A health insurance scheme covering six critical illnesses has been launched by ICICI Prudential Life Insurance for the benefit of diabetics.

'Diabetes Care,' the new health insurance product, is available for those who are pre-diabetic, or have type-2 diabetes and are in the 25-60 age group. According to Shikha Sharma, CEO and managing director, ICICI Prudential Life, this is the first time that a company has introduced a health insurance policy to cover diabetics.

The five-year policy offers a lump sum amount for critical illnesses such as coronary artery bypass surgery, cancer, end-stage renal failure, heart attack, stroke and major organ transplant. Diabetics can also buy a rider that offers a 10 per cent payout of the sum assured for diabetes-related eye and limb complications.

There are three sum assured variants to the scheme of Rs3 lakh, Rs5 lakh and Rs10 lakh. A 35-year-old male buying a Rs3 lakh policy will have to pay a premium of Rs11,250 per annum; a 55-year-old male has to pay Rs23,900 premium for a similar policy. The premium for women is slightly lower.

But there could also be a loading (or a discount) of up to 30 per cent of the premium, depending on the condition of the person based on yearly check-ups. ICICI Prudential has tied up with diagnostic centers such as Metropolis, Wellspring and Dr Mohan's Diabetes Specialities Centre.

Policy-holders can enjoy three free check-ups and consultation with an empanelled network of diagnostic centres and 175 doctors, besides facilities such as home collection of blood samples.

ICICI Prudential has also entered into partnerships with pharma firms including Wockhardt, Nicholas Piramal, Biocon and Johnson & Johnson, enabling patients to obtain insulin and oral drugs at a discount.

According to Sharma, ICICI Prudential has not been able to secure reinsurance for the product as it is considered risky. Dr V. Mohan, chairman and chief diabetologist, of the eponymous Diabetes Specialities Centre, notes that there are nearly 45 million
diabetics in India. According to the World Health Organisation, this is expected to rise to 80 million by 2030.

India has about 20 per cent of the world's diabetics.