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LIFE Insurance Corporation of India (LIC) has launched its first online product, Jeevan Akshay VI, an only immediate annuity product in India, on Thursday. While private players have been selling insurance products online for past three years, LIC is taking the first step into online space.
On payment of a lump sum, a policyholder is entitled to an annuity from the very next month under any one of the seven annuity options chosen by him. The product is available for ages 30 to 85 years. It was launched by J Hari Narayan, chairman, Irda during a conference of LIC in Mumbai. The Irda chairman remarked that there is a need for more annuity products.
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