Life insurance has traditionally been sold offline through a large army of agents. But now customers are also showing interest in buying life cover online. For customers who are comfortable purchasing online, buying life insurance online is an easy, fast and secure option. Do you know buying life insurance online is cheaper than offline policies.
LIC online policies
Life Insurance Corporation of India (LIC), India’s largest life insurance service provider, offers a variety of insurance covers to the general public. It has a total of 21 insurance policies that cover various segments like Endowment, Money Back, Retirement Plans, ULIPs, Health Plans, Micro Plans and much more. One can buy almost all the policies offline. But not all policies are available for online purchase. Only 11 policies out of 21 are available for online purchase. It is cheaper than offline because online discounts are also available on them.
endowment plan
1) Bima Jyoti: This is a non-linked, non-participating, limited premium paying, endowment plan. In this plan, guaranteed growth at the rate of Rs.50 per thousand Basic Sum Assured will be earned at the end of each policy year during the policy term.
2) Bachat Plus: This is a non-linked, participating, individual life insurance endowment plan. Under this plan, the premium can be paid as a single premium or as a limited premium with a premium paying term of 5 years. Under each of these premium payment options, the proposer will have two options to choose the Sum Assured on Death.
term insurance plan
3) Saral Jeevan Bima: This is a non-linked, not-for-profit, term insurance policy. The plan is available in different premium payment modes namely Annual, Half Yearly and Monthly under different premium payment options like Single, Regular, Limited Premium Term 5 Years and Limited Premium Term 10 Years and Non-Single Premium Payment Option.
4) Take-Term: This LIC plan is available for online purchase only. Tech-Term is a non-linked, not-for-profit, term insurance policy that provides financial protection to the family of the insured in the event of his death.
health plan
5) Cancer Cover: This is a non-linked, regular premium paying health insurance plan that offers fixed benefits during the policy term to the policyholder in case he is diagnosed with cancer of any stage.
pension plan
6) Saral Pension: This is an annuity plan which is a non-linked, individual, single premium intermediate plan. This plan offers a stipulated amount as annuity payout throughout the life of the annuitant.
7) Jeevan Shanti: This is also an annuity plan with an option to buy Deferred Annuity and can be purchased only by paying a lump sum amount.
8) Jeevan Akshay: This is an immediate annuity plan, which can be purchased by paying a lump sum amount.
9) Pradhan Mantri Vaya Vandana Yojana (PMVVY): This is a government backed instant pension for senior citizens of 60 years and above. It can be purchased by paying a lump sum amount. The plan provides pension payment of the stated amount along with the purchase price return at the end of 10 years for the policy term of 10 years. Please note, online discount is not applicable for PMVVY.
ULIP Plan
10) Nivesh Plus: It is a single premium, non-participating, unit linked, individual life insurance plan that offers insurance less investment during the policy term.
11) Bachat Plus: This is a non-linked, participating plan. In this plan, the premium can be paid either as a single premium or as a limited premium with a premium paying term of 5 years.
The proposer will have two options to choose the “Sum Assured on Death” under each of these premium payment options.
