Is ICICI entitled for insurance on its name for loan

[samkapoor77]

I have borrowed a home loan from ICICI and as per their norms for property insurance I gave them an additional cheque on the name of insurance company. To my surprise, insurance is on the name on the name of ICICI and as per them I need to get it endorsed on my name at the time of loan closure. I even don’t have a copy of insurance. Is bank right?

[samkapoor77]

You should have original copy of insurance. Insurance should be on your name and assigned to ICICI. Write a letter to your branch manager seeking clarification on the same.

[Author]

Posts