For the customers comfortable with online purchases, buying life insurance online is an easy, quick, safe option.
Life insurance has traditionally been sold offline through a formidable army of agents. But now customers are also showing interest in buying life covers online. For the customers comfortable with online purchases, buying life insurance online is an easy, quick, safe option. In fact online life insurance is also cheaper than offline policies.
LIC’s online policies
The Life Insurance Corporation of India (LIC), India’s largest life insurance service provider, offers a diverse range of insurance covers for the common people. They have a total of 21 insurance policies covering different segments such as endowment, money back, retirement plans, ULIPs, health plans, micro plans and more. One can buy almost all policies offline. But all policies are not available for online purchase.
Only 11 policies out of 21 can be bought online. It is cheaper than the offline version as online rebate is also available.
Endowment plans
1) Bima Jyoti
It is a non-linked, non-participating, limited premium payment, endowment plan. Under this plan, guaranteed additions shall accrue at the rate of Rs 50 per thousand basic sum assured at the end of each policy year throughout the policy term.
2) Bachat Plus
A non-linked, participating, individual life assurance endowment plan. Under this plan, premium can be paid either as single premium or as limited premium with a premium payment term of 5 years. Under each of these premium payment options the proposer will have two options to choose sum assured on death.
Term insurance plans
3) Saral Jeevan Bima
It is a non-linked, without profit, term assurance policy. This plan is available under different premium payment options such as single, regular, limited premium term 5 years and limited premium term 10 years and different modes of premium payment such as yearly, half yearly and monthly under non-single premium payment options.
4) Tech-term
This plan of LIC is only available for online purchase. Tech-term is a non-linked, without profit, term insurance policy which provides financial protection to the insured’s family in case of his/her unfortunate demise. For more details, click here: https://www.money9.com/news/insurance/lics-tech-term-heres-all-you-need-to-know-57580.html
Health plans
5) Cancer Cover
This is a non-linked, regular premium payment health insurance plan which provides fixed benefit in case the policyholder is diagnosed with any of the specified early and/or major stage cancer during the policy term. For more details, click here.
Pension plans
6) Saral Pension
It is an annuity plan which is non-linked, individual, single premium immediate plan. The plan provides for annuity payments of a stated amount throughout the lifetime of the annuitant. For more details, click here.
7) Jeevan Shanti
It is also an annuity plan which has option of purchasing deferred annuity and can be purchased only by paying a lump sum amount.
8) Jeevan Akshay
It is an immediate annuity plan, which can be purchased by paying a lump sum amount.
9) Pradhan Mantri Vaya Vandana Yojana (PMVVY)
It is a government-backed immediate pension for senior citizens 60 years and above. It can be purchased by paying a lumpsum amount. The plan provides for pension payments of stated amount for the policy term of 10 years, with return of purchase price at the end of 10 years. Please note, online discount is not applicable for PMVVY. ULIP plans
10) Nivesh Plus
This is a single premium, non-participating, unit linked, individual life insurance plan which offers insurance cum investment during the term of the policy.
11) SIIP
It is a non-participating, unit linked, individual insurance plan which offers insurance cum investment during the term of the policy.
Under each of these premium payment options the proposer will have two options to choose “Sum Assured on Death”.
Published: August 1, 2021, 17:24 IST
