Life Insurance Corporation of India (LIC) has cautioned its policyholders against unauthorized transactions related to their insurance policies. This advisory has been issued after reports that some companies want to acquire policies from LIC policyholders as an alternative to surrendering the policy. According to LIC, it is not affiliated with these entities or their offerings.
LIC clarified
The corporation clarified that any statement made on behalf of former employees or individuals in relation to such transactions is personal and LIC does not endorse it. LIC has denied any responsibility or liability related to these transactions. Emphasizing on the Insurance Act, 1938, particularly Section 38, LIC said that legal provisions should be strictly followed in the sale, transfer or assignment of policies.
The insurance company said that under the applicable laws, LIC may refuse to take action on any sale or transfer or assignment of policies. LIC has sufficient reasons to believe that such sale or transfer or assignment is not bonafide or is not in the interest of the policyholder or is not in the public interest or for the purpose of the business of insurance policy.
LIC advises policyholders
In the interest of financial security of policyholders and continuity of risk cover for their families, LIC has advised them to think carefully before responding to unsolicited proposals related to their policies. LIC has asked its policyholders to consult its officials before responding to any proposal.
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