Home is one of the many significant achievements that you acquire during the course of your life. Mortgage insurance protects your home loan, in the event of your death or total and permanent disability (TPD). This is a way to protect your home during critical situations.
HSBC MortgageProtector Overview
HSBC is a well-known bank in Singapore which provides various banking and financial products and services. HSBC is headquartered in London, UK. HSBC has its presence in 73 countries with more than 51 million customers worldwide.
HSBC Bank provides a Mortgage Repayment Protection Plan called MortgageProtector which helps you pay your home loan in the event of unforeseen situations such as death or TPD.
Features and Benefits
- MortgageProtector is a single plan that provides coverage to 2 joint owners of a house. You can get this coverage for single or joint homeowners who must be either your spouse or a family member.
- This is a reducing term insurance which provides financial protection for a certain period.
- You will get life insurance protection up to the age of 70 years. In case of your demise, your family will get the assured amount as a lump sum.
- For permanent or total disability, you will get coverage up to 65 years or till the expiry of your policy (whichever is earlier). The maximum coverage you can get is up to S$3 million.
- Upon diagnosis of the same, you will get the assured amount in one lump sum. If you owe any amount to HSBC, the same will be deducted from the lump sum amount.
- The terms available range from 10 to 40 years. And, the interest rates vary from 1% to 10% depending on your policy and mortgage plan.
- The premium rates are affordable and fixed. You will get a premium waiver for the first month.
- You can also get an option to pay your premium in monthly, quarterly, half-yearly or yearly instalments.
- You will make premium payments until the remaining 4 years of your policy term but continue to continue to enjoy coverage even after you stop making payments for the balance of your policy term.
How to Apply
In order to apply for HSBC MortgageProtector, you can either call HSBC hotline or visit your nearest HSBC branch. You can call HSBC on 1800-HSBC Now (4722 669). If you have any question about this policy, you can call HSBC customer care hotline for insurance products on (65) 6225 6111.