News From Press Regulator Irdai mandates life insurers to provide loans against policies

Regulator Irdai mandates life insurers to provide loans against policies

Source: BS Jun 13, 2024

Regulator Insurance Regulatory and Development Authority of India (Irdai) on Wednesday mandated insurance companies to provide loans on policies across all life insurance savings products, enabling policyholders to meet liquidity requirements.

In its master circular for life insurance companies which will be effective from September 30, 2024, the insurance regulator said: “Facility of policy loan is now mandatory in all life insurance savings products enabling policyholders to meet liquidity requirements.”

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