LIC launches online term plan

The policy, a regular premium pure protection policy, pays the sum assured in case of the death of policyholder  LIC has launched an online term plan, according to a media report. The policy, a regular premium pure protection policy, pays the sum assured in case of the death of policyholder during the policy term but nothing is payable in case the policyholder survives the term. However, the premium is 50-100 per cent cheaper compared with an offline term insurance plan. Almost all private insurers offer online term plans. LIC has been working on it for more than two years.  Online term plan are easy to purchase. One can purchase a term plan 24x7, 365 days a year. This could be from your office or home. In addition, you can seek help of customer care representatives of insurers through online chat / 24x7 toll-free calling facility to resolve your doubts. Purchasing a life insurance policy online could also be more cost-effective since companies pass on the savings from distribution, administration and courier expenses to the customer.

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