Some term plans become costlier by up to 20 per cent in the last one month
New Delhi. Insurance policies can become expensive in the coming times, according to industry experts, with increasing awareness, people have started making better use of the policy, due to which the number of claims has also increased. For this reason, companies can make the policy expensive. Insurance business experts say that especially term insurance and premiums may increase in the coming days.
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1.Santosh Aggarwal
Santosh Aggarwal, CBO (Life Insurance), PolicyBazaar said that the pricing of term life insurance plans in India is not fair as compared to the western countries. He said that in most western countries, term plan prices are fairly justified as they are calculated on the basis of sophisticated data and experience. He said that there is a possibility of increase in the prices of term life insurance by up to 40 per cent. He said that in the last one month, some insurers have increased the prices of term life insurance plans by up to 20 per cent.
2.Vivek Jain
Vivek Jain, Business Unit Head, Investments, Policybazaar.com said that the Reserve Bank of India has cut the repo rate by 40 basis points, which is likely to bring down lending rates as well as deposit rates. He said that the returns on insurance products may also come down in the near future after the repo rate cut, so investors who are looking for assured returns should lock the returns before the insurance companies revise the rates.
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3.Subodh Kumar Jha,
Subodh Kumar Jha, who has been associated with the insurance business for a long time, said that the installment of any insurance is determined by the probability of its claims. He said that in the current era, whether it is term insurance or health insurance, the possibility of claims in these is being overstated, in such a situation any insurance company can consider increasing the premium.
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