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April 26th, 2022


Is it Safe to Buy Life Insurance Online & What are the Benefits of Online Policy Purchase?

Rakesh is a 33-year-old professional who recently landed a job in Pune city with a popular automotive manufacturing company. He is married and has a child aged 2 years. His wife works in the finance department of a large chemical manufacturing company in the same city. With the demands of every new job in a new city, Rakesh is putting in long hours at work and gets very little time and whatever little time he is able to get for himself is spent in other mundane stuff such as shifting of his cooking gas connection from his hometown, searching for admissions to nearby play-schools for his young daughter and other family commitments that every working professional of India is familiar with.

He also realises that with starting a family and a new job, he also has to ensure financial security over the long term for his wife and child. With a hectic schedule Rakesh is worried whether he is postponing the inevitable and decides to check online for Life Insurance policies that he can invest in that would meet his financial security needs. He wishes the best for his family and wants to provide for them even in his absence if something were to happen to him. The question now nagging Rakesh is how will he be able to find time to evaluate, compare and buy the right policy in this hectic schedule juggling with all the other equally important tasks that keep popping up every now and then!

Rakesh recalled how his father had invested in a LIC policy for the purposes of annuity and had diligently invested a fixed amount every month, which was then repaid back to his father in the form of annuity pension when he later retired from service. With years of trust and millions of Indians trusting their insurance needs with LIC; it was a no-brainer then that Rakesh also had decided to invest with LIC of India for his insurance policy.

But one question is nagging him: where should he buy LIC Life Insurance? He did not know LIC agents in this new city whom he could rely upon. Also, he thought if it was safe if he decides to buy life insurance online? Are there risks involved?

If you are like Rakesh contemplating on buying LIC insurance policy online, let us address your apprehensions in buying LIC Insurance policy online and also explain the various benefits when you do an Online policy purchase.

Is it safe to buy LIC Insurance policy online?

Yes – absolutely safe. If you have experienced online shopping and have had the experience of paying online for your groceries and gadgets then buying your policy from your trusted LIC of India is also no different.

With the help of the online website of LIC, you can now browse through plans based on your life stage and insurance goals. Select the policy, review the features and submit your personal details securely and with full security of data ensured. With an online payment option, your policy is activated once your payment is received and details of your policy are delivered over email.

What are the benefits of LIC Online policy purchase?

With the advent of the digital age and online shopping, LIC of India decided to offer the convenience of buying LIC policies online to its customers.  Purchasing and applying for a LIC policy is now very easy and customers do not have to visit the branch office of LIC to fill-up forms or to approach an LIC agent. Here are some of the most important benefits of LIC online policy purchase:

Fast, Convenient & Hassle free

Coming back to the story of Rakesh, each one of us are caught-up with the daily hassles of life and to that extent – Insurance buying is an important step in our lives. Historically insurance buying has meant lengthy procedures of application forms, document submission and then follow-up with the agent or with the LIC branch office. With the online policy buying process, all these hassles are removed once and for all! Welcome to the new world of online policy buying with online application submission, simple documentation and online payments making it the right choice for young professionals like Rakesh who are hard pressed for time.

More transparency – All charges are shown upfront before buying policy

A major benefit of the online mode is the ability to compare various insurance policies on the basis of the terms and conditions. With the online route, you don’t depend on an insurance agent to give you the policy information. You can collect all the information and make an informed decision without any bias or being mis-sold.

No pressure of buying, buy only when satisfied

When you buy a LIC policy online you are completely in control of when and what policy you buy. Usually when you buy a policy offline, there is the added pressure by the agent who would like to sell you the policy at the earliest.

Full information provided before buying policy

With all policy information available online including other channels such as Youtube videos and insurance aggregators, there is no shortage of information when it comes to the type of insurance policies. When you buy a LIC policy online on this website, you are guaranteed that all the information is relevant and accurate which enables you to make the right choice. It may not be the case in the offline mode as it is not possible to get unbiased and complete information through an agent or advisor.

Pay by Debit/ Credit card/ UPI wallets

Online payments for the policy ensure that you are able to make the initial premium payment online using multiple payment options including Credit cards, Debit Cards, UPI Wallets and Mobile payments such as Google, PhonePe, Paytm etc. With the payment of the premium, the policy document is sent to the registered email ID of the policy holder commencing the policy cover.

With so many benefits, we are sure that many like Rakesh will be convinced that investing in an insurance policy from LIC of India is simple and straightforward using the online buying route. New policies can be purchased based on the requirement and with simple documentation, it is no longer a stressful process to financially protect yourself and your family.

NewLicPolicyOnline.com is a website that is designed to provide all the up-to-date information to Buy a New LIC Policy online and pay using online credit and debit cards. You will find LIC policies listed according to your investment needs and complete information along with sample illustrations provided to help you make the right decision. Go ahead and buy your new LIC policy today or reach out to us for help in buying the right LIC policy to protect you and your loved ones.

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LIC Policy holders enjoy sovereign guarantee by Govt. of India

LIC policyholders enjoy a sovereign guarantee on the sum assured and the bonus declared as per section 37 of LIC Act, 1956 which clearly states that "Policies to be guaranteed by Central Government - The sum assured by all policies issued by the corporation including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities under which have vested in the corporation under this act, and all bonuses declared in respect thereof, whether before or after the appointed day, shall be guaranteed as to payment in cash by the Central Government."

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