Individual Credit Life Insurance (Loan Insurance)
Protect your housing, personal and car loan obligations with dependable financial security.
Liva Insurance's Individual Credit Life plan provides protection that settles your outstanding loan balance if an unexpected event occurs.
It ensures your housing, personal or car loan commitments do not become a burden for your family or guarantors during difficult times.
The coverage is aligned with the Unified Credit Insurance Policy issued by the Financial Services Authority and supports loan protection needs across banks and financial institutions in Oman.
What does this policy cover?
Liva Insurance's Individual Credit Life Insurance provides focused protection designed to settle your outstanding housing, personal or car loan balance if specific covered events occur.
The policy benefits apply according to the definitions agreed between the insured, the insurer, and the lending institution.
Here's the core coverage our Individual Credit Life Insurance policy offers:
Protection for Death:
If the insured passes away during the policy period, Liva Insurance settles the outstanding loan balance directly with the beneficiary bank.Protection for Total Permanent Disability (TPD):
If the insured is medically confirmed as totally and permanently disabled, the remaining loan balance is cleared as of that assessment date.Direct payment to the bank:
The benefit is paid to the bank or financial institution listed in the policy, ensuring quick settlement and removing financial pressure from the insured’s family.Coverage amount:
The payout reflects the outstanding loan balance at the time of death or disability, calculated using the decreasing balance schedule agreed at the start of the credit contract.Coverage duration:
The policy remains active for the period stated in the policy annexure and aligns with the insured’s credit contract.
Benefits
Here are some benefits customers value most when taking a housing, personal or car loan:
- Protects your family from unexpected financial burden
- Ensures your loan is fully cleared if a covered event occurs
- Keeps your financial commitments secure throughout your loan tenure
- Simple and predictable structure that aligns with your loan balance
- Supports smoother loan processing because many lenders require loan protection coverage
- Direct payout to the bank to avoid administrative delays
Why choose Liva Insurance for Credit Life Insurance?
Borrowers and financial institutions rely on Liva Insurance because of its clarity, reliability, and regulatory compliance.
- Compliant with the Unified Credit Insurance Policy issued by the regulator
- Clear definitions and a transparent structure so borrowers understand what is covered
- Trusted by banks and financial institutions across Oman
- Backed by strong claims capability to support fast loan settlement
- Customer-focused service for borrowers and lenders
Who is eligible?
Any natural person who takes a housing, personal, or car loan from a licensed bank or financial institution in Oman. The insured must be the person responsible for paying the insurance premium and is covered for death or total permanent disability.
How does the policy work?
The process is simple and designed to fit into your loan application. Here's how this works:
- You apply for the policy along with your loan or upon the bank's request.
- Your lender sends the required information as part of the insurance application.
- Your housing, personal, or car loan details are linked to the Credit Life policy.
- If a covered event occurs, Liva Insurance pays the loan outstanding balance directly to your bank.
- Your loan is cleared based on the agreed decreasing balance schedule.
What the bank receives
Under this policy, the beneficiary is always the bank or financial institution that issued the loan. They receive the benefit payout in case of death or total permanent disability of the insured.
Policy duration
The coverage period matches the loan duration as stated in the policy schedule and usually aligns with your loan tenure.
Claim settlement
- The claim amount is based on the outstanding loan balance on the date of death or disability.
- The payout is made directly to the beneficiary bank to close the outstanding credit obligation.
- Claims must be settled within the timelines defined in the policy. If a payment is delayed without a valid reason, interest on the overdue amount is payable to the beneficiary, as outlined in the policy terms.
Ready to secure your credit obligations?
Protect your outstanding loan balance with reliable coverage. Liva Insurance's Individual Credit Life Insurance supports you and your loved ones by ensuring your liabilities are handled smoothly in case of an unforeseen event.
Protect your financial commitments with confidence. Start your Credit Life Insurance journey today.
