Term insurance premium up 2-3%
Major life insurance companies, including Bajaj Allianz and Max Life, have raised term insurance premiums by 2-3%, with HDFC Life introducing a 10% hike for policyholders aged 60 and above, citing factors like age, health, and rising mortality rates.
Major life companies have increased premiums for the current fiscal year. Life Insurance and raised premiums by 2-3%, while introduced a 10% hike for aged 60 and above.Factors rates include age, gender, occupation, health, and smoking status. Insurers use mortality tables to set premiums and ensure solvency. Rising mortality rates have contributed to the increase in term insurance premiums.
"It's a marginal change of 2-3%, nothing beyond the ordinary adjustments that happen often," said a source.
Source: Stocks-Markets-Economic Times
