Several life insurers have hiked their term insurance premium rates recently, and more are likely to in the near future. Rates are expected to move up across companies over the next six months. The industry may even adopt tighter underwriting norms.
Insurers set their term premium rates based on certain assumptions of what their mortality experience will be. Their actual experience has been worse than expected. Also, owing to competitive pressures, insurers have reduced their term policy premiums to unsustainably low levels. Now, the reinsurers have hiked their premium rates by up ...
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First Published: Tue, May 19 2020. 19:02 IST
