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Looking for comprehensive coverage? Find out how life insurance caters to surrogate mothers and egg donors. Get all the details you need here!

Benefit for Surrogate Mothers and egg donors
  • Aegon Life introduces insurance cover for surrogate mothers and egg donors.
  • Coverage lasts three years for surrogate mothers and one year for egg donors
  • Sum assured will be paid to nominees if surrogate mother dies.
  • Couples must bear premiums.

Breaking barriers and championing inclusivity, Aegon Life has recently unveiled a ground breaking life insurance cover designed exclusively for surrogate mothers and egg donors. In a pioneering move that addresses a glaring gap in the insurance industry, the company has rolled out this unique offering to provide financial protection and peace of mind to individuals who have long been overlooked by traditional life insurance products. As the spotlight increasingly shines on surrogacy and its regulation, Aegon Life's innovative solution aims to cater to the specific needs and challenges faced by surrogate mothers and egg donors. With the backing of the Insurance Regulatory and Development Authority of India (IRDAI), this revolutionary step underscores the importance of tailored insurance options beyond the realm of general or health insurance, establishing a new precedent in the realm of life insurance and surrogacy. Get ready to delve into the details and discover how this transformative insurance cover can provide much-needed support and security to those involved in the surrogacy journey.

Aegon Life's new insurance cover for surrogate mothers and egg donors: Highlights

  • Aegon Life, a private life insurance company, introduced a life insurance cover to safeguard egg donors and surrogate mothers. This (surrogacy insurance) coverage spans three years for surrogate mothers and one year for egg donors. As per IRDAI, coverage lasts 36 months for surrogate mothers and is sufficient to cover all pregnancy and postpartum complications. The company has provided coverage to over 100 surrogate mothers since the beginning of this calendar year.
  • If a surrogate mother dies from pregnancy or postpartum complications, her nominees will receive the sum assured. Couples intending to pursue this path must bear the premiums.
  • This coverage will be provided by Aegon Life as a group plan through ART-registered fertility and surrogate clinics, rather than directly to couples or surrogate mothers.
  • Following the guidelines set by Insurance Regulatory and Development Authority of India (IRDAI), Aegon Life's launch aligns with the Surrogacy (Regulation) Rules, 2022, Assisted Reproductive Technology Act, 2021 and Surrogacy Act, 2012.

Also ReadA Woman's guide to choosing the best health insurance

What was the need for IRDAI to direct health insurance companies to offer coverage for surrogacy?

Insurance policies (whether life insurance or general insurance or health insurance) for maternity covers only apply to biological mothers, creating a need for dedicated policies for surrogate mothers. Surrogacy has become more acceptable in India, with some celebrities using it. However, commercial surrogacy is banned since 2018, and the process is only allowed for "altruistic" reasons among close relatives.

Read article: Health insurance for dummies: 6 essential questions and answers

Aegon Life's new insurance cover for egg donors and surrogate mothers is a positive step that will provide much-needed financial protection and peace of mind to these individuals. This initiative is a sign of the growing inclusivity and acceptance of surrogacy in India, and it is a welcome development for all involved.

 

Find the latest articles on insurance.

 

 

 

 

 

 

 

  • Aegon Life introduces insurance cover for surrogate mothers and egg donors.
  • Coverage lasts three years for surrogate mothers and one year for egg donors
  • Sum assured will be paid to nominees if surrogate mother dies.
  • Couples must bear premiums.

Breaking barriers and championing inclusivity, Aegon Life has recently unveiled a ground breaking life insurance cover designed exclusively for surrogate mothers and egg donors. In a pioneering move that addresses a glaring gap in the insurance industry, the company has rolled out this unique offering to provide financial protection and peace of mind to individuals who have long been overlooked by traditional life insurance products. As the spotlight increasingly shines on surrogacy and its regulation, Aegon Life's innovative solution aims to cater to the specific needs and challenges faced by surrogate mothers and egg donors. With the backing of the Insurance Regulatory and Development Authority of India (IRDAI), this revolutionary step underscores the importance of tailored insurance options beyond the realm of general or health insurance, establishing a new precedent in the realm of life insurance and surrogacy. Get ready to delve into the details and discover how this transformative insurance cover can provide much-needed support and security to those involved in the surrogacy journey.

Aegon Life's new insurance cover for surrogate mothers and egg donors: Highlights

  • Aegon Life, a private life insurance company, introduced a life insurance cover to safeguard egg donors and surrogate mothers. This (surrogacy insurance) coverage spans three years for surrogate mothers and one year for egg donors. As per IRDAI, coverage lasts 36 months for surrogate mothers and is sufficient to cover all pregnancy and postpartum complications. The company has provided coverage to over 100 surrogate mothers since the beginning of this calendar year.
  • If a surrogate mother dies from pregnancy or postpartum complications, her nominees will receive the sum assured. Couples intending to pursue this path must bear the premiums.
  • This coverage will be provided by Aegon Life as a group plan through ART-registered fertility and surrogate clinics, rather than directly to couples or surrogate mothers.
  • Following the guidelines set by Insurance Regulatory and Development Authority of India (IRDAI), Aegon Life's launch aligns with the Surrogacy (Regulation) Rules, 2022, Assisted Reproductive Technology Act, 2021 and Surrogacy Act, 2012.

Also ReadA Woman's guide to choosing the best health insurance

What was the need for IRDAI to direct health insurance companies to offer coverage for surrogacy?

Insurance policies (whether life insurance or general insurance or health insurance) for maternity covers only apply to biological mothers, creating a need for dedicated policies for surrogate mothers. Surrogacy has become more acceptable in India, with some celebrities using it. However, commercial surrogacy is banned since 2018, and the process is only allowed for "altruistic" reasons among close relatives.

Read article: Health insurance for dummies: 6 essential questions and answers

Aegon Life's new insurance cover for egg donors and surrogate mothers is a positive step that will provide much-needed financial protection and peace of mind to these individuals. This initiative is a sign of the growing inclusivity and acceptance of surrogacy in India, and it is a welcome development for all involved.

 

Find the latest articles on insurance.