Insurance news: Every five minutes an online term plan is bought in India

Despite a slowdown in the life insurance sector, sales of online term plans are booming. Nearly 55,750 term policies were sold in the past six months, an average of one policy in every five minutes. Whereas in 2011-12, nearly 49,500 plans were sold.

The leading private insurer Aegon Religare Life Insurance, which opened up the online sale of life insurance nearly two years back, is the largest player in this segment followed by Aviva Life insurance. With its popular plan ‘Click2Protect’, which was launched in January, 2011, HDFC Life is third in the segment. While ICICI Prudential Life Insurance and Kotak Life Insurance are the other big players in online sales segment. Other big players such as Reliance Life Insurance and Bajaj Allianz have also initiated this popular trend of insurance selling.

However, the largest insurer of the country, Life Insurance Corporation (LIC) of India is still reluctant to accept the new trend. It is fully dependent on tradition way of selling plans because of its huge agent network.