Page 51 - Insurance Times July 2023

death of the policyholder. The policy holder will also be diabetic population in the country expected to hit an
eligible for tax benefits under Section 80C only if premiums alarming mark of 69.9 million by 2025 and 80 million by 2030
are paid. During the insurance term, the policyholder has (2). A significant number of India's population who are
the option to cancel the policy at any moment. diagnosed with diabetes are currently under-insured. With
diabetes being termed as a chronic disease, those diagnosed
If the policyholder lives until the maturity date, the "Basic with it find it challenging to get comprehensive life cover to
Sum Assured" as well as any accrued "Guaranteed Bonus" financially secure their family's needs.
additions will be paid. On the other hand if the Insured person
dies within the Policy Term after the commencement of Risk, To empower diabetic individuals and enable them to have
then death benefit will be given to Nominee of the Policy. peace of mind about securing the life goals of their loved
ones, Bajaj Allianz Life, one of India's leading private life
The policy has Risk Coverage till end of term of the Policy. insurers, has launched an exclusive term plan Bajaj Allianz
The date of commencement of Risk, in case of children Life Diabetic Term Plan Sub 8 HbA1c. This is the first-of-its-
whose age is less than 8 years risk commencement starts kind protection plan in the Indian life insurance industry
either from 2 years of taking the policy or 8 years old which designed especially for Type 2 diabetic & pre-diabetic
is earlier. You can surrender the policy at any time. Loan individuals.
facilities is available after 3 month under this policy.
Bajaj Allianz Life's Diabetic Term Plan Sub 8 HbA1c offers
Shriram Life Insurance unveils unit-linked life insurance coverage by factoring in the nuances of the
health condition of those having diabetes. For pre-diabetic
policy with flexible options
or Type 2 diabetic individuals whose HbA1c is up to 8% (3)
Shriram Life Insurance Company, unveiled a new unit-linked the comprehensive plan will enable them to provide financial
policy offering financial control with multiple fund options security for their loved ones.
and investment strategies.
Speaking at the launch of this exclusive product, Mr. Tarun
Policyholders can choose to cover their entire lives or a set
Chugh, MD & CEO, Bajaj Allianz Life, said, "As Life Goals
period of time, allowing them to realise their financial goals
enablers we continue to innovate and challenge ourselves,
with complete freedom, according to the business.
so that more individuals can secure their life goals. With this
first-of-its-kind term plan designed for diabetics, I'm happy
The scheme, which was introduced to commemorate the
that we will be able to help several Indians secure their
Shriram Group's golden jubilee year, includes two options:
family's long-term financial plans by giving them the well-
Life Goal and Legacy, which allow clients to change the policy
deserved peace of mind. We will also provide our diabetic
term, premium payment period, sum assured, and
customers an eco-system to manage and maintain their
premium.
health. We understand that they do a lot to control their
insulin levels, and as compatriots in their journey we will
The scheme's mission is to help individuals achieve their
offer a 10% reduction in premium on their policy anniversary
financial goals and provide a secure future for their families.
for meeting their health goals."
According to the firm, the plan provides a holistic solution
for consumers seeking life insurance and wealth
Another unique feature of Bajaj Allianz Life's Diabetic Term
development prospects due to its customizable features,
Plan Sub 8 HbA1c is that it will incentivize individuals to keep
investment alternatives, and comprehensive coverage.
a check on their HbA1c and keep improving it. This will
ensure they can avail a unique 10% reduction on renewal
Bajaj Allianz Life Launches India's First premiums at policy anniversary.
Term Product Designed Exclusively for
Health Management Services will also be provided through
Type 2 Diabetics and Pre-Diabetics webinars, medical consultations, etc. to support customers
India is referred as 'diabetes capital of the world' with the to manage their diabetes and general health.

The Insurance Times July 2023 45