New Delhi: Insurance companies can increase the premium of term life insurance by 20 to 30 percent. In fact, the claim of term life insurance has increased in the last few months, due to which the insurance companies have decided to increase the premium of term insurance. According to sources, insurance companies have talked to the market regulator about this and made them aware of the state of the insurance market. After receiving green signal from IRDA, companies can declare an increase in premium.
According to an insurance company official, insurance claims had increased in the last few months. The companies had no idea that the number of claims would increase so much. Companies’ balance sheets run on the basis of how much claims are claimed and how much new policies are sold. But now the situation of imbalance is coming. If companies do not increase the premium, it will directly affect their financial condition. Actually, the number of claims we were assessing in a year, now the claim is more than that.