The Hindu Business Line : ICICI Pru unveils policy for diabetics

This is the first time a company has introduced health insurance to cover diabetics, said Ms Shikha Sharma, CEO and MD, ICICI Prudential Life Insurance.

The policy covers people in the age group 25-60 years and are pre-diabetic or type 2 diabetic (those with adult diabetes or impaired glucose tolerance).

The five-year policy offers the individual a lump sum amount of the entire sum assured for critical illnesses such as coronary artery bypass surgery, cancer, end-stage renal failure, heart attack, stroke and major organ transplant. Diabetics can also buy a rider that will offer a pay out of 10 per cent of the sum assured for diabetes-related eye and limb complications. For a 35-year-old male, buying a policy worth Rs 3 lakh, the premium will be Rs 11,250 per annum, which inches up to Rs 23,900 per annum for a 55- year-old male. The sum assured is available in slabs of Rs 3 lakh, Rs 5 lakh and Rs 10 lakh. For women, the premium is slightly lower.

There could be a loading or a discount of up to 30 per cent of the premium depending on the condition of the person based on a yearly check up.

The policy weaves in three free check-ups and consultation with an empanelled network of diagnostic centres and 175 doctors as well as home collection of blood samples for testing.

More tie-ups

ICICI Prudential has tied up with diagnostic centres such as Wellspring, Metropolis and Dr Mohan's Diabetes Specialities Centre. The company has also entered into partnerships with pharmaceutical companies such as Wockhardt, Nicholas Piramal, Biocon and Johnson and Johnson where insulin and oral drugs can be obtained at a discount.

Ms Sharma said the company had not been able to secure reinsurance for this product, since it is considered risky. ICICI Prudential has partnered with Dr Mohan's Diabetes Specialities Centre for pricing the product. The Centre has shared a database of over 1,40,000 diabetics over the past 10 years with ICICI Prudential for designing this product.

According to Dr V. Mohan, Chairman and Chief Diabetologist, Dr Mohan's Diabetes Specialities Centre, the country has 4.4 crore diabetics, which, according to the World Health Organisation, is expected to rise to eight crore by 2030.

More Stories on : General Insurance | New Products & Services | Health

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
SBI net dips marginally in Q2 to Rs 1,184 cr

Higher interest income buoys BoB bottomline

ICICI Pru unveils policy for diabetics