LIC launches online term insurance plan, finally
Posted on: 30/May/2014 10:04:30 AM
Life Insurance Corporation of India (LIC), the industry’s biggest player did not have an online term plan, until now.
LIC had earlier tested the online waters with an immediate annuity plan, but stayed away from the most-purchased plan – online term insurance.
Now, with the launch of the company’s e-Term plan, a lot of apprehensions about online products will be dismissed. While most private players have online term plans, the absence of LIC provided ammunition for offline distribution channels to punch holes in this amazingly cheap and convenient insurance product.
So what does the online term plan mean for LIC and the life insurance industry?
The implications of this move can be quite far-reaching in the long run. In my opinion, it is a huge step forward for the industry, signaling a paradigm shift in the way it will move in the coming years.
If the move clicks for LIC (no reason why it should not), more and more online products will be made available to customers in the coming years.
It is one big move for the life insurance industry which should also accelerate the sale of other non-term life insurance products in the medium to long term. These are exciting days.
