NCDRC says lender may surrender life policy pledged for loan
A recent NCDRC order says a lender can surrender a life insurance policy that was pledged as collateral for a bank loan without the policyholder’s consent.
New Delhi, Sept.
1 -- Taking a loan against a life insurance policy can provide access to funds without requiring the policyholder to sell the investment.
But what happens to the policy if the loan is not repaid?A recent order by the National Consumer Disputes Redressal Commission (NCDRC) has clari…