This is an important step, states the official text, to promote the gender perspective in the insurance market and innovate in this sector.
The National Insurance Superintendency (SSN), which is the control body for insurance activity at the country level, approved, through the Resolution 532/2023 published this Friday in the Official bulletin, In general, the contractual conditions of the “Group Life Insurance for Women“and of”Annual Renewable Individual Life Insurance for Women“.
The approval of these contractual conditions has the following objectives:
- Guarantee the equity in covering the risks to which the female population is exposed.
- Promote the gender perspective in the insurance market.
- Innovate in the market insuranceincorporating specific coverage for the needs of women.
Characteristics of the contractual conditions
The contractual conditions approved in the official text include basic coverage and additional clauses.
The basic coverages are the following:
- Death: coverage for the death of the insured, with or without cause.
- Total and permanent disability: coverage for the inability of the insured to carry out any paid work, due to an accident or illness.
- Job’s lose: coverage for the involuntary loss of employment of the insured, due to dismissal, resignation or termination of contract.
The additional clauses that can be contracted are the following:
- Serious illness: coverage for the diagnosis of a serious illness, according to the definition established in the contractual conditions.
- Maternity coverage: coverage for pregnancy, childbirth and postpartum of the insured.
- Child care coverage: coverage for the care of the insured’s children, in the event of death or disability of the insured.
Differences with contractual conditions for men
The contractual conditions approved by the Resolution have some differences with the contractual conditions for men.
First of all, Coverage rates are built based on specific statistics for the female population.. This is because the particularities of the risks to which the female population is exposed imply a rate difference in relation to the same risks to which the male or unisex population is exposed.
Secondly, the contractual conditions include specific coverage for the needs of women, such as maternity coverage, child care cover and critical illness cover.
The approval of the contractual conditions for the “Group Life Insurance for Women” and the “Annual Renewable Individual Life Insurance for Women” is an important step to guarantee equity in the coverage of the risks to which the female population is exposed. It is also an important step to promote the gender perspective in the insurance market and innovate in this sector.
Source: Ambito
