LIC policyholders looking to exit their policies can now consider a new option — ACESO's ALIP. This plan allows policyholders to surrender their LIC policy to a Trust and get the surrender value within 48 hours, while still retaining the life cover benefit, the company says. When policyholders die, the nominees can claim the death benefit paid by LIC from the Trust. Is ALIP legal in India? What did LIC say about selling your insurance policy to a Trust? What LIC policyholders should keep in mind while selling their policies to this new player in the market.
