{"id":13471,"date":"2022-01-05T18:06:54","date_gmt":"2022-01-05T12:36:54","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-kotak-life-insurance-premium\/"},"modified":"2022-01-05T18:10:45","modified_gmt":"2022-01-05T12:40:45","slug":"biz-kotak-life-insurance-premium","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-kotak-life-insurance-premium\/","title":{"rendered":"Kotak Life Insurance looking to raise term insurance premiums, says MD"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3261444407\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> Mumbai, Jan 5 (PTI) Private life insurer Kotak Life Insurance on Wednesday said it is looking at raising term insurance premium rates and will soon file a new product with insurance regulator IRDAI.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3673482167\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> The insurer&#8217;s Managing Director Mahesh Balasubramanian said insurers and reinsurers have been affected globally due to the pandemic and this has caused a realignment of underwriting norms and pricing of products.<\/p>\n<p> A lot of insurance companies have increased the premium on term insurance products due to the higher number of claims in the past few months.<\/p>\n<p> &#8220;Our last price increase (in term insurance premiums) happened in April last year. We will be assessing the situation and will be filing a product (with IRDAI). Rather than saying a hike, let me put it this way that our pricing will align with the new reality,&#8221; Balasubramanian said during a virtual event.<\/p><div class=\"trade-content_5\" id=\"trade-2382415195\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> He, however, did not specify the quantum of the hike the insurer is planning to make.<\/p>\n<p> Balasubramanian said the pandemic has resulted in an unprecedented level of mortality across the globe.<\/p>\n<p> &#8220;There is a realignment of the underwriting in reinsurance because reinsurers have really lost a lot of money in payments of settlements of claims and therefore, they are under the pressure to make sure that there is a price revision happening and there are also stricter norms for underwriting,&#8221; he added.<\/p>\n<p> The insurer&#8217;s total new business premium grew 37 per cent to Rs 3,376 crore in April-November 2021. Its individual business renewal premium registered a growth of 20 per cent to Rs 3,002 crore in the same period.<\/p>\n<p> During the first half of the financial year 2021-22, the insurer settled 62,828 claims worth Rs 1,230 crore. Its solvency stood at 2.61 in H1 FY2022. PTI HV  HRS hrs<\/p>\n<div class=\"trade-after-content\" id=\"trade-1100726189\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mumbai, Jan 5 (PTI) Private life insurer Kotak Life Insurance on Wednesday said it is looking at raising term insurance premium rates and will soon file a new product with insurance regulator IRDAI. The insurer&#8217;s Managing Director Mahesh Balasubramanian said insurers and reinsurers have been affected globally due to the pandemic and this has caused [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-13471","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kotak Life Insurance looking to raise term insurance premiums, says MD - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-kotak-life-insurance-premium\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kotak Life Insurance looking to raise term insurance premiums, says MD\" \/>\n<meta property=\"og:description\" content=\"Mumbai, Jan 5 (PTI) Private life insurer Kotak Life Insurance on Wednesday said it is looking at raising term insurance premium rates and will soon file a new product with insurance regulator IRDAI. 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