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According to sources, Irda's new table will lead to reduction in insurance policy plan protection premium.
The new table is progress over the current table as it is dependant on the latest loss of life amount and claim experience of different insurance policy plan protection suppliers.
The variation in loss of life amount across regions and gender is incorporated in the latest table.
The existing table is dependant on LIC's information alone for the period 1994-96.
There has been significant enhancement in loss of life amount rates across all ages, particularly in the young age, since 1996 and the new table will be useful for insurance policy plan suppliers in streamlining the pricing of policies based on latest information.
The new table is progress over the current table as it is dependant on the latest loss of life amount and claim experience of different insurance policy plan protection suppliers.
The variation in loss of life amount across regions and gender is incorporated in the latest table.
The existing table is dependant on LIC's information alone for the period 1994-96.
There has been significant enhancement in loss of life amount rates across all ages, particularly in the young age, since 1996 and the new table will be useful for insurance policy plan suppliers in streamlining the pricing of policies based on latest information.
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