Life insurance cover for surrogate mothers in India: Aegon Life, digital India’s life insurance company, makes news strides by pioneering the first life insurance cover tailored for surrogate mothers and egg donors, effectively backing their financial well-being. This trailblazing initiative supports the implementation of provisions in the Surrogacy (Regulation) Act, 2021, and the Assisted Reproductive Technology (Regulation) Act, 2021, spearheaded by India’s Ministry of Health & Family Welfare. Notably, the innovative coverage provides a life cover of three years for surrogate mothers and one a year for egg donors to provide protection against any life-threatening complications arising out of the said procedures.
The company rolls out this offering aimed specifically at surrogate mothers and egg donors, who have largely been overlooked by conventional life insurance products. In case of an unfortunate event leading to their death, the policy provides financial protection to their nominees. Offered as a group plan through ART-registered fertility and surrogate clinics, the company has already provided coverage for over 100 surrogacy procedures since the beginning of this calendar year.
Satishwar B., MD & CEO of Aegon Life Insurance, said, “We are proud to be the first life insurance company in India to embrace this initiative. Our advanced digital infrastructure has facilitated the swift creation of this holistic and affordable solution, thereby backing surrogate mothers and those pursuing surrogacy. This represents our staunch commitment to equip our customers with the means to fulfill their life objectives.”
Aegon Life Insurance is dedicated to cultivating inclusivity and keeping pace with the changing needs of individuals and families in the contemporary world. This breakthrough life insurance coverage for surrogate mothers and couples is a testament to the company’s ceaseless drive to develop pioneering solutions that secure and empower all Indians.
Earlier, this month, insurance regulator IRDAI asked insurance companies to provide comprehensive coverage for intending parents and surrogate mothers undergoing surrogacy and fertility treatments.
“An insurance coverage of such amount as may be prescribed for a period of 12 months in favour of the oocyte donor by the commissioning couple or woman from an insurance company or an agent recognised by the IRDAI,” the regulator had said.
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Updated: 31 May 2023, 12:53 PM IST