In a move to address issues such as inflation, and reinsurance costs, leading life insurers such as Max Life Insurance, Bajaj Allianz Life, and ICICI Prudential Life Insurance are going to increase term rates by two to 10 per cent, according to sources in the know of the development. Recently, Tata AIA Life Insurance and HDFC Life Insurance have already increased term rates, according to media sources. When contacted, Bajaj Allianz Life and ICICI Prudential have not commented on the story.
While Bajaj Allianz will increase term rates by two to three per cent, ICICI Prudential Life will increase rates by three to five per cent. Tata AIA has increased rates between three to 10 per cent. Tata AIA has also not responded to an email seeking confirmation on the rate hike. Max Life Insurance has increased rates in the range between one to six per cent across different age brackets.
