MANU/IRDA/0029/2023

Authority : Insurance Regulatory and Development Authority

Circular No. : IRDAI/LIFE/CIR/MISC/99/5/2023

Date : 04.05.2023

To,

All the Life Insurers

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

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.

J. Meena Kumari)
Executive Director (Life)