Term insurance premiums across life insurance companies are expected to increase by up to 40% in the next three-six months.
On buying a term policy, you pay only for insurance and after the policy term ends, you don't get any money back, but on death of the policyholder during the policy term, it pays a huge corpus to the nominees.
Term policies are a fairly new product in the Indian insurance industry, and the premiums are lower compared with most of the developed nations.
Santosh Agarwal, chief business officer—life insurance, Policybazaar, said these products hit the Indian market about 10 years ago and before that there were mostly savings products. “On comparing premiums 10 years ago to what they are now, you’ll realise that they’re