Beware of fake policies, LIC advises policy holders

Hyderabad: Life Insurance Corporation of India (LIC) has alerted the policy holders not to get carried away by the new reports and articles appearing in newspapers and other publications related to acquisition of policies by way of sale, transfer, assignment or otherwise.

In a press release, LIC said that LIC was not associated with any such entity, or the products and/or services being offered by such entities, and any statements made by former employees/personnel of LIC are personal to such individuals. We disclaim any responsibility or liability in connection therewith.

Any sale/transfer or assignment of LIC policies need to be undertaken in accordance with Insurance Act-1938, including Section 38 thereof.

Under applicable laws, LIC may decline to act upon any sale/transfer or assignment of policies, where LIC has sufficient reason to believe that such sale/transfer or assignment is not bona fide or is not in the interest of the policyholder or in public interest or is for the purpose of trading of insurance policy.

LIC has thus urged all the policyholders to exercise complete caution before making any decision on their policy which may jeopardise their financial security and the risk cover for their family. “Before responding to any offers, kindly consult with any of our LIC officials in our branches.

We, at LIC, are committed to transparency and protecting the best interests of our policyholders,” LIC added.