New Delhi. There is a relief news for the people who have taken insurance from Life Insurance Corporation of India (LIC). ACESO, an organization that provides easy solutions to insurance policy holders, has launched ALIP.
This is an assignment of life insurance policies, with the help of which policyholders considering policy surrender or policy lapse will get great relief. Life insurance policyholders will be able to easily get their surrender value with the help of this platform. Let us tell you that ALIP operated by ACESO Endowment Services Private Limited has been designed to provide maximum value and benefits to LIC policyholders.
Nominees will get life coverage
Further, ALIP goes beyond the idea of surrender value and provides year-wise life coverage benefits to the nominees of the policyholder in case of accidental death or lapse of premium from the date of assignment to the date of maturity. All this is provided by an independent SPV trust, which is managed by a company registered with the Securities and Exchange Board of India (SEBI).
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ACESO said this
Ranjit Kulkarni, Head of Research and Strategic Acquisitions at ACESO, said that endowment policies contribute a significant 80 per cent of all its policy issuances, playing a vital role in the insurance landscape. However, 50 per cent of these policies are surrendered before maturity or lapse. He further said that ALIP gives LIC insured people a simple option to surrender their policies prematurely, which will ensure that they can unlock their insurance policy value while also protecting their future life coverage.
Payment will be made in 48 hours
With the help of ALIP, the policyholder will be able to get his payment in less time under a faster process. Under ALIP, after completion of all the necessary documents, the payment will usually be made within 48 hours. Apart from this, the documentation and KYC process is completed online as quickly as possible, so that both the policyholder and his LIC agent do not have to face any hassles.
