Term life insurance used to be almost three times as expensive as personal accident cover offered by non-life insurers. Not anymore. Today’s term life premiums are similar to personal accident insurance. Among the new products, ICICI Pru Life iCare tries to address the major hiccup with the online term insurance buying process by eliminating medical tests, and DLF Pramerica U-Protect and Edelweiss Tokio Life Protection have premiums which are the lowest in offline term plan space.
According to Akshay Mehrotra, chief marketing officer, PolicyBazaar.com, “Online term insurance has become very popular today … currently the estimated number of online policies sold per month is close to 6,000. This growth in online term insurance has been fueled by the drastic drop in premium rates online over the last three years.”