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Corona’s impact on term insurance, 30% increase in claims, 25% increase in premium

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Corona's impact on term insurance, 30% increase in claims, 25% increase in premium
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Everyone is being harmed here due to Corona. The insurance company is suffering a lot of losses. During Corona’s time, insurance companies are having to spend a lot, due to which they are increasing the premium.

IndiaFirst Life Insurance has increased 25% in term insurance. Old customers will have to pay the earlier premiums. But those who are new customers will have to pay 25% more premium.

Corona's impact on term insurance, 30% increase in claims, 25% increase in premium

Insurance has become costly for insurance companies and the company is incurring a lot of money due to the death of the people in this Corona period. Because of which they are going to increase the amount.

At the age of 40, the premium for taking a term insurance of Rs 1 crore for 40 years was earlier Rs 15,100, which has now increased to Rs 18,800.

Corona's impact on term insurance, 30% increase in claims, 25% increase in premium

Similarly, if a 20-year-old youth takes a term plan from IndiaFirst Life Insurance for 40 years. He will now have to pay a premium of Rs 5000 annually, compared to a premium of Rs 4400 earlier.

Corona's impact on term insurance, 30% increase in claims, 25% increase in premium

For those who are 30 years old, they used to read a premium of Rs 7,000 per annum for one crore rupees term insurance. But now they have to pay 8600 rupees.

RM Vishakha, managing director of IndiaFirst Life Insurance, says that term insurance claims have risen by 30 per cent during the Corona pandemic. Due to this insurance companies are losing money.

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