The Insurance Regulatory and Development Authority of India (“IRDAI”) vide its circular dated April 8, 2020, has permitted insurers to grant a moratorium of 3 (three) months to borrowers towards repayment of term loans, in line with the directions issued by the Reserve Bank of India on March 27, 2020.
IRDAI has issued the following instructions to insurers on providing moratorium on repayment of loans:
Read circular here.
This update has been contributed by Aastha (Partner) and Kartik Jigyasi (Associate).
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