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.
- 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||
|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:
||Choice between the following:
||Same as the main plan opted.|
- 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.