Effective from 1 Jan onward, these guidelines will apply to Group Life Insurance Polices/Schemes subscribed to Lender-Borrower group.
In December 2014, the Insurance Regulatory and Development Authority (IRDA) issued guidelines applicable to group insurance policies and schemes executed by institutions acting as group organizers or master policyholders — the scheduled commercial banks regulated by the Reserve Bank of India (RBI), NBFCs with certificate of registration from RBI, and National Housing Bank (NHB)-regulated housing finance companies.
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The guidelines will apply when an individual member of the group life insurance scheme/policy will authorise the life insurance company to pay the outstanding loan balance amount to the master policyholder. The company will do so by deducting the amount from the claim proceeds payable when the contingent event covered by the group policy happens.
These guidelines from IRDAI came into effect on 1 January 2015 and ensure that the individual is covered under a group insurance policy and is financially secure while taking care of the insurer's benefit as well.
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