The fact that getting a diabetic person covered for life in easier than health is common knowledge. This is because the disease has such complications that many insurers are wary of. Even those policies that cover diabetes come with a number of terms and conditions. Take for instance, the waiting period for making a claim. For some, it is four long years. So, is there no way out?
According to a report published in Business Standard today, there's one alternative for the diabetics--group health insurance policy sold by general insurance companies in partnership with banks. Such policies usually don't come with clauses like the one mentioned above. They don't ask for additional premium or even ask you to co-pay. Moreover, unlike most individual heath plans which come with a sub-limit for room rent (in case of hospitalisation), such group policies don't come with such room rent limits.
Of course, this also means that you will have to shell out more money to buy such a policy. In fact, the cost could also be twice the regular health insurance policy. Don't simply buy a group insurance policy assuming that it covers diabetes. See whether there is a clause that excludes your specific case. Read full report here.
Firstpost: We agree with their recommendation. We also feel that when buying an insurance policy, take help from a certified financial planner to understand what you are getting into. Relying only on the insurance company's agent may not be the best thing. We are not saying all insurance agents mis-sell. But why take a chance? Also, read the policy wordings before buying, the wordings are available on the company's websites.
Updated Date: Dec 21, 2014 02:50 AM