Nippon Life to let premiums stand

JIJI

Nippon Life Insurance Co. announced Monday a plan to keep intact premiums for key life insurance contracts for individuals that will be concluded from April.

The industry leader will refrain from a hike while many rivals are expected to raise premiums in accordance with the Financial Services Agency’s anticipated revision in April to a standard interest rate used by the industry to set policy premiums.

Nippon Life will keep its premiums steady this time after having drastically realigned its product lineup last April, officials said.

In a related move, Japan Post Insurance Co., a unit of government-owned Japan Post Holdings Co., will keep intact premiums for key products, such as endowment insurance policies, for contracts concluded from April, officials said.