Private companies increased the rates of life insurance premiums. Life Insurance Corporation of India has not increased premium rates for three years.
The corona virus has had a profound effect on insurance companies. In the first and second wave of Kovid-19, insurance companies had to pay many claims. In such a situation, a lot of burden increased on them. Now further the burden will fall on the insured, because the companies have increased the price of the policy. Actually, the new variant of Corona, Omicron, is spreading rapidly. In such a situation, the pressure on insurance companies is sure to increase. To bring this economic pressure under control, companies have increased prices by up to 40 percent.
All companies increased prices
All private companies have increased the rates of life insurance premiums. Only Life Insurance Corporation of India has not increased premium prices for three years. After the increase in the death rate and claim rate in the Kovid epidemic, insurance companies have made the plan expensive. In view of the influx in the number of claims due to Corona virus, the companies have tightened the terms of the policy. Although insurance companies claim that the cheapest term plans are in India only.
How much did the plan cost?
HDFC Life, ICICI Prudential, SBI Life and Max Life are among the top hikers. HDFC’s term insurance was Rs 12,478 in 2020, which increased to Rs 16,207 in January 2022. ICICI’s premium was Rs 12,502 in March 2020. In January 2022, it has increased to Rs 17,190. State Bank’s premium was Rs 15,070 in March 2020, which increased to Rs 17,495 in the new year. Max Life’s premium was Rs 10,148 last year. It has now become Rs 11,858.
