LIC Enters Into Tie-Up With Policybazaar.com For 'Jeevan Astha'

In a recent development, Policybazaar.com, an online non-life and life insurance aggregator, has tied up with Life Insurance Corporation of India (LIC) to sell its policy ‘Jeevan Astha’ on the Internet. For the first time ever, LIC’s tie-up with an insurance portal will enable consumers to get detailed information on the policy ‘Jeevan Astha’ and buy it online on Policybazaar.com. Jeevan Astha policy can be purchased till January 21, 2009. LIC’s new plan ‘Jeevan Aastha’ is a single premium assurance plan, which offers guaranteed benefits on death and maturity. Jeevan Aastha is one-time investment and offers share in its profit generated on completion of the policy term chosen. Dr Tanuja Kumar, regional manager, LIC, said, “LIC believes that there are many products that can be sold online. We have partnered with Policybazaar.com as they are an online insurance specialist. A lot of customers use Policybazaar 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.