Get Best Deals on LIC Term Plan Policy

Get Best Deals on LIC Term Plan Policy

Slug: How do you shop for the best deals on LIC Term policies? Find out here.

A term plan is the simplest of all life insurance instruments which provide pure protection. A term policy is a simple life insurance policy aimed at providing cover (security) for a term or a specific period of time. A term policy typically offers death benefit to the family of the policyholder if s/he dies within the policy term of an active policy. An LIC Term Policy boasts of the best pedigree amongst all term plans in India, and we recommend it for you.

Why a term policy?

A term plan policy is the first line of defence in any type of financial planning. It comes at a relatively low premium cost as compared to any other life insurance product of the same monetary value and is therefore easy to dismiss with irreverence. That’s the saddest and one of the most expensive mistakes that one can make in financial planning.

A term policy is a must and this point cannot be stressed upon nearly enough. It attracts the lowest premium across the board for a comparable life insurance product of same coverage. Whether you have just begun working, are at mid-level or starting a new venture, a term policy offers the required security at nominal premium levels. If you add the assurance of a pedigree market-leading brand such as LIC to the term policy advantages, you are looking at a veritable miracle of a product.

And if you can get a good deal on it online, well, what could be better than that.

How to Buy LIC Term Plan Online?

So, the question staring at us now is ‘Why buy LIC Term plan online’? And our counter is – why not? Of course, we will give you the strongest reasons for our recommendation. Here they go:

  • You gain flexibility- When you take the online route you obviously gain more flexibility than the offline one simply because you have more options and combinations to choose your customized LIC term policy from. The only point being that you must have the know-how in place before you make your final choice and purchase it, as the LIC agent is missing in this formula. Since you will be saving on the agent’s commission in this mode, you will have to depend on yourself completely.

Let us take this opportunity to point out that this feature also keeps you in control and completely aware of your insurance proceedings, which is always the best way to be.  

  1. Claims settlement online and offline are comparable- For most people, the worry in going the online mode is the “after-sales service” or in this case the issue of claims settlement. The worry is justified but only because of one reason — the absence of a service agent.

Online insurance purchase is a fairly new concept and hence it is fine to take a moment to rest your fear about the settlement part of the affairs. On our part, let us assure you that if you have taken the pains to fill in all your details correctly at the time of LIC term policy purchase, you can breathe easy.

Our insurance regulator IRDAI has put in place rigorous rules for insurance providers in terms of claims settlement and if your claims are rejected wrongly, you nominees can immediately approach an Insurance Ombudsman. As there is no difference in the claim settlements in both the modes.

  1. The sum assured is higher at a lower cost- The average sum assured via the online mode is on the higher side as the overheads involved are lesser. As insurance is an industry that is chiefly led by the cost of the product, this is the most important factor while going for a term insurance policy.

Insurance providers save on expenses like policy issuance, commissions, etc. on online policy sales. Due to this, LIC offers lower premium than their offline plans. Thus, most online LIC term policy plans are cheaper by 40 percent at least as against their offline equals.

Which Website Offers Best Deals on Term Plan?

There is obviously no two answers to this question. You have to go with to avail the best deals on LIC Term Plan Policy. All you have to do is log on, go to the term insurance segment and provide a few details about yourself and get an instant quote and that’s all there is to it to get the best deals.  

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