Three life insurers increase term plan rates by 10-30%
Business Standard|January 04, 2022
Three more firms expected to revise rates this month; others this quarter
SUBRATA PANDA

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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