Numbers don’t lie, and certain numbers can be scary. According to a study by the Indian Council of Medical Research–India Diabetes (ICMR-INDIAB), published in medical journal The Lancet in June 2023, 101 million Indians are diabetic and 136 million are pre-diabetic. The numbers, the study says, are much higher than earlier reported figures. The World Health Organization (WHO) estimates that 77 million Indians above 18 years are diabetic and nearly 25 million are pre-diabetic.
“India is consistently retaining its position as the global capital for diabetes. It is a lifestyle disease with long-term multisystemic complications which requires a holistic treatment. Managing and treating diabetes-related complications can be expensive, especially during hospitalisation and it can put a strain on one’s finances,” says Madhumathi Ramakrishnan, senior vice-president, Star Health and Allied Insurance.
Given the rising incidence of diabetes in India and the steep associated costs, buying a health insurance to cover hospitalisation is advisable, especially if you have a family history of diabetes. But which policy should you buy? Should you go for diabetes-specific plans or settle for a regular policy? We have tried to answer these questions by exploring diabetes-specific plans and comparing them with regular health insurance plans to help you decide.
What Makes Them Different?
Diabetic-specific plans are customised to provide specialised benefits and services that cater to the unique requirements of diabetics. Diabetes patients need regular blood glucose monitoring and medical prescriptions. They are also susceptible to high risk for diabetic neuropathy, vision loss, stroke, cardiovascular diseases, and other health ailments.
This story is from the October 2023 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 2023 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
7 Steps To Refresh Your Finances In The New FY
Setting goals and then making your money work to achieve them can be a gamechanger for your financial life
Turn Of The Tide: Should You Invest In Debt Funds Now?
The past few years have been challenging for debt fund investors, but the case for adding them in your portfolio is now more compelling than ever
Who Should Choose An Index Fund?
Index funds’ returns are similar to their underlying index, so if cost and protection are high on your list and market-beating performance is secondary, they could be an ideal choice.
What Is Depreciation?
Depreciation indicates a reduction in the value of an asset over time. Typically, it occurs due to wear and tear of the asset over time as a result of continued use to calculate the depreciation of an asset, one needs to consider several factors, one of which is the useful life of the asset.
REGULATORY ROUNDUP
Change: The Securities and Exchange Board of India (Sebi) directs asset management companies (AMCs) to conduct stress tests on small and mid-cap funds and disclose key findings on liquidity and other aspects.
Plan Repayment Before Taking Loan
I have a home loan running but need a loan of around `10 lakh for renovating the house.
Fund Life Goals Before Business
I am in my late 20s and want to invest in the real estate sector.
SECRET ROAD TO FINANCIAL DIGNITY
Dignity is something most retirees want once their active work life comes to an end and it is closely tied to the individual’s financial well-being
'Combined Life, Health Plans Won't Increase Complexity'
The life insurance market in India has recorded a consistent premium growth over the years, but insurance penetration is yet to reach the desired level. Quite in line, HDFC Life Insurance has shown a growth of 5 per cent year-on-year in its total annual premium equivalent in the nine months until December 2023 and has grown on other parameters as well. Its assets under management (AUM) went up 20 per cent, while it recorded a net profit of 16 per cent y-o-y, in the period. Even in terms of penetration, the company’s growth in Tier II and Tier II cities are positive. Vibha Padalkar, managing director and chief executive officer of HDFC Life Insurance shared the secret sauce for the growth in a conversation with Nidhi Sinha, editor, Outlook Money, talked about the challenges the insurance industry faces, and the road ahead in view of recent regulatory proposals. Edited excerpts:
BUCKET YOUR WORRIES AWAY
Once you have accumulated a decent corpus in your working life, the next big task should be to smartly deploy it across different schemes through a bucketing strategy so that your regular expenses are taken care of while your corpus keeps growing. This will ensure that you do not outlive your corpus
