The new cover aligns with the Surrogacy (Regulation) Act, 2021 and the Assisted Reproductive Technology (Regulation) Act, 2021, introduced by the health ministry. The innovative coverage provides a three-year life cover for surrogate mothers and a one year cover for egg donors, offering protection against any life-threatening complications that may arise from these procedures.
The policy provides financial protection to their nominees in the event of their death. This group plan is available through fertility and surrogate clinics registered with the Assisted Reproductive Technology (ART) regulatory body. Since the beginning of this year, Aegon has already provided coverage for more than 100 surrogacy procedures.
Surrogate mothers and egg donors were earlier not covered under insurance despite the health risks posed by the process. Aegon Life is a joint venture between Dutch insurance group Aegon and the Times Group which publishes the Times of India.
Satishwar B, MD & CEO of Aegon Life Insurance, said the company’s advanced digital infrastructure enabled the swift development of this comprehensive and affordable solution. Aegon said that the introduction of the cover also demonstrates the company’s dedication to inclusivity and its ability to adapt to the evolving needs of individuals and families in the modern world.
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