Nippon Life Revises Insurance Premium Rates and Contract Loan Interest Rates from April

Ensuring long-term asset building and security by lowering the assumed interest rate

Nippon Life plans to reduce the insurance premium rate for individual insurance and individual annuity insurance and the loan interest rate for policyholders from April 2022. Revise. In a low-interest-rate environment, the company intends to lower the assumed interest rate to ensure stable asset formation and security over the long term, while also lowering the contracted loan interest rate to meet customers' funding needs. The revision range of the insurance premium rate is 0.15 to 0.25. It will be applied from insurance contracts whose contract date is after April 2, 2022, and in the case of renewal of existing contracts, it will be applied from renewal contracts after July 2, 2022. In addition, the revision of the contract lending interest rate is 1.00%, which will be applied from April 2, 2022 onwards for insurance contract lending. The main products whose insurance premium rates will be revised this time and the assumed interest rates are as follows.

Main target products and assumed interest rate

The assumed interest rate for annuity insurance, endowment insurance, term insurance with living benefit, and longevity life insurance (low cash surrender value) will be reduced from the current 0.85% to 0.60%. . * Lump-sum payments for life insurance and endowment insurance are not eligible. The assumed interest rate for whole life insurance, long-term term insurance, and long-term term insurance with a set period for accident coverage will be lowered from the current 0.40% to 0.25%. *Lump-sum payments for whole life insurance are not eligible. The assumed interest rate for long-term care insurance, dementia insurance, comprehensive hospitalization insurance, cancer medical insurance, three major disease insurance, and comprehensive medical insurance will be reduced from the current 0.40% to 0.25% when the insurance period is whole life. . The above products will apply from insurance contracts with contract dates on or after April 2, 2022. In addition, in the case of renewal of an existing contract, it will be applied from the renewal contract after July 2, 2022. (Image from Nippon Life website) ▼External link Nippon Life News Release https://www.nissay.co.jp/news/2021/20220113.pdf ●News category related to this article: Other (Article provided by: Super/ Academy)

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