ACESO to Add 60 Channel Partners in FY

New Delhi, Jul 5 (PTI) ACESO, a tech platform in insurance assignment business, is planning to add 60 more channel partners in the ongoing financial year.

The company currently has 40 channel partners.

"Currently, we have 40 channel partners and we want to add another about 60 more channel partner during this year," ACESO Founder Director Ketan B Mehta said.

With this, the total number of partners would cross 100, he said, adding that they will help company grow business by connecting with policy holders and insurance agents.

ACESO helps to monetise the endowment policies held by a life assured of LIC, to ensure financial benefits, along with continuation of risk cover till maturity, in cases where the policies are sought to be surrendered or lapsed.

The company endeavours to achieve this objective through the assignment of endowment insurance policies of LIC to a registered Trust managed by SEBI registered Trustee viz. Beacon Trusteeship Ltd, Mehta said.

He further said the company has recently launched Assignment of 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 their endowment insurance policies, even while preserving their life cover benefits, he said.

All this is provided by an independent SPV Trust, managed by a Sebi-registered trusteeship company.

The consideration is typically expedited within 48 hours upon completion of all necessary documentation, he said.

Moreover, the entire documentation and KYC process is done online, to the fullest extent possible, minimising hassles for both the policyholder and their LIC agent, he said.

The assignment of most of endowment policies is possible because a life insurance policy is the personal property of the life assured and is governed by the Life Insurance Act, 1938 and Contract Act 1872, he added.