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LIC Policy: Life Insurance Corporation of India or LIC has warned policyholders about unauthorized transactions related to insurance. Recently, there have been reports that some companies are offering attractive offers to LIC customers to purchase their existing LIC policies.

Life Insurance Corporation of India or LIC has warned policyholders about unauthorized transactions related to insurance. Recently, there have been reports that some companies are offering attractive offers to LIC customers to purchase their existing LIC policies. LIC has given this warning.

LIC has not endorsed these companies or their offers, the insurance company said. So don't fall into the trap of such offers. Otherwise you will have to face a huge loss.

What LIC says?: LIC directly says to stay away from such lures. To be clear, LIC has not introduced any setup or any product. There customers can sell their policy instead of surrendering it.

The company clarified. Any such transaction or statement made by a former employee or any other person is purely personal. LIC does not endorse such statement. LIC has nothing to do with such transactions.

COMPANY DISCLAIMS ITS RESPONSIBILITY OR LIABILITY. Emphasizing Section 38 of the Insurance Act, 1938, LIC said that legal provisions must be strictly followed in selling, transferring or assigning policies.

The insurance company said that LIC shall not be liable in any way for the sale, assignment or transfer of the policy under the applicable law. LIC has sufficient reason to believe that such sale, transfer or assignment is not in the interest of the policyholder or public interest or for the purposes of insurance policy business.

LIC Advice to Policyholders: Before responding to such unsolicited offers regarding policies, LIC advises policyholders to consider their financial security and ensure that their families have stable risk cover. It is also advisable to discuss with LIC officials to check whether any such offer is approved or not.