Life and general insurers have to provide insurance to HIV/AIDS patients under health insurance policies.
Patients suffering or vulnerable to AIDS/HIV would be provided with insurance cover under health insurance both by life and non- life insurers, says an exposure draft issued by IRDA yesterday. The regulator is planning to implement this order by October this year but has requested for comments on the draft within 30 days.
As per the draft guidelines, all the insurers will have to put in place an underwriting policy on health insurance coverage for persons suffering from these health problems. The policies have to clearly indicate the eligibility criteria for these patients.
According to IRDA guidelines, person who is HIV negative at the onset of insurance and subsequently found to be HIV positive shall not be denied any claims on such grounds. However, renewal of such policies will have a suitable loading charge that the policyholder has to pay.
Industry experts feel that the premium rates for health insurance would go up after the order is implemented. “IRDA has asked for comments and there are some issues in providing such insurance which we are discussing with IRDA. We feel that premium for health insurance would rise,” said a CEO of a general insurance company.