Term Insurance premium hike: Here’s how you can lock premiums at lower rate

Term insurance plan premiums are set to hike up to 40 per cent anytime soon as reinsurers are planning to increase the rates and tightened their underwriting norms in the wake of the Covid-19 pandemic. The Covid-19 related casualties claims post-second wave could be one of the reasons for the term plan premium increase. “The reinsurers to re-evaluate their prices on term plans as they are witnessing stress on the business,” said Anilkumar Singh, Chief Actuarial Officer, Aditya Birla Sun Life Insurance.

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