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.
This story is from the January 04, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 04, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Army becoming self-reliant in weapon production: Pande
Chief of the Army Staff (COAS) General Manoj Pande on Tuesday stated that the Indian Army is changing from being a buyer of weapons to becoming a partner of Indian industry in development and production.
India bore climate change brunt in '23
Asia remained world's most disaster-prone region from weather and water-related hazards last year: WMO
Review portfolio holdings before choosing a credit risk fund
Only investors with high risk appetite should opt for them; limit allocation to 5-10%
Strong signal for telecom sector after successful Vi FPO
The success of the massive Vodafone Idea Ltd (VIL) follow-on public offering (FPO), which raised ₹18,000 crore, coupled with a subscription of fresh equity worth ₹2,075 crore by an Aditya Birla group company, has triggered some optimism for the telecom sector.
MFs offload PSB stocks, bet big on private banks
Pulled out ₹2,500 crore in March from state-owned lenders
Adani stocks now have prominent investor base
Sebi questions global funds on Adani 'stocks manipulation'
Jane Street saga echoes another warning for retail option traders
A 'secret' strategy used by US-based hedge fund Jane Street helped it earn over $1 billion last year in options At the losing end for most of these trades were Indian retail investors.
Cong wanted to give SC, ST quota to Muslims: PM
Prime Minister (PM) Narendra Tuesday Modi on said the Congress had designs to provide reservations to Muslims from the quotas earmarked for the Scheduled Castes (SCS) and Scheduled Tribes (STS), and reiterated that the Opposition party has hatched a \"deep conspiracy\" to \"X-ray\" and snatch people's wealth and distribute it among a \"select\" group.
Firms must repair worn-out products, rule EU lawmakers
The European Parliament approved rules on Tuesday to give consumers the right to have worn-out products like washing machines and smartphones repaired by producers, to cut waste and make goods last longer.
Over 200 quakes shake Taiwan; no impact on operations, says TSMC
Taiwan's quake-hit eastern county of Hualien was rattled by more than 200 aftershocks late on Monday and early on Tuesday, but only minor damage was reported and no casualties and major chipmaker TSMC said it saw no impact on operations.