ICICI Life defends credit cover as Irdai weighs steep commission cut

ICICI Life Insurance Co. Ltd, formerly ICICI Prudential Life Insurance, has put forward credit life insurance as an important protection product for Indian borrowers, even as the insurance regulator proposes to sharply cut the commissions lenders earn for selling it. Credit life cover pays off a borrower’s outstanding loan if they die during the loan term.Speaking on the company’s earnings call on Tuesday, Amish Banker, life insurer’s chief distribution officer, said the product “provides a very important societal need in…