Life Insurance Corporation (LIC) of India has finally joined the online bandwagon. LIC has enabled the purchase of its existing annuity plan Jeevan Akshay VI through the website www.licindia.in. Customers who buy online may get an additional benefit of enhanced annuity.
Life insurance, which is mainly distributed by Individual agents, brokers and banks found a new distribution channel in the form of internet. In 2010-11, private life insurance companies embarked on this fast and efficient online mode of sales by launching their term insurance plans. The premiums of these term plans are much lower than their offline counterpart which has become the reason for surging demand for online term plans.
The life insurance giant LIC was preparing itself to enter the online space last year but the concern of over 13 lakh+ loyal agents toned down their enthusiasm. Finally, they have now started selling one of their existing annuity plans Jeevan Akshay VI through their website. News is that LIC is in the process of developing special products that will be distributed through the internet alone. The pricing of such products is expected to be lower than the offline products of LIC but it may not be as low as products of private life insurers.
LIC Jeevan Akshay VI is a single premium immediate annuity plan. The plan can be purchased by individuals between the age of 30 years to 85 years. The annuity plan offers a new option of 100% annuity to spouse on death of annuitant with return of purchase price on death of last survivor.
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