Aegon Life Insurance Company on May 31, 2023 announced the launch of the first-ever life insurance cover designed specifically for surrogate mothers and egg donors.
This initiative by Aegon Life aims to support the government’s efforts in safeguarding the interests of surrogate mothers and egg donors, while also addressing the financial well-being of these individuals, the life insurer announced in a press release. The company said its approach aligns with the provisions set forth in the Surrogacy (Regulation) Act, 2021, and the Assisted Reproductive Technology (Regulation) Act, 2021, which are spearheaded by India's Ministry of Health & Family Welfare.
Here are the salient features of the insurance policy.
Tailored Coverage For Surrogate Mothers And Egg Donors: The innovative life insurance cover offered by Aegon Life Insurance provides a comprehensive protection plan for surrogate mothers and egg donors.
Surrogate mothers are eligible for a three-year life cover, while egg donors will receive a coverage for one year under the policy. This is to ensure that these individuals are financially protected against any life-threatening complications that may arise from the surrogacy or the egg donation procedures.
By introducing this specialised coverage, Aegon Life aims to bridge the gap left by conventional life insurance products, which have largely overlooked the specific needs of surrogate mothers and egg donors.
Financial Security For Nominees: One of the key aspects of this new life insurance cover is the provision of financial protection for the nominees of surrogate mothers and egg donors.
In the unfortunate event of the policyholder’s death, the nominees will receive the necessary financial support to cope with the loss. This will ensure that the families and dependents of surrogate mothers and egg donors are not left in a vulnerable financial state.
Group Plan Offered Through ART-Registered Clinics: To make this specialised coverage easily accessible, Aegon Life Insurance has also partnered with annual renewable term (ART)-registered fertility and surrogate clinics to offer this policy as a group plan.
This approach will allow for a streamlined and efficient process, thus ensuring that surrogate mothers and egg donors can obtain the necessary life insurance coverage with ease.
Since the beginning of this calendar year, Aegon Life Insurance has already provided coverage to over 100 surrogacy procedures.
Satishwar B., managing director and CEO, Aegon Life Insurance, said they are the first life insurance company in India to embrace this initiative. He said the company’s advanced digital infrastructure played a crucial role in swiftly creating this holistic and affordable solution, making it accessible to surrogate mothers and individuals pursuing surrogacy.