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There will be ‘mild increase’ in term plan premiums: Bajaj Allianz Life MD Tarun Chugh
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There will be a “mild increase” in premiums on term plans of Bajaj Allianz Life Insurance as the company is to an extent absorbing the increase of the rates by its reinsurers, MD and CEO Tarun Chugh said on Monday.
Addressing a virtual press conference, Chugh said it is difficult to estimate the likely impact of the Omicron variant of Covid-19 on India’s life insurance industry at present, and his company is now back to “scenario planning”, which the insurer has been doing in the last 18 months.
“The reinsurers, who usually have a lot better data than the insurance companies, have already increased prices. So, they already told us that the prices should increase after December-end,” Chugh said, replying to a set of questions on reinsurance
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