The launch of the online version of the plan will reduce the financial burden of the policyholders than the offline products making it cheaper by almost 35 per cent. The main reason behind the online policies being cheaper than the offline products is that now LIC does not have to pay the agent's commissions.

How to buy the term insurance policy online?

1. Customers who want to buy can now buy term policy online through the portal LIC Direct.

2. Click on the option Buy online.

3. Click New Customer if using for the first time.

4. Confirm the segments "I am an Indian Citizen" as well as "Residing in India".

5. Click on Confirm and Proceed.

6. Fill in all the details of regarding:

• Calculate Premium
• Contact Detail
• Basic Information
• Previous Insurance
• Medical Details
• Bank Details
• Declaration

Each and every detail should be filled very carefully without any mistake. The necessity of medical tests depend on underwriting requirements and health disclosures.

LIC is offering different premium for smokers and non-smokers for sum assured of more than Rs.50 lakhs.

The non-smokers can avail the non-smoker category if the sum assured is more than Rs.50 lakhs. On the other, hand smokers have to avail aggregate category whatever amount they choose as sum assured.

The minimum sum assured is 25,00,000 (aggregate category) and Rs. 50,00,000 (non-smoker category). There is no maximum limit to the sum assured. The minimum policy term can be 10 years and maximum policy term can be 35 years.

The prices of LIC term plans are offered at higher rates than other online term plans offered by private insurers. However, the trusted brand image of LIC is sure to get more customers to the online version also.

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