Patients with human immunodeficiency virus or HIV can now get insurance cover. This health insurance cover, which is the first of its kind, is waiting for Insurance Regulatory and Development Authority (IRDA) approvals.
A Chennai based health insurance company - Star Health and Allied Insurance has proposed this unique group insurance policy for HIV positive patients.
The firm will be approaching the patients through NGO's and medical organizations, so that the group can avail the scheme.
Under this group insurance policy, Star Health and Allied Insurance will provide a minimum cover of Rs. 30,000 or Rs. 50,000 to HIV patients.
Rs 2,800 per annum will be the premium payable for a Rs. 30,000 policy and Rs. 4,000 for a sum assured of Rs 50,000.
The insurance policy however, will not cover preventive medication for HIV treatment.
When the HIV patient is diagnosed with aids, Star Health and Allied Insurance will pay out the sum assured as a lump sum. IRDA is still studying the viability of the product.