The Bank usually requires borrowers to take out Repayment Insurance in order to cover the outstanding balance of their loan in the event of death.
If the policyholder dies during the insured period, the insurance company will pay the outstanding portion of the loan, up to the sum insured, to the beneficiary.

With this type of policy, your family will not have to bear the financial costs relating to your loan.

Credit life insurance also entitles you to tax rebates.