• OCBC Mortgage Reducing Term Cover

    The Mortgage Reducing Term Cover by OCBC safeguards you, your family, and your home. You can get a complete refund of premiums if you do not make any claims by the end of your policy tenure. With this cover, you can select a long plan tenure between the ages of 6 years and 40 years. There are 3 types of policies that offer such cover. Any of these policies can be combined with an optional rider to pay your outstanding mortgage in case of an unfortunate life event.

    Benefits

    • In case of an unfortunate event like death, Terminal Illness (TI), and Total and Permanent Disability (TPD), the policy will cover your outstanding mortgage premiums.
    • You can enjoy reasonable monthly premiums with any of the 3 policies.
    • The policies are available as joint-life or individual plans.

    Types of Policies and the Features

    Mortgage Protector Plus – This single premium insurance plan refunds the premiums paid if zero claims were made before the renewal of the policy tenure.

    Mortgage Protect Advantage – This is a regular premium policy with 100% refund benefit if no claims were made at the end of the plan term.

    Mortgage Protect – This regular premium policy does not refund your premiums.

    Optional Critical Illness (CI) Rider

    You can combine this optional add-on regular policy that waives future premiums for 2 plans - Mortgage Protect Advantage and Mortgage Protect – if you are diagnosed with any of the 35 CIs mentioned under the plans. This rider does not have the option of a refund.

    Coverage and Premiums for Mortgage Reducing Term Cover Plans

      Mortgage Protector Plus Plan Mortgage Protect Advantage Plan Mortgage Protect Plan CI Rider
    Types of events covered
    • TPD
    • Death
    • TPD
    • TI
    • Death
    35 CIs
    When a claim has to be paid Receive a one-time payout of the balance sum assured. This amount can be used to pay off your mortgage. Waiver of future premiums for the main policy as well as all riders attached to the same policy.
    When no claims are made Full refund of single premium paid will be provided at the end of your policy term. Full refund of all your premiums paid throughout the term will be paid at the end of your policy term. No refund
    Upon surrendering policy 75% of the premiums refunded. 40% of the premiums returned. N.A.
    Underwriting Complete underwriting Choice between the following:
    • Sum assured up to S$1.5 million for ages between 18 and 50 years (age next birthday).
    • Sum assured up to S$1 million for ages between 51 and 65 years (age next birthday).
    Choice between the following:
    • Sum assured up to S$1.5 million for ages between 18 and 50 years (age next birthday).
    • Sum assured up to S$1 million for ages between 51 and 69 years (age next birthday).
    Same as the main plan opted.

    Eligibility

    • Mortgage Protector Plus Plan – You must be between the ages of 21 and 65.
    • Mortgage Protect Advantage Policy – You must be between the ages of 18 and 65.
    • Mortgage Protect Plan – You must be between the ages of 18 and 69.

    How to Apply for Mortgage Reducing Term Cover Plans

    There are 2 ways to apply for these plans:

    • You can leave your details with OCBC by completing the online enquiry form on the Mortgage Reducing Term Cover webpage.
    • You can call the bank on +65 6722 2293 from 9:00 a.m. to 6:00 p.m. on weekdays.
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