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The HIV-AIDS patients can look forward to life insurance cover from April 1, 2014.
The Insurance Regulatory and Development Authority (IRDA) will be making in mandatory for insurers to offer insurance cover for people living with HIV/AIDS.
Underwriting policy
In the draft guidelines issued on Friday, the regulator said that the board-approved underwriting policy should be put in place by all insurers. The patients should not be denied life insurance if the eligibility criteria as per the underwriting policy is satisfied.
Mortality study
For pricing the risk, the mortality study conducted by the Institute of Actuaries of India with the support of the working group constituted by the National AIDS Control Organisation (NACO) could be used.
The standard underwriting guidelines for life insurance products framed by the Life Insurance Council could also be taken into consideration by the insurers.
On the health insurance side, IRDA said: “With respect to persons who are HIV negative at the 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.’’
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