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Life Insurance Corporation launches online term plan in India

India’ Life Insurance Corporation (LIC) has rolled out its latest online term plan, as part of its strategy to offer customers convenient and cheap insurance.

In order to buy the plan, the person should of minimum 18 years old, while the maximum age limit is 60 years.

Available for a minimum 10 years and maximum 35 years, the new policy is available under two categories including smoker (aggregate) and non-smoker.

Under the non-smoker category, the minimum sum assured is INR50,00,000. For example, the premium for a 30-year-old non-smoker male with the above sum assured for a period of 30 years would be INR8202.

A report indicates that online term plans are one of the fastest growing segments in the life insurance industry and insurers need to tap this opportunity, as reported by intoday.in.