Credit Life Insurance Life Plan (CLIP) or Loan Protection Plan –  an insurance product specifically designed to pay in full the amount of loan of members in the event of death. The amount of insurance is equivalent to the amount loan. In the event of claim the paid portion (amount paid by the borrower/member) shall be paid to the beneficiary. The unpaid portion (loan balance) shall be given to the cooperative. The premium is as low as 12.50 per P1,000.00 per annum   (1.25%/year).