This plan has been designed to ensure that the unpaid or outstanding balance of a credit facility / loan is paid on the death of borrower.

• It can be described as life assurance policy that ensures the unpaid or outstanding balance of a credit facility / loan is paid on the death of borrower.
• Credit Life Assurance is taken on the life of the borrower solely to cover the outstanding balance of any money advanced to him by the lender or financing institution.
• The policy can also be taken up as a Group by clubs or associations.
• It is also a form of decreasing Term Assurance
• Not a substitute for the primary responsibility of the borrower to repay his loan when alive

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