New Delhi, ACESO, a technology platform in the insurance assignment business, plans to add 60 more channel partners in the current financial year.
The company currently has 40 channel partners.
"Currently, we have 40 channel partners and we want to add another 60 more channel partners during this year," said ACESO Founding Director Ketan B Mehta.
With this, the total number of partners would cross 100, he said, adding that they will help the company grow its business by connecting with policyholders and insurance agents.
ACESO helps monetize endowment policies held by an LIC life policyholder, to ensure financial benefits, along with continuation of risk coverage till maturity, in cases where policies are sought to be surrendered or lapse.
The company endeavors to achieve this objective by assigning LIC property insurance policies to a registered trust managed by a SEBI registered trustee viz. Beacon Trusteeship Ltd, Mehta said.
He further said that the company recently launched Assignment Life Insurance Policy (ALIP) solution designed for LIC policyholders contemplating policy surrender or experiencing lapses.
ALIP provides the opportunity to receive the surrender value of your estate insurance policies, even while preserving your life coverage benefits, he said.
All this is provided by an independent SPV Trust, managed by a Sebi registered trust company.
Consideration is typically expedited within 48 hours of completing all necessary documentation, he said.
Also, all the documentation and KYC process is done online to the maximum extent possible, minimizing the hassle for both the policyholder and his or her LIC agent, he said.
Assignment of most endowment policies is possible because a life insurance policy is the personal property of the insured and is governed by the Life Insurance Act, 1938 and the Contracts Act, 1872, he added.
The company currently has 40 channel partners.
"Currently, we have 40 channel partners and we want to add another 60 more channel partners during this year," said ACESO Founding Director Ketan B Mehta.
With this, the total number of partners would cross 100, he said, adding that they will help the company grow its business by connecting with policyholders and insurance agents.
ACESO helps monetize endowment policies held by an LIC life policyholder, to ensure financial benefits, along with continuation of risk coverage till maturity, in cases where policies are sought to be surrendered or lapse.
The company endeavors to achieve this objective by assigning LIC property insurance policies to a registered trust managed by a SEBI registered trustee viz. Beacon Trusteeship Ltd, Mehta said.
He further said that the company recently launched Assignment Life Insurance Policy (ALIP) solution designed for LIC policyholders contemplating policy surrender or experiencing lapses.
ALIP provides the opportunity to receive the surrender value of your estate insurance policies, even while preserving your life coverage benefits, he said.
All this is provided by an independent SPV Trust, managed by a Sebi registered trust company.
Consideration is typically expedited within 48 hours of completing all necessary documentation, he said.
Also, all the documentation and KYC process is done online to the maximum extent possible, minimizing the hassle for both the policyholder and his or her LIC agent, he said.
Assignment of most endowment policies is possible because a life insurance policy is the personal property of the insured and is governed by the Life Insurance Act, 1938 and the Contracts Act, 1872, he added.
