Don`t deny claims of HIV infected policy holders: IRDA
New Delhi: Insurance sector regulator IRDA has asked life insurers not to reject any claim of those HIV infected persons who were HIV negative at the time of commencement of policy.
It has also asked the insurers to put in place a board approved policy with respect to insurance products for people living with HIV/AIDS (PLHA).
"With respect to persons who are HIV negative at date of commencement of the contract and subsequently found to be HIV positive during the term of the policy, the insurers shall not reject/deny any claim, on such grounds.
"In all such cases, the underwriting guidelines and claims settlement guidelines applicable at the time of commencement shall be applicable," IRDA said in a circular.
Insurance Regulatory and Development Authority (IRDA) said insurers may offer products to such people with designs such as PLHA as one of the critical illness, providing a lump sum on becoming HIV positive or conversion of lump sum amount into annuity for life in the event of insured becoming HIV positive during the term of contract.
They may also design the product providing health cover on benefit basis, excluding only the treatment of HIV/AIDS, it added.
The regulator said that in all such cases, the underwriting guidelines and claims settlement guidelines applicable at the time of commencement shall be applicable.
"Renew the cover based on the company's board approved underwriting policy for PLHA," it added further.
IRDA said that the circular will come into effect from April 1, 2014.
"All the insurers shall put in place the board approved underwriting manual, claims manual, proposal form and all the other necessary systems before this date," it said.
More from India
More from World
More from Sports
More from Entertaiment
- DNA: Complete analysis of APJ Abdul Kalam's life and achievements
- 6 leaders were in contact with Dawood Ibrahim till 26/11: Report
- Rameswaram waits to give final salute to Dr Abdul Kalam
- Last rites of Gurdaspur attack martyr Baljit Singh in Kapurthala
- SC order on Yakub Memon huge disappointment, setback: Owaisi
- APJ Abdul Kalam's funeral to be held in Rameswaram; PM Modi to attend
- APJ Abdul Kalam's funeral: Why Rameswaram was chosen over New Delhi?
- LIVE: Yakub Memon buried in Mumbai; Rajnath says he got chance to express views in all forums
- Has President Pranab Mukherjee rejected Yakub Memon's mercy plea?
- SC refuses stay on Yakub Memon's hanging: As it happened