On Monday, Life Insurance Corporation of India announced the launch of its own repository- Lic E-services. The LIC-E service will allow its existing customers to verify details of policies, including settlement status, and can buy the new one as well.
The portal will ensure easy access to policy-related information as well as payment anytime and anywhere, apart from buying a new policy online, Chairman S K Roy, said.
Online facility was introduced by by Irdai Chairman T S Vijayan, who at one point served as the chief of the insurance behemoth.
Chairman Roy said LIC has already sold 40,000 policies online during the pilot phase.
“I don’t think the online service will any way affect the business of our agents. In fact, they are very enthused about this facility. This should only add to our incremental business and not eat into the agency sales,” Roy said, adding that “during the current fiscal so far, we have sold 15 million new policies out of which 6,000 were the new E-Term policies”.
With this, the online consumer will not have to pay the commission.