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Sunday, March 06, 2016

Life Insurance : LIC Extends Cover to 3rd Gender..!

Life Insurance : LIC Extends Cover to 3rd Gender..!

Introduces 3rd gender option in its proposal form which has been approved by IRDAI
The Life Insurance Corporation of India (LIC of India), 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 (NPS) also recognises the third gender, other insurance companies and mutual funds do not seek this information.

The know-your-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.

“The honourable Supreme Court, in a landmark judgement lauded by human rights groups, called on the government to ensure their (third gender) equal treatment. We have taken up the advice for implementation,“ said Mr. SK. Roy, Chairman, LIC of India. The Insurance Regulatory and Development Authority of India (IRDAI) has approved the new proposal form.

For most insurance companies, introducing the option may be a trifle difficult. LIC Of India does not have differential premiums based on gender. But other companies have lower premiums for females because of their longer life expectancy. These companies will have to grapple with the issue of pricing premiums for the 3rd gender.

Though LIC of Indai's premium tables for all three genders are uniform, it has put in place an additional layer of underwriting for insurance applications from the transgender community.


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Life Insurance : LIC Extends Cover to 3rd Gender..! Reviewed by S. Chitra on March 06, 2016 Rating: 5 Life Insurance : LIC Extends Cover to 3rd Gender..! Introduces 3rd gender option in its proposal form which has been approved by IRDAI ...

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