LIC to sell policies online

For the first time ever LIC will market an isurance policy online.

It has tied up with online non-life and life insurance aggregator Policybazaar.com to sell its policy "Jeevan Astha" on the internet. It has tied-up with insurance portal to enable insurance buyers to get detailed information on its single-premium policy "Jeevan Astha" and buy it online through policybazaar.com. This new policy is open for purchase till 21 January 2009.

Jeevan Aastha offers guaranteed benefits on death and maturity  and offers share in its profit generated on completion of the policy term chosen. This policy enjoys double tax benefits while the premium paid enjoys section 80C benefit along with other investments allowed. Maturity proceeds received also enjoy I.T. exemption under Section 10(10D) of the I.T Act.

"LIC believes that there are many products that can be sold online, " says Dr Tanuja Kumar, regional manager, LIC. "We have partnered with policybazaar.com as they are online insurance specialists, which a lot of customers use to compare and choose the best insurance products. We believe that the Jeevan Astha Policy is a fantastic product which can also be sold online."

To make a purchase, the customer logs in with a need in mind and by using a highly interactive and intuitive tabbed browsing interface, the customer can access hundreds of options and combinations. Once a simple on-line application form is filled, the site offers the best options for the policy needed. The customer is then free to finalise and close the deal which he thinks is best suited for his needs.