Living with diabetes would not be difficult anymore! Sri Lanka Insurance (SLIC), has taken into account this factor while offering life policies and its comprehensive D+ plan made available for people with diabetes, being able to access medical treatment privately and at the earliest opportunity.
With the Sri Lankan Insurance Comprehensive D+ plan, the policy holder could get immediate treatment at the best of hospitals in Sri Lanka.
There are various expenses when hospitalized, such as room chargers and surgery expenses. Sri Lanka Insurance Comprehensive D + plan offers financial reimbursement up to a pre-specified maximum, from the total hospitalization bill. There is an option of selecting the insurance cover from Rs 200,000 to Rs 400,000 or Rs. 600,000 which cover nursing expenses, operation theatre chargers, room charges, surgeon, anesthetist, medical practitioner, consultant and specialist fees. This health cover can be obtained with Divi Thilina, Minimuthu, Minimuthu Parithyaga, Praguna, YasaIsuru, Freedom, Minimuthu Dayada and Jana Diri Life Insurance policies. Anyone between the ages of 30 and 60 is eligible to obtain this cover.
Initially the policy holder can select the term for 5 years, thereafter the company will decide whether the cover can be extended based on your health condition and you will also have the freedom to chose the frequency of your premiums, monthly, quarterly, bi-annually or annually.
Explaining the diabetes situation in the country, Sri Lanka Insurance DGM Medical, Dr. Sherica Fernando said that there is an increasing trend in the number of incidents in Sri Lanka.
Q: The number of Sri Lankan people with diabetes is rising at an increased rate. What are the causes for this increasing rate?
A: It is true to say that a number of people with diabetes are increasing in Sri Lanka and disease prevalence is high at present. Globally too this has become a problem. Major causes for diabetes are unhealthy diet, insufficient physical exercise, smoking and alcohol, obesity and hereditary factors.
The change of life styles of people to consume more fastfood, not eating a balanced diet, junk food and less intake of water, diet high with carbohydrates and fats, taking in more calories leading to obesity and over-weight. Most people get insufficient exercise due to sedentary work patterns. It is necessary to walk for one hour to prevent diabetes. An increase trend could be seen in obesity not only in adults, but also in children. It is important to reduce smoking and alcohol. However, we cannot do anything about hereditary factors.
To prevent diabetes it is vital to go for a healthy diet balancing carbohydrates, protein, vitamins minerals and water. It is important to go for a reduce the portion of food intake as we tend to eat large portions. The early detection of diabetes is essential to control the disease and to followup the treatment for diabetes. The early treatment will also help avoid going into complications. It is necessary to have surveillance. Creating an awareness on diabetes and how to prevent it is important. It is necessary to inculcate good food habits in children from their young ages which could prevent diabetes in adult life.
Q: Why do you think insurers are reluctant to cover diabetes patients?
A: Diabetes is a disease which involves the entire body. It results in Micro vascular complications, blindness, nerve problems, amputation of limbs, kidney diseases, strokes and myocardial infraction. However, there are no statistics to show the prevalence of such occurrences. Therefore, it is difficult to decide on the insurance premium. The Comprehensive D+ cover will be offered after medical examination and other relevant investigation to ascertain the status of diabetic control and the average of being controlled poorly. The policy is reviewed every five years. Most of the insurers are reluctant to cover diabetes because there are no adequate statistics to predict risks.
Speaking on the Sri Lanka Insurance Comprehensive D+ policy, DGM - Life – Dayarathna Perera said that when it comes to diabetes, many insurers are not prepared to address the issue.
Sri Lanka Insurance has the largest life fund of Rs 105 billion and the largest assets base in the industry, amounting to Rs. 197 billion. Sri Lanka Insurance is the only insurer in the country to be awarded with AAA (lka) Fitch rating for financial stability and strength. As a national Insurer, we have taken a bold step to introduce a health insurance cover for people who are diagnosed with diabetes. With the introduction of this cover, the barrier for diabetics to obtain a health insurance policy is no more. We were able to fill a huge gap in the industry.
The special feature of the Comprehensive D+ cover is once you get the cover it also covers other ailments too. There are three slabs which could be selected depending on the affordability. The cover is for 5 years and after this period it could be extended subject to reassessment of the health condition.
Q: What is the impact of diabetes to the insurance sector?
A: In general, insurance companies, consider people with diabetes as a higher risk to their portfolio. As a result, underwriting process becomes more complex and insurance companies happen to charge a higher premium from them. Depending on the blood sugar level of the person, the insurance company may have to postpone the insurance cover for a period of time until they control the blood sugar level or would decline such insurance proposals.
A considerable number of customers become aware of their diabetic condition, for the first time, when they appear for the medical examinations for their insurance policy. Most such customers request to repeat their medical reports assuming that their reports are wrong. Sometimes, those customers are reluctant to buy their insurance policies by paying an extra premium.
On the other hand, diabetes is one of the major reasons for increase in claim ratios of life insurance companies due to increased morbidity and mortality. When it comes to health insurance, situation is even worst. Therefore, insurance companies hesitate to provide health insurance for diabetics.
Q: What are the initiatives taken by SLIC to address this issue?
A: As a national Insurer, who has the largest life insurance fund worth Rs 105 billion and who maintains the most stable financial position in the industry, we took a bold step of introducing a health insurance product solely for the people who are diagnosed with diabetes, SLIC comprehensive D+ plan.
Therefore, diabetes is no more a barrier for obtaining a life insurance coupled with health insurance benefit which covers reimbursement of hospital bills. We hope that this results in filling a huge gap we had in our industry.
Q: What are the unique features of your Diabetic product?
A: More importantly, this product is unique in the sense that this is a product which provides Life Insurance together with health benefits in our market solely for diabetics. This health cover can be obtained as an additional rider benefit together with most of our normal life insurance policies.
People who are between the age of 30 and 60 years and maintain their HBA1c level below 8.5 are eligible for this cover.There are three levels of benefits which can be selected based on customers’ requirement and affordability (Rs. 200,000, Rs. 400,000 or Rs.600,000)
At the inception, the cover is given for a period of 5 years and the premium rate will depend on the levels of Diabetes (very good, good and poor). Spouse of the policyholder can also be covered under the same policy. The expenses covered are room, boarding and nursing charges doctors’ fee (surgeons, consultants and Anesthetists) theatre charges, medicine and diagnostic materials and report charges, ambulance charges daycare procedures pre and post hospitalization charges.
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