The Life Insurance Corporation of India (LIC), which controls close to 70% of the life insurance market, has introduced the third gender as an option in its proposal forms in line with Supreme Court 2014 verdict recognising it. Till now, policy buyers could choose between 'male' and 'female' as gender options. Now transgender applicants can opt for the 'third gender' category.
Though the National Pension System also recognises the third gender, other insurance companies and mutual funds do not seek this information. The knowyour-customer (KYC) process, a prerequisite for making investments or opening bank accounts, also does not accommodate the third gender as an option. Incidentally, the option was included in Indian passports more than 10 years ago in 2005.
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