Planning to buy term plans? Hurry up as premiums set to rise from January – See Full report

If you are planning to buy an insurance, you must do it fast as the premiums are expected to increase. Bajaj Allianz Life Insurance Managing Director (MD) and Chief Executive Officer (CEO) Tarun Chugh has indicated that the reinsurance companies have given a deadline to increase premiums. 

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This means that after December it will be necessary for insurance companies to increase the premiums on term plans, 

Chugh said that a part of the overall increase in the premiums will be borne by the companies themselves while the remaining part will have to be taken by the policyholder.    

However, he clarified that the premiums for term plan will still be lower in India in comparison to global premiums. This is because the premiums in India are comparatively lower than those in other countries.    

On the impact of the latest Omicron Virus on the sector, Chugh said that if the virus turn out to be deadly, then the impact will be severe on the industry. He said that the industry must watch the situation over the next two weeks. The situation is likely to be clearer after this time, he added.  

Bajaj Allianz Life Insurance has launched two plans with 6 per cent guaranteed returns. The plans offer savings with guaranteed returns.  

The plans have been designed for the policyholders in view of their financial targets and which gives benefits in the form of guaranteed returns.