Term Plan selection for a diabetic

POSTED BY PUNiT NAiR ON July 13, 2012 5:01 pm COMMENTS (6)

Hello everybody,
I am PUNiT NAiR, 22, Male working in Bangalore. I was diagnosed with Diabetes on 1st Jan 2008(a sweet beginning to the new year). I have been on insulin ever since………
Recently the idea of taking a Term Plan started making rounds in my mind. As a novice is started googling about it and many facts came into picture………
Kotak ePreffered, MetLife, Aviva, Aegon-Religare etc etc came up as strong options for my decision………
A few questions before i finalize…
1. Will the diabetes factor affect the premium and claim settlement..??..
2. Factors like C.S.R., Premiums are important in deciding…is there anything else i should consider before deciding..???…
3. Online v/s Offline. Does the offline ‘personal touch/service’ really help us??…
I feel Kotak ePreferred is a good one with Step Up option they provide. ….Are there any unique features with other companies plz do let me know…..

Thnxx 🙂

6 replies on this article “Term Plan selection for a diabetic”

  1. Hi Punit,

    Do send us your contact details to feedback@aegonreligare.com and we will have our customer care representatives assist you with the same.

    Warm Regards,
    AEGON Religare Customer support team

  2. Hi Punit,

    Do send us your contact details to feedback@aegonreligare.com and we will have our customer care representatives to assist you with the same

    Warm Regards,
    AEGON Religare Customer support team

  3. PUNiT NAiR says:

    @Ashal: Thank You.

    If i am to take an offline plan, the price certainly would be more than online one. Does this help in times of claim settlement…???

  4. PUNiT NAiR says:

    @ Ashal: Thanx for the advice.

    I came across a point at Kotak that i can only take upto 20times my gross annual income as ‘sum assured’.
    Is this same for all the companies..???

    I earn Rs. 250,000 p.a. So that makes 50Lakhs as my sum assured.
    Can i take 2 policies of 50Lakhs each to make it 1Cr..???

    1. Dear Punit, it’s somewhat standard practice to go for a max. cover of 20 times of your yly income. It may differ from insurer to insurer. You may go directly with Aviva or Aegon for 1C cover & let them decide.

      For my own case, I had applied for a term cover of a high sum assured & coupled with my existing term cover, the combined sum assured was more than 20 times. Still the insurer was ready to cover me.

      In case of going for 50*2 policies, after purchasing the 1st policy, you w’d have to report this policy to the new insurer.



  5. Dear Punit, due to your current health condition (read being diabetic), the prem. ‘ll be loaded up certainly. How much, only the underwriters of the insurer you are dealing with or about to deal can tell.

    Instead of going for that step up option, please opt for a large cover from day one.

    Please do not purchase any other rider along with your term plan.

    For Accidental or Critical illness, please purchase standalone policies.



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