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In the first quarter of 2021, there has been a significant jump in term insurance premium prices, whereas no change has been seen in the health insurance despite the spread of COVID19, according to PolicyX.com’s Insurance Price Index.
PolicyX.com, an insurance web aggregator launched ‘Insurance Price Index’ in January to observe shifts and trends in the premium prices of Term Insurance and Health Insurance. The first edition of the index had shown that the prices were stable in the December quarter for both health and term plans.
During the first quarter of 2021, in the term insurance category, the price index surged 4.4%, indicating an uptick, that the average price of term insurance premium rose to ₹21,913 in the index value.
Rising premium
Out of total 10 insurance companies in the price index, 4 insurance companies have escalated their premium prices in the last quarter whereas other companies have kept their annual premium prices intact. The biggest jump observed in premium prices was about 19.0%, which was followed by 18.7%, 5.5%, and the minimum was 2.6%.
Following the trend of the report, there are some indications that other insurance companies may also increase their term insurance premium prices in the near future.
The average price of a Rs lakh term insurance has risen to Rs, 15,553 and for Rs 1 crore insurance to Rs 27,150.
“As per our discussion with most of the insurers, term plan prices are likely to go up further. Fortunately, not all companies have affected the price increase so far,” said Naval Goel, Founder & CEO, PolicyX.com while commenting on the report.
The mentioned premium prices are average from 10 leading insurance companies for various age groups i.e, 25 years, 35 years, 45 years, and 55 years and both genders. It also considers the prices for both smokers and non-smokers.
Meanwhile, despite some indications of an increase in health insurance premium prices due to the continuous spread of the COVID19 virus, there has been no surge in the premium prices in Health Insurance in Quarter 1 2021.
In the case of health insurance, the Insurance Price Index remained constant at Rs. 24,206, reflecting zero change in the average price for a Rs 5 lac sum and a Rs 10 lac sum assured of Rs. 20,781 and Rs. 27,271, respectively. Total 6 companies had been taken for the health insurance price Index.
Total six companies had been taken for health insurance price Index including Aditya Birla Health, Care health, Max Bupa Health, Manipal Cigna Health, and Star Health & Allied insurance companies.