To prevent the common practice of surrendering life insurance policies during financial crises, ACESO has launched its innovative Assignment of Life Insurance Policies (ALIP) program. This initiative allows policyholders to access their full surrender value while retaining life cover benefits, ensuring financial security for themselves and their families.
Many policyholders, facing monetary difficulties, often surrender their policies after years of premium payments, leaving their nominees with nothing in case of their untimely death. ALIP addresses this issue by enabling policyholders to maintain their life insurance coverage even after accessing funds. Founded in 2018, ACESO has already facilitated over Rs 400 million in assignments and is now extending its services to policies from all major private insurance firms.
From the perspective of the Jorhat market, this program is expected to provide much-needed support to local residents, helping them manage financial emergencies without compromising their life insurance benefits. Insurance agents also stand to gain, as ALIP enables them to assist clients in retaining their policies, thus maintaining commission earnings.As ACESO spokespersons emphasize, ALIP is a transparent, web-based solution that protects policyholders’ interests while contributing to insurers’ revenue stability by reducing surrender payouts.