Recently we posted an article on Online Insurance and India. Aegon Religare was the first company in India which started this trend with it’s online term plan and now offering an online ULIP plan.
Life Insurance Corporation (LIC) will soon sell its policy through the internet for the first time soon with the launch of a pure term plan.
“We are in the process of designing a pure term product which would be sold through both online and through agents,” LIC’s ED- marketing S Roy Chowdhury. “The rates will be lower than what is charged at the moment,” he added. – ET
LIC currently charges higher premium for its term plans than private competitors. For example, a 30-year-old non-smoker has to pay an annual premium of 7,300 for a 25-lakh policy under LIC’s term plan Amulya Jeevan, while she can buy online policies such as ICICI Prudential’s iProtect for 3,350 and various other plans like iLife by Aviva, iTerm from Aegon etc.
This step taken by LIC will surely draw a new landscape to the online Insurance industry in India.
This will surly reduce the premium amount charged by the private insurance companies.
What’s your take on this? Comment!
online insurance is first time in insurance sector so it ‘s must help to a company
LIC will surely benefit from the this and so do people. Term plan from LIC and that to online is a win win.
Please let me know about the tentative date of launch of online term policy & details there of.I want to take this plan for my son. One more thing I would like to suggest is to try to reduce agent’s commission & increase investors margin to some extent because it is seen that till date agents have been benefited much more.Thanks & Regards !
That is the way Insurance industry works.
Yep will post an update when this plan comes in market.
Thanks for dropping by.
life insurance is most require a person because no one can ‘t say the tomorrow what will happen . So it’s necessary to all .
Yes it is one of the most important part of Financial Planning Process. More over it secures your family in case of any unexpected events.
lic is most eligible incurance sector in india .
Being under the control of GOI. It has to.
I need 50lac term policy in lic
I want to tell each one to go online &visit lic side .
Friends,when we think of Insurance policy, think of Risk coverage separately with good Term Plans with low premium & High risk coverage. Basicaly insurance is not good from investment view. for investment, there are so many good options.think over it. It is late but good that LIC will be on line. LIC premiums are comparatively much more mainly due to high commission to agents.But after all LIC is most reliable.
Does any body has any idea about Lic direct marketing
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