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ICICI Lombard directed to stop marketing Loan Shield policy
Oommen A. Ninan
MUMBAI:
The Insurance Regulatory and Development Authority (IRDA) has asked ICICI Lombard General Insurance to stop marketing its Loan Shield policy immediately. It is a credit guarantee product for banks and it covers banks against borrowers default. The reason for default could be personal accidents, accidental disability, critical illness or death up to the age 50.
In a communiqué, the IRDA asked ICICI Lombard General Insurance not to issue the policy.
"This product has been filed with the IRDA earlier and has been in the market for some time now.
The IRDA reviewed the product afresh and was of the view that `death' would be under the ambit of life insurance companies,'' said Kartik Jain, Head, Marketing, ICICI Lombard General Insurance.
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