Policybazaar customer care confused me on Mortality Rates

transhem

10 years ago

I wanted to buy a term plan, There are a quite a lot of companies who provide them. I thought since this is a pure death benefit, why not go for the term plan with the least premium. I am 27 & a non-smoker.

Many sites talk about claim settlement ratio, i’m hoping when we give our details to the best of our knowledge, there should be no hassles in claims.

Secondly, when i wanted to buy it online, i happened to go policy bazaar{PB}, and when i compared the policies, a personal called me from PB and mentioned to buy the term plan soon as possible,

The reason he gave me was

-> The insurance companies have asked IRDA for higher premiums, and it will be made effective after Jan 31st.
Reason for higher premiums being increase in mortality rates.

I am really confused about this, i have also read from quite a few sites that IRDA would be making the term plans customer friendly in some time from now.

Kindly let me know your thoughts on this.