Must Read: Term Insurance Rates Are Set To Increase From The New Year

If you are thinking of taking a term insurance plan, then decide soon. Actually, from January 2022 i.e. new year, there is bound to be a big increase in the rates of term insurance plans. According to Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance, insurance companies have given a deadline to increase rates. Therefore, it will be necessary for all companies to increase the rate in the term plan policy after December 2021.

Insurance sector affected by Omicron

Tarun Chugh believes that some part of the total increase will be borne by the companies and the rest will be passed on to the customers. Even after this increase, the rates of term plan insurance in India will remain low as compared to the rest of the world, because their rates are still comparatively low in the country. On the other hand, on the impact of Omicron on the insurance sector, Tarun Chugh believes that if the effect of the virus is dangerous, then there will be a lot of negative impact on this sector. At the same time, the next two weeks are very important about this. After two weeks, the whole situation will be clear about this.