Insurance Regulatory and Development Authority

04.05.2023

Insurance

Instructions to stop the facility of re-payment of loan taken against the insurance policy through Credit Card

MANU/IRDA/0029/2023

1. The Authority has decided to stop the facility of re-payment of loans taken against the insurance policy using credit card as a mode of payment. Accordingly, all Life Insurers are advised to stop the acceptance of credit card as a mode of re-payment of loans granted against insurance policies with immediate effect.

2. This circular is issued in exercise of the powers conferred under Section 14 of Insurance Regulatory and Development Authority Act, 1999.

Tags : Instructions Re-payment Loan

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