The term insurance market in India, which has mostly seen a drop in premium rates over the past several years, is set to witness a reversal of trend. Life Insurance Corporation (LIC) of India Chairman M R Kumar recently told reporters that term premiums are likely to rise due to increased stress in the reinsurance business.
Prospective customers who need to buy a term plan should expedite their purchases and lock into the current rates before insurers announce their revised ones.
