IANS | 05 Jul, 2024
ACESO, a leader in providing new solutions for insurance policyholders,
on Friday introduced ALIP (Assignment of Life Insurance Policies), specifically
for LIC policyholders who are considering surrendering their policies or facing
lapses.
ALIP offers a way for policyholders to receive the Surrender Value of
their endowment insurance policies while keeping their life cover benefits
intact.
Founder of ACESO Ketan Mehta, highlighted that LIC’s endowment policies
constitute a significant portion of its yearly issuances, but many policies
(about 5 per cent) don't reach maturity due to surrenders or lapses.
"ALIP addresses this by offering an alternative to surrendering
policies prematurely, allowing policyholders to access their policy's value
while safeguarding their future life coverage," he mentioned.
ALIP ensures that policyholders get the exact surrender value as
determined by the LIC of India. Beyond this, ALIP outlines year-by-year life
coverage benefits from the assignment date to the Maturity Date for nominees,
ensuring continued financial protection if the policyholder passes away,
without needing to pay further premiums.
This service is managed by an independent SPV Trust overseen by a
SEBI-registered trusteeship company.
ALIP stands out for its quick payment process, typically completing
within 48 hours after all necessary documents are finalised, according to the
company.
ACESO was founded in 2018 and has facilitated over Rs 400 million worth
of assignments, supported by a skilled team dedicated to reshaping life
insurance asset management in India.