Three private life insurers increase term plan rates by 10-30%

As many as three large private life insurers, who have reinsurance contracts with a global rein­surer, have revised their term plan rates. Three more are expected to revise their rates this month, said sources in the know. The rest with reinsurance contracts with the global reinsurer are expected to hike their rates in the current quarter.

Munich Re had nudged its insurance partners on the hike in September and insurers were engaged in negotiations with the reinsurer on the quantum of increase.

ICICI Prudential Life Insu­rance, HDFC Life Insurance, and Bajaj Allianz Life have so far revised their term plans rates anywhere