Life insurance policy holders will be able to easily get the surrender value of their policy with the help of this platform. ALIP will provide other facilities besides surrender value.
There are crores of LIC policy holders in the country and there is a news of relief for all of them. Actually, ACESO, an organization providing easy solution service to insurance policy holders, has launched ALIP (Assignment of Life Insurance Policies). With its help, policyholders who are considering policy lapse or surrender will get great relief. Because, life insurance policy holders will be able to easily get the surrender value of their policy with the help of this platform. ALIP will provide other facilities besides surrender value. In which it will tell the policyholders about the benefits related to life coverage year after year from the start of the policy till the maturity date. At the same time, in case of death of the policyholder, all the information and services related to the policy will be provided to the nominee.
Payment in 48 hours, how?
What differentiates ALIP as compared to getting surrender value from the insurance company is its faster and better payment process. Claims are usually processed within 48 hours after all the required documents for policy surrender are submitted. Apart from this, efforts are made to make the entire documentation and KYC process online, which reduces the hassle for both the policyholder and the LIC agent.
Ranjit Kulkarni, Head of Research at ACESO, said, “LIC issues about 80 percent endowment policies. However, 50 percent of these policies are surrendered before maturity or lapse. He said that ALIP gives LIC insured people a simple option to surrender their policies before time.
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