VEHICLE FINANCE
A consultation paper would stop compulsory insurance bundling with vehicle finance, but it is not yet a rule.
WHAT CHANGES
Banks and NBFCs would not be allowed to make policy purchase compulsory for a car loan.
THE PAYMENT
The proposal says the insurance premium should be paid directly instead of being folded into the loan amount.
BUYER CHOICE
A permitted package would show loan terms with and without cover and would not force one insurer.
WHAT NEXT
IRDAI has invited comments before deciding the final wording and implementation.
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See what the proposal could mean for vehicle finance, insurance costs and paperwork.
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Sources, numbers and what to watch next.
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