Credit Life Assurance Policy is a plan intended to ensure payment of the outstanding loan of the debtor, who is insured under the policy usually by the Creditor; in the event of death or Total Permanent Disability or Unemployment (involuntary resignation) or Critical Illness or as defined under the policy at any time prior to the expiration or lapse date of the policy.

The Death Benefit is the sum assured, which amounts to the total outstanding principal (excluding unfulfilled obligation) of the loan repayable as at the time of death of the borrower (Life Assured) at any time prior to the expiration or lapse date of the policy. This benefit falls due and becomes payable provided that the Policyholder has fulfilled all the Policy terms and conditions as required and/or stated in the proposal form and this Policy document.