When you own a home, it gives you immense pride. For your family members, your home is a sign of security. Hence, it becomes very crucial to protect your home and your loved ones from unfortunate events. Your home should not turn into a liability in case of your absence. Mortgage insurance allows you to secure the loan taken for your home against your death or terminal illness. Upon your demise or contracting of a grave disease, the insurer will pay up your loan, thereby leaving your family debt-free.
The DBS ManuProtect Decreasing - Mortgage Insurance provides you with wide coverage. With this policy, as and when you pay your mortgage amount, your insurance coverage will decrease automatically depending on the loan term and the interest rate you’ve opted for. Your premiums will be affordable because you will be insured only for the amount you choose.
Features, Benefits & Coverage Available
- There are two types of plans available: Basic and Supplementary.
- The policy is suitable for new as well as outstanding mortgage.
- You can safeguard your home against your demise or when you’re diagnosed with terminal illness (an illness that has been diagnosed by a medical examiner and is capable of leading to a person’s death in 12 months from the date on which the illness was diagnosed).
- If you contract a terminal illness while the policy is in force, you will receive the Death Benefit in a lump sum. You can get up to S$1 million under a TI claim. If you have more than one ManuLife policy, the total amount you may receive for terminal or critical illness claims for all the policies owned by you, would be S$2 million. These amounts include any Accumulated Reversionary Bonus and/or Claim Bonus you're liable to get.
- You have the flexibility of choosing a policy term that suits your specific needs.
- You can opt for an interest rate of your choice. Your interest rate options include - 1%, 2%, 3%, 4%, 5%, 7% or 9%.
- Your premium amount will remain fixed for the entire term of your policy.
- You will qualify for a discount when you opt for a joint lives application and increase the insurance coverage for your loved ones. This discount will not be valid on supplementary benefits.
- Underwriting of the policy will be simple and clear (applies to ManuProtect Decreasing Lite only).
- Your life as well as your assets will be insured under the Basic Plan. The Supplementary Plan gives you protection against critical illness, loss of employment, and total and permanent disability. Your income will also be protected.
- In case you want to terminate the policy, you can do so within 2 weeks (14 days) from the day you get the policy document. The premiums you paid will be fully refunded, except for the cost borne by the insurer for issuing or sending you the policy.
- The policy comes under the Policy Owners’ Protection Scheme (POPS) by the Singapore Deposit Insurance Corporation (SDIC). You don’t have to do anything to enrol for this.
Optional Coverage (Supplementary Plan)
- When you’re identified with any critical illness that is covered under this policy (early to advanced stages), you will be given a payout that is worth 6 times your monthly benefit. Also, for the remaining rider term, your policy premiums will be waived off.
- You will receive a payout worth 3 times your monthly benefit and your premiums for the policy will be waived off for a duration of 3 months post retrenchment. You can earn this specific supplementary benefit only during the time of purchasing ManuProtect Decreasing or ManuProtect Decreasing Lite. In case you have also chosen the Critical Cover Supplementary benefit, this benefit can be added. Exclusions and waiting period are applicable.
- Your payout will be expedited in case you’re diagnosed with any critical illness (covered under the policy) in its advanced stage.
- Your payout will be expedited if you suffer from total and permanent disability.
- Payor Premium Waiver Rider is available for single life application and ManuProtect Decreasing.
How to Apply for DBS Mortgage Protection
You can apply for this plan by talking to a Wealth Planning Manager at DBS. To do this, you can leave you contact details on the DBS website. You can also apply by visiting the bank’s branch directly.