In this hour of corona crisis, the demand for Term Insurance has grown exponentially. Many companies have raised premiums by 30 cents in the past. According to sources, standard term insurance will also be on the lines of Arogya Sanjivani Health Insurance.
New Delhi: This hour of coronavirus epidemic is going to bring you a great term insurance plan. In view of the corona crisis, insurance regulator IRDAI had launched the Standard Health Policy, which received a strong response. According to sources, IRDAI is now gearing up to bring standard term insurance on the same lines. In fact, the demand for term insurance has grown exponentially in this hour of corona crisis. Many companies have raised premiums by 30 cents in the past. According to sources, standard term insurance will also be on the lines of Arogya Sanjivani Health Insurance. For information, all insurance companies have already launched Standard Health Insurance from April 1, 2020.
Benefits from standard term insurance?
Standard term insurance will be largely the same as standard health insurance. This means that the features will be the same if you take a term plan from any life insurance company. Currently, companies sell different term plans in the insurance market. Whose features, conditions vary. For instance, features such as room charges, life cover, serious illness and disability of hospitals vary according to companies. But there will be no change in the features in standard term insurance. This will remove the fusion of term plans among consumers.
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How much will premium?
IrDAI will not be under pressure on insurance companies to fix premiums even though standard term insurance features are the same, i.e., insurance companies will be able to fix premiums accordingly.
Let’s say that there has been a significant increase in the number of insurers since the outbreak of the corona epidemic. But in the meantime, many insurance companies have increased the premium amount. The insurance authority has already ordered all companies to bring different insurance policies for this particular disease.
