Term insurance premium could see another hike this year with at least a few insurers mulling an increase in rates. However, in some relief to customers, the quantum of increase may not be as high as in the past few years. The increase is likely to be in the 5-8% range this time.
According to industry sources, a number of insurers are mulling an increase in the premium rates this year with the expected normalisation of the industry after two years of high claims from the Covid-19 pandemic.
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