Credit Life Takaful Plan

  • Individual
  • Business

Credit life insurance is a type of life insurance policy that is designed to pay off a borrower’s outstanding debts if the borrower dies. The face value of a credit life insurance policy decreases proportionately with the outstanding loan amount as the loan is paid off over time, until both reach zero value.

Credit Life Insurance Plan is a protection plan specifically designed to repay mortgage debt in the event of death or disability of the borrower predominantly for banks and financial institutions offering personal loans, credit cards and mortgage plans where the borrower is unable to meet the contractual obligation thereby protecting the mortgage lender.