Credit Life Insurance Plan is a group life protection plan predominantly for banks and financial institutions offering personal loans, credit cards and mortgage plans. In the event that a borrower dies, the outstanding loan is paid off and the payment is made directly to the loan provider. The cost of the cover can be levied by the loan provider as part of the loan repayment.
Each Credit Life Insurance Plan Agreement can be tailored to match the customer base, however, some additional features are :
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