credit life insurance

Think about the Future and Your Family’s Financial Stability


What is Credit Life Insurance?

Credit Life Insurance allows the borrower to secure the financial future of the family in case the insured event* occurs.

What does the Credit Life Insurance Mean?

Is a person is using Credo Bank loan, he has the possibility to use Credit Life Insurance and in case of insured event* occurs, loan shall be covered by insurance company Aldagi instead of borrower’s family.  In other words, all financial obligations towards the company shall be abolished.

In case of Insured Event* occurs is covered totally customer’s liability by insurance company.

Who can Use Credit Life Insurance?

Physical Person, whose age is no less than 18 years at the beginning of the insurance period and no more than 72 years, by ending the insurance period (last day defined in the repayment schedule).

Credit Life Insurance Fees

Loan Principal Amount


<=1000 USD


1001 – 3000 USD


3001 – 5000 USD


5001 – 10000 USD


>=10001 USD



Loan Principal Amount in GEL


<= 2500 GEL


2501 – 7500 GEL


7501 – 12500 GEL


12501 – 25000 GEL


>= 25001 GEL




The Exclusion List includes the list of circumstances/reasons of the borrower’s death, which exempts insurance companies from the obligation of the indemnity under the contract.

Such circumstances/reasons include:

  • War, warfare, intervention (foreign forces), rising, revolution, civil war, military or usurpatiral forces actions or similar actions, any person’s actions, which acts by himself or on the behalf of some organization and his goal is to overthrow government with the military revolution or terroristic methods
  • Radiation calibrator, environmental pollution by radiation, nuclear oil ignition
  • Being under Narcotic, Psychotropic or toxic substances (In case Psychotropic substances were assigned by the licensed doctor, the case will not be considered as an exclusion). Also, car accidents when the borrower was under alcohol
  • Suicide or suicide attempt, intentional self-harm
  • Murder of the insured person or the attempted of murder or body injury, where directly or indirectly was involved beneficiary.
  • Illegal actions or attempts which violates criminal code.
  • Mental Illness or mental confusion
  • Taking part in military or police operations
  • Taking part in land, air or water speed competitions
  • AIDS infection
  • Internationally putting himself into danger (In case insured person was saving other’s life, the case will not be considered as an exclusion)
  • In case of betting, performing acrobatic tricks, records making or the attempts
  • Participating in professional sport
  • Participation in sports: battle, parachute or delta plan jumping, alpinism, climbing, speleology
  • Client’s death caused because of the serious disease, after 12 months of the loan disbursement. Prior Assessment of this risk could be the subject of the denial of the loan disbursement.
  • Malignant tumor
  • Hart Chronic disease
  • Cerebrovascular disease

What Should Borrower’s Family do in Case of Insured Event* Occurs?

In case of insured event occurs borrower’s family should contact service centre and present following documentation.

It is impossible to cancel or prepay the premium. Credit Life Insurance premium is paid according to the repayment schedule.

It is possible to cancel the insurance only:

  • When loan is prepaid
  • When insured event occurs


*Insured event is the borrower’s death by any reason, if it is not stated in the exclusion list