MS&AD Insurance Group & LIFEBANK launch dedicated insurance for frozen eggs

LIFEBANK and Mitsui Sumitomo Insurance of MS&AD Insurance Group will start providing dedicated insurance for users of LIFEBANK’s egg bank service beginning April 2024.

LIFEBANK launched the egg storage concierge service in July 2020 to provide one-stop services encompassing counseling, coordinating and referring clients to partner medical institutions, transporting eggs, and storing unfertilized frozen eggs.

LIFEBANK will provide the dedicated insurance free of charge for frozen eggs stored in its egg bank service.

Features of the dedicated frozen egg insurance

• Insurance coverage: All frozen eggs stored through the egg bank service (except for eggs retrieved at age 39 or older)
• Compensation: Covers accidental damage to frozen eggs from freezing until thawing
• Insurance amount: Costs incurred for egg retrieval and freezing of insured eggs (up to 25,000 yen per egg)
• Insurance premium: Premiums paid by LIFEBANK, provided free of charge to users

Background

With growing social attention on egg freezing and storage to prepare for future pregnancy and childbirth, some companies have started supporting it as an employee benefit. The Tokyo Metropolitan Government also recently began subsidizing costs related to egg freezing (up to 300,000 yen) starting in 2023 for women meeting certain criteria, as part of initiatives promoting women’s empowerment and countermeasures against the declining birthrate. With backing from local governments as well, demand for egg freezing and storage is expected to increase going forward.

The Tokyo Metropolitan Government budgeted JPY 60m for subsidies during the current fiscal year, enough to award the maximum amount of support to 200 women. However, more than 7,000 women have registered for information sessions about the new program, which offers up to JPY 300,000 toward the costs of egg-freezing, and 1,800 women have applied between October and December, according to the government.

Since egg freezing and storage involves high costs, and accidental damage to frozen eggs is generally not covered, LIFEBANK and Mitsui Sumitomo Insurance have jointly developed the industry’s first dedicated insurance for egg freezing and storage, aiming to broaden options and possibilities for more women as well as enhance peace of mind for users.

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