Covid 19 Insurance - Even as term plans get expensive and premiums up 40%, state insurer LIC avoids hikes

Term insurance companies have increased their premiums by up to 40 percent since the beginning of Corona.

The main reason for the increase in premium is the change in the claim pattern, due to which the companies have passed on the increased cost to the customers.

After witnessing significant increase in the claims, the companies have also tightened the conditions.

However, all private companies have increased the premium of term insurance but LIC is the only company which has not increased the premium of its term plan for the third consecutive year and has kept the premium as it is.

The rates of term plans in India have been very low as compared to countries all over the world.

It is being said that along with increasing awareness after Covid-19, the trend of term insurance has also increased among people.

Key Pointers :

-Term insurance became costlier by 40% during the Corona period

-All private companies increased rates

-No increase in LIC's term plan rates for the third year in a row

-Re-insurance increased premium after change in claim pattern

-After increasing the claim of Covid, the companies increased the conditions and premium.

-Term plan rates in India have been very low as compared to countries around the world

-Awareness increased after Covid and the trend of term insurance increased among people