Credit Insurance is a type of insurance provided for banks or financial institutions against any risk of losses caused by the failure of a debtor (the person making the loan) to pay off the loan or make required debt payments. Generally, this insurance covers default risks when the debtor passes away, gets laid off, or goes bankrupt.

Benefits provided :

Repayment of remaining loans without arrears
Repayment of interest on the remaining loan payments and arrears
Make it easier for debtors to apply for a loan.

Risks covered :

The debtor fails to make repayment due to bankruptcy
The debtor is subject to liquidation upon a court decision
The debtor absconds or his whereabouts is unknown
Credit withdrawal before the credit period expires (for loans of more than two years) to reduce greater losses
The debtor (individual) passes away
The debtor (individual) is terminated for employment
Other risks agreed between the insurer and the insured.

Credit Insurance

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