The Insurance Regulatory and Development Authority of India (IRDAI) on May 04, 2023, issued a notification regarding the Instructions to stop the facility of re-payment of loans taken against the insurance policy through Credit Card.
The following has been stated namely: -
• The facility of re-payment of loans taken against the insurance policy using a credit card as a mode of payment shall be stopped.
• Life Insurers are advised to stop accepting credit cards as a mode of re-payment of loans granted against insurance policies from May 04, 2023
[Notification No. IRDAI/LIFE/CIR/MISC/99/5/2023]
