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Price hike alert: Buy term plan NOW or pay extra from April

If you have plans to buy a term policy, you better do it NOW. A lot of insurers are set to hike the term premium from April. The hike could anywhere be in the range of 10-20 per cent.
Why pay extra? Be a proactive customer and secure your family now. It will help you claim tax deduction too under section 80-C of the Income Tax for the financial year 2020-21.

A few companies had already hiked the prices last year. Many other insurers are set to do it no sooner than April 2021. Why the hike, you wonder? It’s a business call! The way you take insurance from insurance companies, they also secure themselves by taking insurance from reinsurance companies such as GIC. Reinsurers are the ones which have hiked the premium for insurers, which in turn, will be passed on to you.

A term insurance plan is a must for the earning member of the family. It is the cheapest insurance policy that gives a large sum assured to your family if an unfortunate event happens.
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