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Life Insurance Corporation (LIC) 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 per cent 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 two categories — smoker (aggregate) and non-smoker. Under the non-smoker category, the minimum sum assured is ₹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 ₹50 lakh sum assured for a period of 30 years is ₹8202.
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