Credit Life Insurance is a type of voluntary insurance that covers the outstanding loan balance in the event of the borrower's death or disability, thereby relieving the family of the debt burden. This insurance provides 100% coverage of the insured amount (the loan balance). The premium is calculated based on the borrower's age, the loan amount, and the duration of the credit.
Example: A person aged between 35 and 40 may pay a premium of approximately 20–30 AZN for a 10,000 AZN loan for the entire duration of the credit.
