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Policies Offered by Life Insurance Corporation (LIC)

The world is full of risks and unexpected happenings. Individuals, companies, families, assets, properties are susceptible to various risks and these can include the risk of loss regarding health, property, life etc.

To prevent the happenings of unexpected events, the modern financial world has designed an array of financial products for the protection of individuals as well as businesses by compensating financial resources.

Insurance is one of the most popular financial products that eliminate the value of loss or consequences of loss as a result of several kinds of risks. Having life insurance policies is no longer a luxury but it has become mandatory in today’s life.

The insurance domain is not only protecting individuals as well as businesses from different types of potential risks, but it also makes a great contribution to the economic growth of the country as a whole, by providing great stability to the work-structure of businesses and by producing financial resources for a long-term for the business projects.

Insurance works as a strength and a sigh of relief to people because, with an investment of a budget-friendly amount, they can avail huge benefits.

About Life Insurance Corporation (LIC)

The Life Insurance Corporation of India (in short LIC) is the largest Indian insurance company. The LIC offers numerous insurance products to policyholders, such as pension plans, insurance plans, special plans, Unit Linked plans, and an array of group schemes and online child insurance plans.

Currently, the Life Insurance Corporation of India holds a system of nearly 2,048 branches as well as a large number of agents, who are operating in several cities and towns throughout the nation.

In India, Life Insurance Corporation of India is one of the most reputed, reliable, and trusted brands with affordable premiums as well as adequate coverage options.

Life Insurance Corporation is considered the leader in the domain of insurance providers due to its huge networks and sophisticated, efficient, and advanced services. LIC makes use of incredible technologies, such as WAN, IVRS, LAN, EDMS, and IVRS that enables individuals to complete formalities in a paperless manner in terms of insurance documentation.

LIC launches products almost every quarter and they keep serving the society with their incredible policies. They have launched micro-insurance products, so that individuals of any financial capability can afford to purchase insurance with great discounts.

Steps to Follow While Buying Online From LIC

After a long waiting period, LIC has finally launched its very convenient online term life insurance policy called LIC e-Term. Many people were eagerly waiting for it. Most of us are aware of the advantages of online policy.

If you want to invest in Life Insurance Corporation, you will be glad to know that the online term plan of LIC is cheaper by approximately 35 %, as compared to its counterpart offline product. Let’s have a look at the steps by which you can purchase online LIC term policy:

  • Step 1: First, you need to visit LIC Direct and then click on ‘buy online’.
  • Step 2: Next, you need to select ‘New customer, I am an Indian Citizen and Residing in India’. After that, you need to click on ‘confirm’.
  • Step 3: Next, you need to calculate the premium by filling in the required details, such as sum assured, date of birth as well as the term of years.
  • Step 4: Now, you need to view the amount of annual premium and in case you want to continue, click on ‘proceed’. If you prefer to recalculate the premium, then click on ‘recalculate’.
  • Step 5: Now, you need to provide your contact details.
  • Step 6: After entering the contact details, you will receive 9 digit access Id from LIC on the mobile as well as email id, that you need to enter to continue.
  • Step 7: Next, you must enter the personal details.
  • Step 8: Fill in the correspondence.
  • Step 9: Now, enter the identity.
  • Step 10: Now, you need to enter the employment details.
  • Step 11: Next, enter the lifestyle details.
  • Step 12: Fill in the nominee details.
  • Step 13: Next, fill in the earlier insurance details.
  • Step 14: Fill in the medical history.
  • Step 15: You need to fill in the bank details.
  • Step 16: Now, you need to declare yourself.
  • Step 17: In this phase, you can modify the proposal or purchase premium by clicking on pay.

After making the payment, wait for the arrival of an email from LIC. After that, LIC is going to contact you for medical examination information. In case of rejection of the proposal, the payment will be refunded.

Life insurance policies are able to protect your life and the lives of your near and dear ones. So, purchase a suitable life insurance policy today and safeguard your life.