Non-life insurance companies who had never wished to cover the dreaded Human Immunodeficiency Virus (HIV) are now revisiting their stance. The government-owned Oriental Insurance Company is finalising the contours of a health insurance policy that would cover HIV. The company will be filing the product with the Insurance Regulatory & Development Authority soon.
M Ramadoss, Chairman-cum-Managing Director, Oriental Insurance said, “Health insurance policies currently exclude HIV treatment. The health product we are finalising will cover HIV and can be bought by people who are not suffering from HIV.”
When asked if the policy will be priced high, Ramadoss said, “It will be slightly expensive.”
Currently, Chennai headquartered Star Health and Allied Insurance offers a group cover for people already suffering from HIV. The policy has been taken by 1,500 people as a group in Karnataka and Tamil Nadu.
Says V Jagannathan, MD and CEO of Star Health & Allied Insurance, “We are doing it as a social imperative. There are two types of HIV covers of Rs 30,000 and Rs 50,000 sum insured. In case the HIV translates into full-blown AIDS then we pay the insured Rs 30,000 or 50,000 amount depending on the sum insured chosen by him.”
“However the policies do not cover lung and intestinal infections,” added Jagannathan.