New Delhi: The value of Term Insurance Price Index rose 1% to Rs 22,750 during July-September 2021. In Q2, the index value was Rs 22,526. Prices have risen 3.8% over a nine-month period, according to data on the Insurance Price Index for the third quarter of 2021, compiled by insurance web aggregator, PolicyX.com.
As per the data, health insurance prices remained stable during the period under review.
According to the statement released by the insurance aggregator, the average annual premium payable for term insurance of Rs 1 crore increased from Rs 29,010 in April-June 2021 to Rs 29,127 in the third quarter.
Naval Goel, CEO, Policy.com said, “In the last 3 months, out of the 10 insurance companies that are part of the index count, 4 insurers have increased premiums, two of which reported a significant between 10.6% and 12.6%. Contrary to this trend, 1 insurer has reduced its premium for term plans by around 10% in the last 3 months. While other term insurance companies remained stagnant over this period.”
The male segment aged 35 and above saw an increase of 3.9% in the value of term insurance index. In contrast, the female category of 55 years and above saw a 1.6% reduction in premium prices in the third quarter.
The data also showed that a 10-year delay in purchase of a term insurance plan can cost an average of 47% more for 25-years, 72% for 35-years and 78% more for 45-years. Year.
The premium prices mentioned were averaged from 10 major insurance companies for different age groups like 25 years, 35 years, 45 years and 55 years for both genders and smokers and non-smokers category and for sum insured . ₹50 lakh and ₹1 crore.
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