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The country's largest insurance company, Life Insurance Corporation of India (LIC) has given a strict warning to its customers. LIC has told policy holders that if any person or business tempts them to buy a new insurance policy by offering a good amount in exchange for their current insurance policy, then they should avoid it. Otherwise, they may have to bear a huge loss.

There have been many such reports from across the country in which people are being lured to buy their existing insurance policies by promising good amounts. Therefore, instead of surrendering their insurance policies to the companies, people are selling them in this manner. Now LIC has clarified its position on this.

There could be a big loss

LIC has directly asked people to stay away from such temptations. It says that policy holders should take any decision regarding their insurance policy very carefully. This can increase the insurance cover risk of their family. At the same time, their financial stability can also be affected.

LIC does not do any such work

LIC has also clarified that it has not created any such setup, nor has it launched any such product where people sell out their policies instead of surrendering them. LIC employees and agents are also not involved in any such activity. They have nothing to do with any person making such claims.

LIC has also said in its statement that the sale or transfer of any of its policies is done under the Insurance Act 1938. Therefore, if anyone offers such an offer to the customers, then before doing so, they should confirm it from any employee or agent of LIC.