Mortgage Plan
This policy is designed to protect the homeowner and the financial institution against unforeseen circumstances. It covers the outstanding mortgage balance in the event of the homeowner’s Death, Permanent disability or Critical Illness.
Eligibility
- The policy has a stand-alone permanent disability and critical illness rider
- The premium amount is either annual or single payable at inception of the policy
- The policy has a minimum term of 5 years and maximum term of 30 years.
- The minimum entry age is 18 years, and the maximum entry age is 65 years
Benefits
- Death Benefit: The policy pays the outstanding loan amount payable upon death of the policyholder within the term of the policy.
- Permanent Disability Benefit: The policy pays an outstanding loan amount payable when the policyholder suffers a permanent disability, as defined in the policy document, within the policy term.
- Critical Illness Benefit: The policy pays off the loan balance if the borrower is diagnosed with a covered critical illness.
- Full name, gender, and date of birth of borrower
- Loan amount and outstanding loan balance
- Loan tenure (minimum 5 years, maximum 30 years)
- Mortgage repayment schedule (monthly, quarterly, annually)
- Desired coverage type (Death only / Death + Disability / Death + Disability + Critical Illness)
- Age and medical history of borrower (medical exam may be required depending on loan amount and age)
- Completed proposal/application form
- Premium payment option (annual or single premium)
- Proof of insurable interest/loan agreement
- Details of the lending financial institution for benefit assignment
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