Making investments in the Singapore real estate is one of the fastest way to generate long-term wealth. Moreover, owning a home is a priority for most Singaporeans. With a plethora of competitively priced home loans on offer, owning a home isn’t difficult if you plan well.
However, unforeseen events can rock your life at the most inopportune times, affecting your ability to make home loan repayments. To ensure that your beloved family continues to have a home, even in your absence and to ensure that they’re not encumbered with the worry of paying back the mortgage dues, subscribe to the NTUC Income Mortgage Protection Plan today.
The NTUC Income Mortgage Insurance plan will pay for the outstanding balance of your home loan in the event of your death or permanent disability before the age of 70.
Key Benefits and Features of NTUC Mortgage Protection Plan
The NTUC Income Mortgage Protection Plan offers a range of first-rate benefits that every Singaporean national and PR would love. Subscribing to this policy would ensure that the home loan repayments are made in full even if something untoward happens. That would protect you and your family from lawsuits and harassments related to debt collection. Some of the notable benefits and features of the plan are as follows:
- You have the option of choosing your payment plan. Either, you can pay out the entire premium in one shot or pay it in regular instalments within a time specified period. With regular premium payments, you’ll only have to pay the premium for three-fourth of the selected coverage period.
- The Living Benefit rider of this policy would entitle you to an assured amount in case of a dread disease, total or permanent disability and death.
- If the insured is not the policyholder, the future payment of premiums of the basic plan would be waived off in case of death, total or permanent disability and detection of a dread disease of the policyholder. However, the rider won’t apply in case of angioplasty or any other invasive treatment for coronary diseases.
- The first premium needs to be paid when you apply for the cover. However, for subsequent premiums, you’ll get a one-month grace period to pay the premium.
- You can choose to get a more comprehensive coverage by adding a number of smart riders to the basic mortgage insurance.
- The plan provides cover for the outstanding repayments on your home loan. The plan will cover you for a period that can range from 5 to 35 years.
- If you’re the policyholder of the NTUC Mortgage Insurance Plan, you can choose to be covered for 30 major illnesses by getting a living benefit rider with additional payments.
- Future premiums will be waived if you’re diagnosed with one of the 30 major illnesses for which you had got an enhanced coverage.
- This policy will cover the insured till the 84th year of his living.
NTUC Mortgage Insurance Plan Special Treats
If you’re an NTUC Income policyholder for a policy other than single trip travel policies, you’ll be entitled to take part in a member-exclusive rewards program called Income Treat. You’ll be sent Treat vouchers which you can redeem at one of the company’s partner merchant sites or stores. To participate in this scheme, you’ll have to be at least 16 years old.
This policy is protected under the Policy Owners Protection Claim administered by the Singapore Deposit Insurance Corporation.
NTUC Mortgage Insurance Plan Riders
If you want enhanced coverage in addition to the basic plan, you can pay a higher premium to add certain riders. They are as follows:
- Payor Premium Waiver: This rider waives the future premium payments of the insured, in situations where the insured is not the policyholder (third party policy), in case of death or total/permanent disability (TPD) of the policyholder (TPD before 70 years).
- Enhanced Payor Premium Waiver, Dread Disease Premium Waiver: This rider waives future premium payments if something like death, TPD (before 70 years) or one of the 30 dread diseases as mentioned in the policy document were to occur to you. However, the condition is that you can’t be the policyholder and the insured at the same time. For dread diseases, a waiting period of 90 days will be applied from the cover start date.
- Cancer Waiver: If you add an Enhanced Payor Premium Waiver or a Dread Disease Premium Waiver, the future premium payments of premium will be waived off for the insured, in a situation where the policyholder isn’t the insured. A 90-day waiting period from the cover start date and a 30-day survival period from the date of diagnosis will be followed.
- Other Riders: For third-party mortgage coverage plans, you’ll get 10% of the amount paid for regular dread diseases, up to a maximum of S$25,000, for angioplasty and other invasive coronary artery disease treatments. The benefits of the rider will, thereafter, continue to exist for a reduced sum assured. Also, benefits of coronary diseases will end with the payment.
You can choose to pay your premium at one go or make regular premium payments within a specified period of time. In case of regular payments, you’ll only have to pay three-fourth of the selected policy terms. To find out more about the exact premium for your chosen policy, you can contact NTUC Income.
You’re expected to pay your first premium when you apply for a particular policy. Thereafter, you’re expected to pay your subsequent premiums whenever they’re due as per your policy conditions. You’ll get a 30-day grace period. If a claim is made during this period, an amount equal to the unpaid premiums would be deducted from the benefit.
If you fail to settle the dues at the end of the grace period, the mortgage protection plan would cease to exist. It can be reinstated, however, after 36 months from the date of cancellation with the exact same clauses, provided you pay NTUC Income the remaining premiums with interest. Also, it has to be ascertained that the risk conditions haven’t changed.
NTUC Mortgage Insurance Policy Exclusions
The policy won’t be valid under certain situations such as the ones cited below:
- Suicide: If the insured commits suicide within 1 year from the cover start date, the insurance cover would be invalidated. NTUC Income would refund the total premium paid without interest.
- Under 65 and loss of current occupation: If the insured is under 65 years and is completely unable to carry on with any income-generating occupation, the company will pay. However, if there is a partial loss of income or the insured fails to carry out an occupation for which he is qualified, the company won’t pay.
- Partial disability of the insured who is between 65 and 70 years old: NTUC Income won’t pay if the insured is between 65 and 70 years old and isn’t suffering from severe disability.
- No proof of continuous disability for a period of time: If the insured can’t provide proof of certification of disability for a continuous period of six months at least from a registered medical practitioner, the claim won’t be considered valid and will be rejected.
- Self-inflicted injury or deliberate exposure to danger: If the insured inflicts injury on self, provokes assault, attempts suicide, gets injured while carrying out unlawful activities, deliberately and knowingly exposes himself to danger or gets injured while being intoxicated, the policy would be considered to be invalid and the benefits won’t be extended.
- Third-party rights exclusion: Any person not directly involved with the policy won’t be able to enforce it under the Contracts
NTUC Mortgage Insurance Policy Eligibility
The eligibility criteria for this policy are as follows:
- The applicant must be between 19 and 59 years in age
- The coverage period shouldn’t exceed the 84th year of the insured (last birthday)
NTUC Income Mortgage Protection Plan Claim Process
The claim has to be raised within 6 months from the event leading to the claim. To establish total or permanent disability, medical certificates from a registered medical practitioner have to be produced along with the application.
The claim form should be accompanied by proof of death or disability or dread disease, whichever applies. A facsimile reproduction of your NRIC, age and address proofs and other related documents will have to be submitted where necessary.
The claim form and the supporting documents can be submitted:
- To your local NTUC Income branch
- In the form of a mail sent to the Claims Service Centre
- To your insurance advisor
NTUC Income Mortgage Protection Plan Contact Details
General enquiries on your existing policy/Customer care hotline: 6788 1777
Home insurance claim hotline: 6788 6616
Claim servicing branch:
75 Bras Basah Road,
NTUC Income Centre
Visiting Hours: Monday – Friday 10:00 AM – 6:30 PM
The branch remains closed on Saturdays, Sundays and public holidays.
FAQs on NTUC Income Mortgage Protection Plan
Q: What is payable under death benefit?
A: In the event of death, you’ll get the reduced sum insured corresponding to the outstanding home loan repayment balance in one lump sum. The benefit would cease to exist following the payment.
Q: How will I receive my total and permanent disability (TPD) benefits after a successful claim?
A: You will receive the benefit in a lump sum subject to a maximum yearly cap of S$1 million. If the benefit to be paid exceeds the said cap, the excess amount would be paid in yearly instalments.
Q: Will I need to pay premiums when I am receiving the benefits related to TPD in instalments?
A: The moment you start receiving the benefits related to TFD, the policy and the riders associated to it become invalid. So, premiums can’t be paid and won’t be accepted in relation to the same policy.
Q: Can I add or remove riders once a policy becomes effective?
A: Riders can be added and removed any time after the policy comes into effect. However, the company reserves the right to do a thorough assessment of your health and financial conditions if you want to add riders after the policy has come into force.
Q: Are premium rates guaranteed?
A: Yes, the premium rates would remain unchanged throughout the entire policy term.
Q: Can I use my funds in CPF or SRS to buy this policy?
A: This policy can be bought with cash only. So, CPF or SRS funds can’t be used to buy this policy.
Q: Can I transfer the legal rights of this policy?
A: The legal rights of this policy can’t be transferred or re-assigned unless you raise a request with NTUC Income in writing and it is accepted by the company.
Q: Can my claim request be rejected?
A: Yes, your claim request may be rejected even after you have continuously paid the premium for one full year from the cover start date. Some of the possible reasons could be fraud, non-payment of premium, failure under the exclusion conditions or detection of existence of a material pre-existing condition.
Q: Is there a cash value for the policy?
A: This policy doesn’t have a cash value.
Q: Does the associated riders have a cash value?
A: The riders associated with the policy don’t have cash value.