Sweet love: Have you got health insurance for your beloved

Lovaii NavlakhiInternational Money Matters

Love is the sweetest thing and so unfortunately is diabetes – an illness that cannot be cured, only managed. There are 65 million diabetics in India today and this figure is set to grow to 100 million by the year 2030. Currently, China is the world leader in Diabetes but the growth rate in India is higher. Chennai is the Diabetic capital of India. This is probably attributed to a high consumption of a carbohydrate rich diet in the form of rice.

There are 2 types of Diabetes, Type 1 where a daily infusion of insulin is required and Type 2 which can be managed by oral medicines. There are 2 pre-diabetic conditions, IFG (Impaired Fasting Glucose) and IGT (Impaired Glucose Tolerance).

In December 2013, Apollo Munich Health Insurance Company Ltd. launched a health insurance (mediclaim) product, specifically for diabetic and hypertensive patients. A combination of both these ailments is considered a very serious medical condition. The product is called Energy and has a very apt tagline – “The Sweetest Thing”.

This product offers mediclaim cover for Type 2 Diabetes, IFG, IGT and hypertensive profiles. Unfortunately, Type 1 diabetes, wherean individual is entirely insulin dependent is not covered. A cheery fact is that about 90% of individuals have Type 2 diabetes and can get this medical cover.

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Lovaii Navlakhi

Managing Director & CEO|International Money Matters

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Yes, the premiums do seem high but the added risk of diabetes and hypertension are factored in.

Having said that the product is very “interactive” – it requires the active participation of the individual to maintain his health and sugar levels. Periodic tests are required (twice a year) and the results would determine how successful one has been in maintaining or improving the health parameters. This medical data had to be uploaded onto a personal portal provided by the Company. On basis of the results, a discount as high as 50% is offered to the policy holder for the next year’s premium! It has always been hard work and dedication that has reaped in the rewards!

It can get tedious for someone who has a very busy schedule – so, an option of entrusting this job of updating medical data onto the portal can be given to a “health Pal” who could be a caring family member or friend.

If you are a diabetic or know someone who is, please get in touch with us for greater insight into this product and gift yourself the comfort of mediclaim cover for what was considered a “touch me not” disease in the past!

Lovaii Navlakhi, CFP, is the CEO of International Money Matters and The Financial Alphabet.