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Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c is a unique protection plan offering term insurance coverage to pre-diabetics and type 2 diabetic individuals by considering all the nuances of their health status. The plan ensures the financial safety of the family members in case the sole earner of the family is absent. The plan comes with a plethora of health management services along with the promise of term insurance protection.
Bajaj Allianz Life Diabetic Term Plan II Sub 8 HbA1 Plan offers you a range of benefits including:
Minimum Age - 18 years Maximum Age - 60 years
Maximum Maturity Age - 75 years
Minimum term - 5 years Maximum term - 25 years
Base sum assured: Rs 25 lakhs to no limit.
The policy loan is not available under Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c
Annual, half-yearly, quarterly & monthly
Let's understand how the Bajaj Allianz Life Diabetic Term Plan II Sub 8 HbA1 works with a simple premium illustration.
Mr. Rahul is a diabetes patient and wants to purchase a term insurance plan for himself. He is looking for a plan that will offer him health benefits and and health coach as well.
His financial advisor advised him to buy the Bajaj Allianz Life Diabetic Term Plan II Sub 8 HbA1. He visited PolicyX.com
Let's understand how the Bajaj Allianz Life Diabetic Term Plan II Sub 8 HbA1 Plan works for him with a premium illustration table.
Age of policyholder | Annual premiums | Policy tenure | Premium payment term | Total premiums paid | Sum assured |
35 years | Rs 10,729 | 10 years | 10 years | Rs 1,07,290 | Rs 50 lakhs |
Key Takeaways: In case of Mr. Rahul's demise during the policy tenure, Rs 50 lakhs will be paid to their nominee.
Here are the benefits associated with the Bajaj Allianz Diabetic Term Plan
In case of death of the insured life, the death benefit states that the nominee or legal heir is entitled to receive the sum assured as chosen by the policyholder at the time of inception.
This benefit offers individuals the benefit of premium reduction on policy anniversary as well as encourages individuals to keep fit and healthy.
Bajaj Allianz offers term insurance tax benefits under section 80C of the Income Tax Act,1961 for up to 1.5 lakhs of the total premiums paid in the same financial year.
No surrender value is applicable under this policy. The policy will terminate on the date of surrender.
If you have failed to make payment of the premium by the due date specified, you will be allowed a grace period of thirty (30) days for premium payment frequencies other than monthly mode and fifteen (15) days for monthly frequency to pay the due premium.
There is a free look period of fifteen (15) days from the date of receipt of this Policy Document and a period of thirty (30) days in case of electronic Policies and Policies obtained through distance mode.
You will have the option to change the prevailing premium payment frequency at any policy anniversary, during the policy term, subject to the availability, then, of the premium payment frequency and the minimum premium allowed under the product.
Here is the list of exclusions associated with the plan:
Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c can be availed by anyone who is pre-diabetic or a type-2 diabetic individual. The insurance industry has numerous health insurance plans that deal with diabetes, however a term insurance plan for diabetic individuals is rare and extremely helpful. Diabetes is a serious illness as it brings with itself a number of complications and other illnesses and to manage such a disease patients need to be worry-free regarding their family members in case of their untimely demise. The plan is successfully providing diabetic patients with health management services and life insurance coverage.
If you want to know more about the plan, you can contact insurance experts at PolicyX.com by calling at 1800 420 0269. You can also visit PolicyX.com to read more about term insurance and to get the best term insurance plan for yourself.
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The eligibility criteria for the plan is as follows: Min Entry Age - 18 Years Max Entry Age - 65 Years
The minimum sum assured available under the plan is INR 25 Lakhs.
Yes, individuals purchasing the Bajaj Allianz Diabetes Plan are eligible to avail tax benefits as per the Income Tax Act, 1961.
There are various benefits involved under the health management services offered by Bajaj Allianz Diabetes Health Plan that are mentioned below: Medical Second Opinion Health Coaching Medical Consultations Vitals Tracking, and more.
No, the diabetes plan by Bajaj Allianz does not offer any maturity benefit as it is a pure protection plan.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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February 5, 2023
Asia/Kolkata
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