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Are insurers going to revise the premium of term insurance plans if re-insurers hike the rates?
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If you are looking to buy a term insurance plan, you might have to hurry up if you also want to save on cost. The premium of term insurance plans may soon witness a hike if the global reinsurers increase their rates. “Yes, it is true. Some re-insurers are expected to increase the rates. However, such information is kept confidential and only made available to the public once it is finalized and rolled-out,” informs Varun Gupta, Chief & Appointed Actuary, Bharti AXA Life Insurance.
The term plan premium increase is attributed to an impending hike in the re-insurance rates by the global re-insurers. Some portion of the lives underwritten by life insurance companies is passed on to the re-insurers who bear the risk for which the insurers pay a
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