Bajaj Allianz Life Launches India’s First Term Product Designed Exclusively For Type 2 Diabetics & Pre-Diabetics

-        Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c (1) offers term insurance for Type 2 diabetic and pre-diabetic individuals

-        Product comes with 'Keep Fit' benefit offering flexibility of premium reduction on policy anniversary

India is referred as 'diabetes capital of the world' with the diabetic population in the country expected to hit an alarming mark of 69.9 million by 2025 and 80 million by 2030 (2). A significant number of India’s population who are diagnosed with diabetes are currently under-insured. With diabetes being termed as a chronic disease, those diagnosed with it find it challenging to get comprehensive life cover to financially secure their family’s needs.

To empower diabetic individuals and enable them to have peace of mind about securing the life goals of their loved ones, Bajaj Allianz Life, one of India’s leading private life insurers, has launched an exclusive term plan Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c. This is the first of its kind protection plan in the Indian life insurance industry designed especially for Type 2 diabetic & pre-diabetic individuals.

Bajaj Allianz Life’s Diabetic Term Plan Sub 8 HbA1c offers life insurance coverage by factoring in the nuances of the health condition of those having diabetes. For pre-diabetic or Type 2 diabetic individuals whose HbA1c is up to 8% (3) the comprehensive plan will enable them to provide financial security for their loved ones.

Speaking at the launch of this exclusive product, Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “As Life Goals enablers we continue to innovate and challenge ourselves, so that more individuals can secure their life goals. With this first-of-its-kind term plan designed for diabetics, I’m happy that we will be able to help several Indians secure their family’s long-term financial plans by giving them the well-deserved peace of mind. We will also provide our diabetic customers an eco-system to manage and maintain their health. We understand that they do a lot to control their insulin levels, and as compatriots in their journey we will offer a 10% reduction in premium on their policy anniversary for meeting their health goals.”

Keep Fit benefit and more!

Another unique feature of Bajaj Allianz Life’s Diabetic Term Plan Sub 8 HbA1c is that it will incentivize individuals to keep a check on their HbA1c and keep improving it. This will ensure they can avail a unique 10% reduction on renewal premiums at policy anniversary.

Health Management Services will also be provided through webinars, medical consultations, etc. to support customers to manage their diabetes and general health.

Note:

(1)  It is a non-linked, non-participating, individual, pure risk premium life insurance plan

(2)  Source: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6213704/

(3) HbA1c: Glycated haemoglobin: A haemoglobin A1C (HbA1C) test is a blood test that shows what your average blood sugar (glucose) level was over the past two to three months. As per the Indian Council for Medical Research - Pre-diabetics have HbA1c level in the range of 5.7% to 6.4%; Diabetics have HbA1c level of 6.5% or above.

About Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is one of India’s leading and fastest growing private life insurers. The company is a partnership between two powerful and successful entities in their own right – Bajaj Finserv Limited, one of India’s most diversified non-banking financial institution and Allianz SE, one of the world’s leading asset manager and insurer. The Company commenced its journey in 2001, and today delivers its promise of Life. Goals. DONE through innovative value-packed insurance products that are backed by a robust tech and digital eco-system. Bajaj Allianz Life Insurance continues its journey of transformation through its products and tech-enabled state-of-the-art services to enhance customer delight.

Bajaj Allianz Life now serves over 2.82 crore individual customers and many more through its Group plans. The Company has a large distribution network of 511 branches, over 1,25,912 agents (as on 31 March 2023), comprehensive set of trusted partners and its proprietary sales channels (online and offline). Bajaj Allianz Life Insurance manages Assets Under Management to the tune of over Rs. 90,584 crore (as on 31 March 2023) with the Claims Settlement Ratio at 99.04%~ (as on 31 March 2023), and a Solvency Ratio of 516% as on 31 March 2023.