LIC launches its own Insurance Repository LIC E Services Monday February 01,2016

Life Insurance Corporation of India (LIC), the country’s largest life insurer, announced the launch of its own insurance repository LIC E-services on Monday February 01,2016

LIC's e-services were inaugurated by T.S. Vijayan, chairman of the Insurance Regulatory and Development Authority of India (IRDA). 

The event was attended LIC managing directors V.K. Sharma and Usha Sangwan

LIC Chairman SK Roy said that for policies sold online, the policy bond will be hosted on the E-services portal but other policyholders can also register on the portal, which will be free of cost for the policyholder. 

LIC Chairman SK Roy said LIC has already sold 40,000 policies online during the pilot phase and does not believe that it will eat into the business of its 11 lakh agents.

The nation-wide launch comes after testing the facility at 50 locations, including remote ones.

"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.

He said "during the current fiscal so far, we have sold 15 million new policies out of which 6,000 were the new E-Term policies"

Services, such as status of policy, bonus, loans, and claims will be available to customers registered with the portal.

The portal will ensure access to policy-related information as well as payment anytime and anywhere.