Terms policy premiums are expected to see a 15-25 percent increase in all life insurance companies, due to an increase in stress on reinsurance business, exclusive sources to CNBC-TV18.
The reinsurance level has been carried out by an average of 40-60 percent for short-term policies and retention limits in the policy of the term multiple livelihoods for life insurance companies, said sources.
Previously, Indraneel Chatterjee, Co-founder in Renewbuy in interaction withCNBC-TV18 said that Covid-19 caused a health crisis throughout the world with a significant increase in victims.
“The number of claims completed during the second wave is much higher than expected. The impact of Covid-19 LED claims tends to be one of the most significant reasons for the level of short-term plans to be revised by the insurance company the term premium remains approximately 5 to 6 years , “he said.
With the advent of pandemic, Chatterjee said that people became more aware of health and safety and were unable to risk anything.
“Because uncertainty continues to increase after the new Omicron variant has a more important living cover than before. The term plan is the need for hours for each individual income and must always be part of financial planning,” he said temporarily. Talk to CNBC-TV18.