Buying term insurance can be expensive again. Insurance companies are planning to increase Term Insurance premium from 25% to 30%.
As per the information received, eight to 10 companies have planned to increase the term insurance premium from the end of this year. This time the premium can be increased by 30 per cent. At the same time, the companies have increased the premium of the term plan already taken from 30% to 40%. It is noteworthy that even before this Insurance companies issued policies in March The premium was four to five per cent higher on the renewal. Thus, for the second time in a year, insurance companies are going to increase the term insurance premium.
Regarding the cost of Term Insurance, insurers say they are under a lot of pressure from reinsurance companies. That is why insurance companies have to raise premiums. It is also being said that the underwriting of reinsurance has been tightened, making insurance more expensive. Some of the other changes that may occur are that insurance companies may ask their customers for proof of income, a bank statement. So far no such documents have been requested. Companies can also tighten the requirements for medical examinations.
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