MUMBAI, oct 28: Private sector ICICI Prudential Life Insurance on Saturday announced the launch of a health insurance scheme for diabetic persons from November 1.
Initially, the insurance product `Diabetes Care' will be available in 12 cities in the country.
"We got approval (for the product) from Insurance Regulatory and Development Authority (IRDA) a few days back," ICICI Prudential CEO and M D Shikha Sharma said.
"With over 20 per cent of the world's diabetic persons in India, the country is known as the "diabetes capital" of the world. ICICI Prudential aims to provide better care and financial support to diabetics," said Shikha.
ICICI Prudential's policy will cover diabetic individuals in the age group of 25 to 60 years for sum assured options of Rs 3 lakh, Rs 5 lakh and Rs 10 lakh. The initial cover is for five years but the policy can be renewed.
The individual covered will receive payment of the sum assured on diagnosis of any of six critical illnesses related to heart, kidney, eye and foot associated with diabetes.
The annual premium for a 25-year-old individual for a sum assured of Rs 3 lakh is likely to be Rs 8,000 for a male and Rs 7,000 for a female. However, premium will be reduced year-on-year if the patient shows good control over diabetes leading to up to 30 per cent less premium.
ICICI Prudential has tied up with pharma and health care companies Wockhardt, Nicholas Piramal, Biocon and Johnson & Johnson as well as 75 gym and health care centres for providing support to the insured persons.