> For the complete documentation index, see [llms.txt](https://milonics.gitbook.io/api-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://milonics.gitbook.io/api-documentation/build-with-insurpass/credit-life-insurance.md).

# Credit Life Insurance

The Credit Life Insurance plan guarantees loan balance repayment to a lender in case of a loan default due to a borrower's incapacitation to repay the loan or death of the borrower.

This plan is available to both the Lender and Borrower, providing security to all parties involved where unforeseen circumstances occur. We apply innovative financial technology to ensure efficiency in payments and transaction processing. Through our varied digital channels - i.e. Mobile App and Website, you are assured of a swift and uncomplicated service in just a few clicks.

#### **Who should purchase this plan?**

1. The lenders who are concerned about the inability of customers to pay back loans given to them.
2. The lenders who want to secure their capital to continue to lend in the future.
3. Borrowers who want to ensure their beneficiaries will not be burdened with loan repayment in case of death.

#### Scope of cover:

* Critically sick
* Permanently disabled
* In the event of death
* Loss of job income *(optional -offered as a rider)*

#### Features:

**Minimum Sum assured**: NGN100.00

**Maximum Sum assured**: NGN5,000,000.00

* The premium will vary based on the loan amount however when the price is determined, the premium will not be affected by interest rates or the duration of the loan.
* Premium payments and policies are all online and automated to ensure ease and flexibility.
* The outstanding credit will be payable in the event of a borrower's death during this policy's term.
* When a loan is issued, the lender will pay a single premium.
* Interest rates are fixed over the duration of the loan.
* Where part payment has been made on the loan, the difference between the outstanding loan amount and the sum assured will be paid to the named beneficiary.
* Subscribers will begin receiving benefits once their policy has been bought, there is a zero waiting period.


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