Insurance regulator IRDA is taking quick decisions to increase the scope of health insurance in the country. After the relaxation of the rules, new products related to health insurance are coming. After the instructions of IRDA, now general insurance companies are moving fast towards launching surrogacy insurance. For this, such policies are being designed in which maximum financial security can be provided to the surrogacy mother. Along with this, the families desirous of having a child can make their courtyard buzz with the chirping of little ones at a low cost.
IRDA has directed insurance companies to provide coverage for surrogacy expenses to families who are facing the problem of childlessness due to various reasons. IRDA has clearly told the insurance companies to start following the Surrogacy Acts with immediate effect. Also, keep in mind that such products should be offered in which adequate facilities and cover are available. Section 4 of the Surrogacy Act provides for insurance coverage for surrogacy expenses. This cover also includes post delivery health issues.
What are the preparations?
According to insurance industry sources, about half a dozen general insurance companies are currently working on designing specific products related to surrogacy insurance. More than half of these products are almost ready which will be launched soon. Specific riders for surrogacy mother are being included in these products. In this regard, Bhaskar Nerurkar, head of the health administration team of Bajaj Allianz General Insurance, says that IRDA’s step in the direction of surrogacy insurance is welcome. This insurance will provide cover for such families who are unable to have a child due to various reasons. Now he wants to fulfill his dream of becoming a parent due to advancement in the medical field.
What does surrogacy law say
Under the Surrogacy Regulation Act, couples who want to have children through surrogacy will have to buy health insurance for 36 months for the surrogate mother. This insurance can be bought from any insurance company or insurance agent recognized by IRDA. The rules have clearly stated that the amount of insurance should be such that it is sufficient to treat any problem due to pregnancy to delivery. The average cost of surrogacy in India is Rs 20 lakh.
How useful is this insurance?
Personal finance expert Jitendra Solanki says that IRDA guidelines related to surrogacy insurance are very important. With this initiative of the regulator, the conditions regarding insurance related to surrogacy will be clear. This will be of great benefit to those couples who are unable to have children and want to adopt the method of surrogacy. Along with this, even after delivery for surrogate mothers, there will be relief from all kinds of health related concerns for a fixed time.
What is surrogacy?
When a husband and wife are not able to give birth to a child due to any reason, they take the womb of another woman on rent. Giving birth to a child through this process is called surrogacy. The woman who gives birth to a child by taking money is called surrogacy or surrogate mother.
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