This is an assignment of life insurance policies, with the help of which policyholders considering policy surrender or policy lapse will get great relief. Life insurance policyholders will be able to easily get their surrender value with the help of this platform. Let us tell you that ALIP operated by ACESO Endowment Services Private Limited has been designed to provide maximum value and benefits to LIC policyholders.

Nominees will get life coverage

Further, ALIP goes beyond the idea of ​​surrender value and provides year-wise life coverage benefits to the nominees of the policyholder in case of accidental death or lapse of premium 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 (SEBI).

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ACESO said this

Ranjit Kulkarni, Head of Research and Strategic Acquisitions at ACESO, said that 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 said that ALIP gives LIC insured people a simple option to surrender their policies prematurely, which will ensure that they can unlock their insurance policy value while also protecting their future life coverage.

Payment will be made in 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 documents, 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 hassles.

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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 apart from 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.

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Payment in 48 hours, how?

What sets ALIP apart from receiving surrender value from the insurance company is its faster and better payment process. Claim consideration is usually started within 48 hours after all the required documents for policy surrender are completed. Apart from this, efforts are made to do 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% endowment policies. However, 50% 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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Today, the number of LIC policy holders in the country is in lakhs. Many times people say that there is hardly any household in the country who knows about it and has not purchased a policy. If you also come in that list, then you and your family members should know how to claim LIC to provide financial assistance to the family if any calamity ever befalls you. In this article we are going to answer this question.

What is the process?

To start the process of filing a death claim, the nominee has to visit the home branch of LIC from where the policy was issued. There they will have to give information about the death of the policyholder. The branch officer will give Form 3783, Form 3801 and NEFT form to transfer funds to the nominee’s bank account.

The documents that need to be submitted along with these forms include original death certificate, original policy bond, PAN card of the nominee, Aadhaar card of the nominee, voter ID, copy of driving license or passport and any ID proof of the deceased policyholder (Aadhaar card Better if it is) are included. The nominee will have to self-attest all the documents.

Declaration form has to be given

Along with the completely filled form and documents, the nominee will also have to submit a declaration form. In this, the date of death of the policyholder, place of death and cause of death will have to be mentioned.

Along with the NEFT form, the nominee will have to submit a canceled check and copy of the bank passbook, which has the name of the bank account holder, account number and IFS code printed on it. If the photocopy of the bank passbook is not present along with other documents, the documents will not be accepted.

Keep these things in mind

Keep in mind that while submitting the documents mentioned above, the nominee should keep the original documents of which he is submitting copies. They should also keep their PAN card, ID proof of the deceased person and original passbook for verification.

The LIC officer will verify the original passbook from the copy before approving the documents for processing the death claim. Keep in mind that apart from this list of documents, the Life Insurance Corporation may ask for additional documents before crediting the final amount into the nominee’s bank account.

Don’t forget to take receipt after submission

Once you submit the documents at the LIC branch, do not forget to take the receipt and keep it safe. If no additional documents are required, the nominee will receive the settlement amount within a period of one month. However, if the amount does not arrive in your bank account within a month, you should take the receipt to the LIC branch and ask for information about its status.

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But, he wants to have assured income in his old age and wants to spend his old age peacefully without any worries. LIC has invited customers to buy the new Jeevan Shanti plan with revised rates.

The country’s largest insurance company LIC has increased the annual rates of ‘New Jeevan Shanti Yojana’ (Plan No. 858). New Jeevan Shanti plan is a single premium plan of the company.

Enhanced new rates applicable from this day

LIC said the plan with enhanced annuity rates will be available for sale from January 5, 2023. At the same time, the incentive for higher purchase price has also been increased. It ranges from Rs.3/- to Rs.9.75 per Rs.1000/- depending upon the purchase price and the moratorium period selected.

LIC New Jeevan Shanti Plan Minimum Annuity

• Monthly minimum annuity: Rs.1000 per month
• Minimum quarterly annuity: Rs.3000 per quarter
• Half yearly minimum annuity: Rs.6000 per half year
• Annual minimum annuity: Rs.12000 per year.
• New Jeevan Shanti Scheme Payment Method

According to LIC, the payout of New Jeevan Shanti plan is payable half-yearly, quarterly and monthly. Annuity will be payable in arrears i.e. after 1 year, 6 months, 3 months and 1 month from the date of vesting of annuity, depending on whether the mode of annuity payment is yearly, half-yearly, quarterly Or not. Annuity rates are guaranteed at policy inception, and annuities are payable when the deferment period expires for the remainder of the annuitant’s life.

Plan available in two options

LIC’s New Jeevan Shanti plan is available to the customers in two options. One is deferred annuity for single life and the other is deferred annuity for joint life. However, while taking the scheme, keep in mind that the annual option once chosen cannot be changed.

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According to the information received from LIC, you can start your old policy till October 24 . For this, you will have to pay late fine and premium, only then your policy will be able to start

Policy can be revived 

LIC has started this discount offer for such policy holders who were unable to deposit the premium due to some reason. Because of which his insurance policy was closed. LIC said by tweeting that policyholders can get their discontinued policies revived.

According to LIC , a discount offer is being offered to policyholders under this plan. If your policy premium is Rs 1 lakh or less, then you will be given 25% rebate in late fee. The maximum discount will be Rs 2,500. If the premium is between Rs 1 to 3 lakh, then the amount of discount has been fixed at Rs 3,000. If the premium of the policy is more than Rs 3 lakh, then there will be a discount of up to Rs 3,500 on it.

ULIP plans cannot be revived Policyholders can get all their policies revived except ULIPs and high risk policies. According to LIC, apart from the ULIP plan, all types of policies have been given a chance to revive, but some conditions have been kept in this too. As the same policy will be able to be started again. Whose premium must have been deposited at least 5 years back.

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