on a monthly mode, and 30 days for other modes. During the grace period, the life assured will be covered for the death benefit..
Source : Outlook India
Published On : June 1, 2023
Category : Insurance and Finance