As 6 pvt insurers set to increase term plan premiums, LIC won't raise rates

As many as six life insurance companies are set to increase their term plan premiums by 10-15 per cent from April, but Life Insurance Corporation (LIC), the largest life insurer in the country, will not raise rates for such schemes.

While several big players had raised rates last year, following the outbreak of the Co­vid-19 pandemic, LIC did not do so and it has no plans to do it now, sources in the company said.

LIC’s pure protection offerings such as Jeevan Amar and Tech Term have very competitive rates and have been received well.

“Unlike its private counterparts, LIC has