The amount of life insurance premium may increase from next year i.e. 2022.

The amount of your life insurance premium may increase from 2022 next year. Insurance companies will increase their fees from next year, which may be a burden on their customers from life insurance companies.


Life insurance companies charge reinsurance companies to cover their various types of risks. Increasing the amount of premium (health insurance premium) can increase the profits of insurance companies. However, this may reduce the demand for the policy. 


Especially at a time when awareness about insurance products was on the rise.


Premium will increase up to 40%

It is reported that the amount of insurance premium can increase between 20 to 40 percent. 


This is because reinsurance companies have been receiving a large number of insurance claims for some time. As a result, their losses have increased. In that case, they would have to raise fees to make up for the loss.


At the same time, some companies are in talks with global reinsurance companies to keep rates low. Increasing the premium can affect the offline and online sales of the policy.

Know what the experts say?

According to experts, "there has been talk of raising prices for the last six months and now it cannot be avoided. Corona has been raising insurance claims for some time, causing losses to reinsurance companies, so now they are raising their fees. 


The CEO of the life insurance company confirmed that he has applied to IRDAI to increase the amount of premium and it will soon be applied to insurance products.


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