Aegon Life Insurance becomes the first life insurance company to offer a customized plan that offers coverage to surrogate mothers and egg donors, thus, 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.
This new kind of life insurance plan 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.
This product is novel in the sense that it is 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, 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 fulfil their life objectives.”
Life insurance is a must in today’s times considering the rapid pace at which the world around us is transforming. One may start by buying a decent coverage amount, post which the policyholder may increase it depending on financial goals and understanding of fiscal needs in the future.