Term Insurance Denied basis Disability!

In order to secure the future of my family in event of my death; I decided that it is time I buy a term insurance policy.

I got in-touch with an associate that represented TATA AIA to help me understand the different policies available. I was up front in disclosing my disability i.e. blindness to this associate; further to which I gave her the details of my requirement and discussed all the scenarios in which the policy would be honored. I was convinced of a particular policy that met my needs. I asked the associate to revert with the break-up of the term/ coverage and premium details in an excel sheet so that it is accessible to me to discuss with my spouse.

Post this conversation; a week had passed. However, I did not receive the requested information. I decided to send the associate a reminder using What app.; my message read “Still waiting for your revert with the information I requested on the term insurance policy”. There was silence on this message for a whole day; I let it be. The next day/ morning; I get a reply that read “Sorry Sir, we do not offer term insurance policies to blind people”

I was disturbed at this reply and admit a bit very upset. This prompted me to check all available resources online for any statement that said if you have a disability you are not eligible to avail term insurance. My search yielded no positive results. I also went to the extent of checking with IRDA (Insurance Regulatory and Development Authority) and came across more disturbing news; which confirmed that private and public sector insurance companies have the blessings of the IRDA to discriminate.

I sighted one online resource that stated the following: The Blind Graduates Forum of India (TBGFI) has requested the insurance regulator to issue a circular to all insurance providers clearly instructing them not to discriminate in many manner whatsoever against persons with disabilities, specially those who are blind and have low vision.

Article is dated 2012 link for reference: https://www.moneylife.in/article/irda-chairman-we-are-working-towards-insurance-coverage-for-persons-disadvantaged-one-way-or-other/25781.html

Apparently, there has been no progress in addressing such discrimination till date based on my recent experience. I got in touch with the TATA AIA team on Twitter and I got a call from a senior manager that addressed my concern. He too told me the same that their policy did not have any provisions by which a person with a disability can avail term insurance.

In conclusion; persons with a disability; although having the resources and the means cannot secure their families with the help of term insurance. Which according to me is discriminatory and not an inclusive practice by this industry. It's really unfortunate that even the TATA Group failed to be a change maker in such a policy that clearly is discriminatory and not inclusive; but I understand that they too are regulated by the policies defined by IRDA.

Hoping to influence the change; see a more inclusive approach to insurance that does not discriminate based on disability*

*Understanding the fact that some disabilities?like but not limited to neurological disabilities make it challenging for a person to make financial decisions independently