6 major companies in the insurance sector are going to increase the price of term insurance from April 1. From April, insurance companies can increase their term plan premium by 10-15 per cent.
There is good news from the policy holders of Life Insurance Corporation of India, the country’s largest insurance company. LIC will not increase the premium of its term plan. 6 major companies in the insurance sector are going to increase the price of term insurance from April 1. From April, insurance companies can increase their term plan premium by 10-15 per cent. However LIC will not increase the rate for such schemes. Let us know that after the outbreak of the COVID-19 epidemic last year, many big insurance companies had increased the rates, but LIC did not do this and now there are no plans to do it.
In term insurance, there is a complete risk cover. There is no money on maturity. But in case of death of the policyholders during the policy period, his nominee gets the money. In this policy, large amount of insurance is available at a low premium. Jeevan Amar (Jeevan Amar) and Tech Term Plan (Tech Term) offer term insurance policy under Pure Protection Plan of LIC.
Term plan will be expensive by 10 to 15 percent
In the new financial year 2021-22, the premium for term insurance may increase by 10 to 15 percent. Due to coronavirus worldwide re-insurance premiums have been affected by the mortality rate. According to companies, non-medical reinsurance premium has increased by up to 25 percent. Due to the pressure on re-insurance premiums, companies can increase the term plan premium.
Which customers will be affected
The impact of the increase in premium will be on the customers taking the new policy. This will not affect the old customers. His earlier fix premium will continue.