Life Insurance Corporation of India (LIC of India ) has
launched its first online term policy which is cheaper than its existing
offline plans.
The premiums for the plan are estimated to be 50% cheaper
compared to their offline term plans.
Online term plans are generally cheaper as there is no
commission payable to the agent. Additionally, an online buyer is considered to
be a comparatively low-risk customer as he is perceived to be educated and
fills in the details himself.
LIC’s plan is available under 2 categories - smoker
(aggregate) and non-smoker.
Under the non-smoker category, the minimum sum assured is
Rs. 50 lakh. The minimum policy term is 10 years while the maximum policy term
is 35 years.
For instance, the premium for a 30-year-old non-smoker
male with Rs. 50 lakh sum assured for a period of 30 years is Rs. 8,202.
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