The increase in term life insurance premiums may be delayed by 10-15 days as re-insurer contracts await renewal and new product for a few insurers are yet to be approved, according to insurance brokers.
These premiums were earlier set to be increased from 1 April, but it has been deferred now and is now likely to be hiked later this month, as per industry source. These are premiums that life insurers pay to reinsurers for re-insuring their risk. According to the previous reports, premiums for term insurance were expected to rise by up to 20% in 2021 as insurers take into consideration the emerging mortality rates.
