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Wednesday, October 23, 2013

Insurance for HIV Positive People in India

Insurance for HIV positive people in India may soon become a reality. In one of its most humanitarian moves, Insurance Regulatory and Development Authority (IRDA) of India has asked insurance companies to put in place a board approved underwriting policies with respect with life insurance for people living with HIV/ AIDS. The underwriting policy is to cover clear guidelines on life insurance with people living with HIV/AIDS (PLHA). IRDA has also asked the insurance companies to put in place underwriting policies for health insurance offered by life insurance companies to people acquiring HIV/AIDS after the commencement of insurance policy. Guidelines also facilitates conversion of the lump sum amount into an annuity for life, if the insured became HIV positive while holding the policy

Unlike India, insurance is available for the HIV people in the West. The Indian insurance market is quite aggressive on their financials and costing. The guidelines provided by IRDA are more humane and less lucrative. Experts feel that this initiative might not be welcome by the Indian Insurance Companies. That is, of course, unless IRDA decides to take a leap ahead and impose mandatory bindings on the insurance companies.

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