MORTGAGE PROTECTION ASSURANCE
MORTGAGE PROTECTION ASSURANCE
Features: Minimum and Maximum age at entry of 18 and 65 years respectively Minimum duration of 1 year and Maximum of 25 years Maximum exit age is 70 Premium can be paid Annually or Lump sum (Single premium) Covers outstanding mortgage loans Policy duration is equal to the term of the loan taken Guaranteed benefit (sum assured) is the original loan taken from the mortgage institution
Cover against: Death from any source Total permanent Disability Critical Illness
The following will be required before the inception of the Mortgage Protection Assurance Cover; Completed Proposal Form Required KYC documents — passport photograph, valid and acceptable means of identification and evidence of residence
Benefit: It reduces the non-performing loan ratio of the lender It saves the lender the cumbersome process of loan recovery when death or disability happens to the borrower It increases the ability of the lender to grow the loan portfolio Peace of mind to the borrower It protects the beneficiaries against loss of assets and burden of debt on the demise of the borrower It qualifies for tax advantage
Mortgage Protection Assurance is a life assurance plan that provides cover to both borrowers/lenders against the default of mortgage repayment as a result of Death, Accidental Total Permanent Disability and Critical Illness. It provides benefit payment of outstanding mortgage balance as at date of occurrence of the insured event. It does not cover willful default by the borrower.
Mortgage Protection Assurance is a life assurance plan that provides cover to both borrowers/lenders against the default of mortgage repayment as a result of Death, Accidental Total Permanent Disability and Critical Illness. It provides benefit payment of outstanding mortgage balance as at date of occurrence of the insured event. It does not cover willful default by the borrower.