News From Press Cost of term insurance likely to increase soon

Cost of term insurance likely to increase soon

An insurer generally works on a concept where they create a fund through premiums (paid by all their policyholders) and pay the insurance claims of those policy holders who die each year, from this fund.

The Economic Times Apr 3, 2020

Term life insurance premiums are likely to increase from April 10, 2020, according to insurance brokers. These premiums were earlier set to be increased from April 1, 2020 but the hike has been deferred to April 10 due to the coronavirus pandemic, as per industry sources. The decision to defer the hike in premium has been taken to address any financial disruptions that customers might face during this lockdown.

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