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Overview

This policy is specifically developed to pay off outstanding mortgage in event of death or critical illness of policy holder. It guarantees the payment of the outstanding mortgage given by a financial institution (Mortgagee) to a Life Assured (Mortgagor) should he/she dies before the loan is settled.

Benefits
  • It provides a one-off cash sum on death of the life assured to offset mortgage liability/loan.
  • May be extended to cover named critical illnesses, permanent or total disability.
  • Only those under the age of 65 years are eligible to take up this plan.
  • No cash value during the policy term.
  • It could also provide loss of job benefit if the life assured is retrenched at his place of work prior to completion of repayment of loan.
 

 

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