Life insurance for HIV-stricken people soon

The Insurance Regulatory and Development Authority (IRDA) has issued a circular to all the life insurers to provide life cover for people afflicted with HIV/AIDS and health cover.

All life insurers are required to put-in place a board approved underwriting policy with respect to life insurance products for people living with HIV/AIDS (PLHA), Minister of State for Finance Namo Narain Meena said in written reply to the Lok Sabha.

According to the draft circular, all life insurers are required to put-in place a Board approved underwriting policy with respect to life insurance products for people with HIV.

“The Circular provides that life insurance cover for PLHA should not be denied if the eligibility criteria as per the board approved underwriting policy are satisfied,” Meena said.

 The Circular also provides for health insurance products offered by life insurers for those who are HIV negative at inception of the policy and acquire HIV / AIDS after commencement of insurance policy.

It is suggested by some insurers that there should be specific provisions in the guidelines for mandatory disclosure  of  the diagnosis of HIV/AIDS by the proposed insured so that appropriate actions may be taken by the insurer.

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