New Delhi: There is no hope for the common man to get relief from rising inflation. While the rising price of petrol and diesel has troubled the public, the news of TV, AC, freeze being expensive has given another blow. This shock of inflation is still ahead, at the moment, the hope of relief is not seen any further. Now it is news that it will be expensive to get an insurance plan. Yes! Now insurance premium is also going to be expensive. If you are preparing to buy an insurance policy, then you may have to pay more than the next month. Insurance companies are preparing to make term insurance premiums expensive from 1 April. According to several media reports, starting from April 1, in the new financial year 2021-22, term insurance prices can increase by about 10-15 percent. Insurance companies have cited the Corona epidemic as the main reason behind the price increase. In the global market too, companies are making premiums expensive.
Know what is a term plan
There is a danger of death due to natural and accidental causes in human life. When a person dies or becomes disabled, the income for the family ends. It becomes difficult for the family to live life. To save your family from such situations, you can take a life insurance policy directly. Explain that under term plan life insurance, in case of any untoward incident, his family gets financial security. However, in this, the policyholder does not get any amount on the maturity of the plan. The Term Plan actually gets you a cover at a very low premium. Generally, term plans can be taken for 10,15, 20, 25, or 30 years. Explain that in terms of the policy, the insurance company can charge a different amount for the same age, duration, and life cover from a different person.
10-15 percent increase
According to the news published in the Economic Times, from April, private sector companies can increase the price of insurance by 10-15 percent. Due to the Kovid, re-insurance premiums have been affected by the worldwide mortality rate. According to the companies, the non-medical reinsurance premium has increased by up to 25%. Due to pressure on reinsurance premium, companies may have to increase the term plan premium. Insurance companies have made a claim settlement of Rs 1250 crore in the coronary period only in cases related to the corona.
Know how much will affect you?
Explain that the effect of this increase in term insurance premium will be on the new customers taking the policy. That is, it will not affect the old customers, because for the old customers, the premium which is fixed once, has to be paid throughout the life. So if you want to take a policy in the coming time, then it may cost you dearly.
Will LIC’s policy also be expensive?
Whether the Life Insurance Corporation of India (LIC), the country’s largest life insurance company, will also increase the price of term cover. Nothing has been said clearly on this yet.
