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There is a good news for the people who have taken insurance from Life Insurance Corporation of India (LIC Policy holders). 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 policy holders who are considering policy surrender or policy lapse will get a big relief.

Life insurance policy holders (LIC Policy holders) will be able to easily get their surrender value with the help of this platform. Let us tell you that ALIP operated by Esso Endowment Services Private Limited is designed to provide maximum value and benefits to LIC policy holders.

Nominees will get life coverage

Further, ALIP goes beyond the concept of surrender value and provides year-wise life coverage benefits to the nominees of the policyholder in case of accidental death or lapse of premiums 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.

ACESO said this

Ranjit Kulkarni, Head of Research and Strategic Acquisitions at ACESO, said, “LIC's 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 added, “ALIP gives LIC policyholders a simple option to surrender their policies prematurely, ensuring that they unlock their insurance policy value while also protecting their future life coverage.”

Payment will be made within 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 documentation, 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 hassle.