ACESO Unveils ALIP: Ensuring Continuous Life Coverage Benefits For LIC Policyholders
ACESO launches ALIP, enabling LIC policyholders to retain life coverage benefits while accessing surrender value, providing financial security and flexibility through a streamlined, tech-driven process
ACESO, a leader in providing new solutions for insurance policyholders, has 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
Powered by Aceso Endowment Services, ALIP ensures that policyholders get the exact surrender value as determined by 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.
Ketan Mehta founder, ACESO, highlighted that LIC’s endowment policies constitute a significant portion of its yearly issuances, but many policies (about 50 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.
ALIP stands out for its quick payment process, typically completing within 48 hours after all necessary documents are finalised. The entire documentation and KYC process are handled online, minimising inconvenience for policyholders and their LIC agents.
ACESO employs advanced systems and technologies to efficiently manage policy assignments and ensure prompt payouts, providing a smooth and secure experience for clients. With ACESO, policyholders can trust that their policies are managed with care and professionalism, empowering them to navigate their financial goals confidently.
Founded in 2018, ACESO has a strong commitment to service excellence and expertise in managing endowment policies issued by LIC of India. The company has facilitated over Rs. 400 million worth of assignments, supported by a skilled team dedicated to reshaping life insurance asset management in India.
ALIP benefits all stakeholders by offering financial flexibility to policyholders and ensuring income continuity for insurance advisors through premiums managed by the SPV trust until maturity. It also reduces surrender payouts and boosts the insurer’s assets under management, potentially leading to higher bonus rates and earnings. This approach fosters a sustainable and efficient insurance ecosystem.
