Uncertainty is another name of life. While one moment an individual may be on their way to realize their dreams, they never know what the very next moment might bring. The unfortunate strikes at the most unexpected times and can leave your loved ones feeling helpless. It is keeping such situations in mind that one fully understands the significance of future financial planning, and that it doesn’t only include protecting your loved ones against physical risks but also financial ones like debts and outstanding loans.
The AIA Mortgage Term Reducing Assurance (MRTA) is a mortgage insurance plan which guarantees the repayment of any outstanding home loan amount, in the unfortunate event of death, terminal illness or disability.
About AIA Group Limited
Founded way back in 1919, AIA (also known as the AIA Group Limited) is one of the prominent life insurance and financial service providers in the Asia-Pacific region. Headquartered in Hong Kong, AIA operates in the pan-Asian region through a network of wholly owned branches and subsidiaries which are located in countries like Malaysia, Australia, Philippines, Thailand, New Zealand, Singapore, among many others. The AIA Group Limited offers a suite of financial products and services which include life insurance, pension services, employee benefit, accident insurance and health insurance.
Key Benefits of AIA Mortgage Reducing Term Assurance (MRTA)
AIA Mortgage Reducing Term Assurance (MRTA) is the mortgage insurance plan offered by AIA which takes care of any outstanding home loan repayment in the event of death, terminal illness or total & permanent disability. In addition to that, this mortgage insurance plan carries multiple benefits which can help ease the financial burden of your loved ones.
- This plan ensures your peace of mind as it ensures that your family or loved ones don’t have to bear the burden of any outstanding home loan repayment in case of death, terminal illness or total & permanent disablement.
- The AIA MRTA gives you the flexibility to choose when to make your premium payment, which can be done monthly, quarterly, bi-yearly or yearly.
- Another unique benefit accompanying this plan is that it lets you enjoy the benefit of maximum coverage with a shorter premium payment period. Enjoy coverage for your entire home loan period but pay the premium only for 75% of the duration of the home loan term. For example, A has taken a home loan for a term of 30 years. With the MRTA plan, A needs to pay the plan premium only for a period of 22 years and the remaining 8 years, he will be given coverage free of cost.
- The AIA MRTA is a plan which changes with your needs. Say, you decide to sell the property or you have fully paid off your loan. In that case, your remaining AIA MRTA coverage can be used to as coverage for a new mortgage loan.
- AIA believes that even small things matter. This is why, in case you do require a medical examination in order to apply for the plan, and the expenses of your medical examination will be paid by the AIA.
- No matter where you are, the AIA MRTA plan covers you not only worldwide but also up to the age of 75 years.
Eligibility for AIA Mortgage Reducing Term Assurance
- The eligibility for the AIA Mortgage Reducing Term Assurance is based on a mortgage loan on a residential property.
- The AIA MRTA plan can be taken to cover a loan for a tenure ranging from 5 years to 30 years.
Compare AIA Mortgage Insurance With Other Insurance Companies Offering Mortgage Insurance in Singapore
- NTUC Mortgage Insurance
- Great Eastern Mortgage Insurance
- Prudential Mortgage Insurance
- Tokio Marine Mortgage Protection
- HSBC Mortgage Repayment Protection
FAQs - AIA Mortgage Reducing Term Assurance
- What does the AIA Mortgage Reducing Term Assurance Plan cover?
- Till what age does the cover of the AIA MRTA plan extend?
- What happens to my remaining MRTA plan coverage if I have paid off my entire outstanding loan amount or decide to sell the property?
- What are the payment options with the AIA MRTA plan?
- What is the home loan tenure which is covered under the AIA MRTA plan?
This plan covers any your loved ones against any outstanding home loan repayments in case of death or diagnosis of a terminal illness or disability.
This plan extends cover worldwide, up to the age of 75 years.
In this case, the remaining coverage can be used to take a new mortgage loan.
You have the choice to make your payment monthly, quarterly, bi-yearly or yearly.
This plan covers home loans which have been taken for a period ranging from 5 years to 30 years