One of the finest Insurance companies of the country – Life Insurance Corporation has initiated first online term plan, this is the cheapest plan of the company so far.
This is the first online plan of the company that will offer 50% cheaper premiums in comparison to the offline term plans. According to the reports online plan are more secured and cheaper. Online plans are cheaper since everything is done online so the need of the agent and his commission is omitted. Further the plan is expected to be more secure since the customer is perceived to be educated and fills in the details himself.
In comparison to the offline plans, online plans are much better. The LIC plan is available in two forms Smoker (Aggregate) and Non-smoker. In non-smoker form the minimum sum assured is Rs50 lakh. The minimum policy term is 10 years while the maximum policy term is 35 years.