As many as three large private life insurers, who have reinsurance contracts with a global reinsurer, have revised their term plan rates. Three more are expected to revise their rates this month, said sources in the know. The rest with reinsurance contracts with the global reinsurer are expected to hike their rates in the current quarter.
Munich Re had nudged its insurance partners on the hike in September and insurers were engaged in negotiations with the reinsurer on the quantum of increase.
ICICI Prudential Life Insurance, HDFC Life Insurance, and Bajaj Allianz Life have so far revised their term plans rates anywhere in the range of 10-30 percent, said a source.
The company has taken a premium hike of 10-15 percent on its term plans, said a spokesperson for Bajaj Allianz Life.
Tata AIA Life, Aditya Birla Sun Life Insurance, and Max Life Insurance are expected to hike their term plan rates this month. IndiaFirst Life Insurance, which has its reinsurance contract with Indian reinsurer GIC Re, has also raised its term plan rates.
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Breweries stir up barrels with mercury rising
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'Elections stoke volatility but don't alter market dynamics'
With less than a month remaining until the declaration of results for the 18th Lok Sabha elections, the markets are witnessing a spike in volatility. While the victory for the incumbent Bharatiya Janata Party government has largely been factored into market expectations, the uncertainty surrounding the allocation of seats is stirring some apprehension among investors. NIKET SHAH, the newly appointed chief investment officer (CIO) at Motilal Oswal Mutual Fund (MF), suggests that if the ruling coalition fails to secure a substantial majority, it could exacerbate short-term market volatility. Shah, who oversees assets valued at â¹46,000 crore, shares with Abhishek Kumar via email that valuations remain reasonable, and the potential for higher earnings growth is bolstering the ascent of small and midcap stocks. Edited excerpts:
