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Insurance firm covers diabetics
Published on Sat, Oct 28, 2006 at 09:22, Updated on Sat, Oct 28, 2006 at 14:22 in Business section
Tags: Icici Prudential Insurance, Diabetes , Mumbai
Mumbai: If you are diabetic, chances are you have been turned away every time you wanted to buy a risk cover for yourself. Insurers have been reluctant to insure people struck by the disease that is known to attack various organs.
All that could change because for millions of Indians suffering from diabetes, there's now help at hand.
In a first of its kind initiative, ICICI Prudential Life Insurance is launching an insurance cover scheme for those suffering from diabetes.
Such critical illness riders by life insurance companies usually work on the principle of paying out a lumpsum to a consumer when he is struck by the ailment, unlike a mediclaim that covers only hospitalisation costs.
The Insurance Regulatory and Development Authority (IRDA) has also put its stamp of approval on the product that allows a person suffering from diabetes to buy a health cover.
IRDA chairman C S Rao says a product like this is the need of the hour as it will bring a new category of people under the health insurance umbrella.
This is the first health product that offers insurance to those who are already affected by the disease
And though ICICI Prudential officials remained tightlipped about the proposed product, IRDA sources say the diabetes product will cover several ailments like renal failure or heart attack, that is caused as a result of diabetes.
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