In the midst of the second wave of Coronavirus, that is, in the month of April to June, an increase in the premium of term insurance and health insurance has been seen.
In the midst of the second wave of Coronavirus, that is, in the month of April to June, an increase in the premium of term insurance and health insurance has been seen. According to a report, the premium of health insurance has increased by an average of 5 percent. At the same time, the premium of term insurance has increased by 8 percent. Insurance companies did not increase the premium for the last few years.
According to a report by insurance aggregator company Policy X, between April and June, there has been an average increase of 5 per cent in health insurance premiums. According to the report, many insurance companies did not increase the premium of health insurance in the last few years, but due to the increasing claims of Kovid-19, it was compulsion for the companies to increase the premium. Apart from this, due to the inclusion of many diseases in health insurance like genetic diseases, mental disorders, companies have also had to increase the premium.
How much has the premium increased?
According to the report, the premium hike has been around 10 per cent on the age group of 46 years and the sum assured of Rs 10 lakh. If we talk about term insurance, then till June 2021, the premium of term insurance has increased by about 8 percent as compared to 2020. Delay in term plan by 10 years will cost 46.2 per cent more for a 25-year-old and 72.7 per cent for a 35-year-old.
Companies are tightening the rules
In the second wave of Corona, there has been a strong increase in the claims of companies. In such a situation, companies are making the standards of risk management strict. All life insurance companies have made the rules of underwriting very strict. According to the new rules of life insurance companies, if you are Kovid-19 negative even through home isolation, then you cannot buy a term insurance plan from any insurance company for 3 months. Apart from this, instead of telemedical, companies are now emphasizing on detail medical test for term insurance.
In view of the sudden increase in claim cases in the second wave of Corona, companies are tightening their risk management. Insurance companies have also increased the risk of term portfolio. Some companies have added the condition of vaccination to term insurance. At the same time, vaccination is being included in term insurance by reinsurance companies.
