When it comes to securing a comfortable future for oneself, investments play a vital role. Talking of investments, infrastructure continues to be one of the most capital investment which assures future profits. Nowadays, purchasing a house has become much easier with the popularity of home loans which offer very reasonable interest rates along with easy terms of repayment. However, given the unpredictable nature of life, isn’t it wiser to ensure that your loved ones will always have a home in times of need.
The NTUC Income Mortgage Protection Plan has been designed to ensure just that so need not worry about your home loan repayment in case anything were to happen to you.
About NTUC Income
NTUC Income is a Singapore based private financial organization established by the National Trade Union Congress in 1970. The company deals primarily in products and services pertaining to insurance, savings and investments. Among the leading 3 insurers in Singapore, NTUC Income occupies a substantial share in the local motor insurance industry.
Key Benefits of NTUC Mortgage Protection Plan
The NTUC Income Mortgage Protection Plan has been designed with special care to ensure that your home loan repayments are done in full, in case the unfortunate happens. Following are some of the notable benefits of this plan.
- This plan covers your outstanding home loan repayments in case of total or permanent disability (before the age of 65 years) or death.
- Cover provided by this plan depends on the number of years remaining on your home loan repayment. You can choose to take cover which ranges from 5 years to 35 years.
- One of the most attractive benefit of the Mortgage Protect Plan lies in its affordability. The plan provides you with maximum coverage minus the exorbitant premiums.
- Depending on your convenience, you can choose between two different premium payment terms. The first option allows you pay your entire premium as a lump sum amount. The second option allows you to make regular premium payments over a given period of time.
- Under the regular premium payment option, you can enjoy full coverage by paying premiums only for 3/4th of your policy term.
- Enhance your plan coverage by choosing from a list of riders available.
- The Living Benefit Rider entitles you to an assured amount in case of diagnosis of dread disease, total / permanent disability or death.
- Under the Special Waiver of Premium Rider, if the policyholder is diagnosed with a dread disease (with the exception of angioplasty or other invasive treatment of the coronary artery), suffers total / permanent disability or passes away, all premium payments of the policy holder’s basic plan are waived.
Eligibility for NTUC Mortgage insurance
In order to be eligible for the Mortgage Protection Plan, applicants must fulfil the following criteria:
- Proof or evidence of a housing / home loan.
- Applicant must be between 19 years to 59 years
- The coverage period must not exceed the 84th birthday of the insured.
Compare NTUC Mortgage Insurance With Other Insurance Companies Offering Mortgage Insurance in Singapore
- AIA Mortgage Insurance
- Great Eastern Mortgage Insurance
- Prudential Mortgage Insurance
- Tokio Marine Mortgage Protection
- HSBC Mortgage Repayment Protection
FAQs - NTUC Mortgage insurance
- What is the amount that an insured is entitled to under the Death Benefit?
- What documents do I need to furnish in order to file a total and permanent disability claim?
- Are the premium rates for the Mortgage Protection Plan subject to change?
- How will I receive my Total and Permanent Disability Benefit?
- What are the exclusions of the Death Benefit?
Under the Death Benefit, the company shall pay, in one lump sum, a reduced sum assured amount which corresponds to the left over balance on the mortgage loan. Once the benefit amount is paid, the policy shall be null and void.
A medical certificate, issued by a registered practitioner declaring the insured as totally or permanently disabled, for a period of at least 6 months, must be provided.
No, the premium rates shall remain unchanged for the term of the policy.
The company shall pay the benefit as a lump sum amount. This amount is subject to a maximum cap of $1 million per year. If the benefit amount is over $1 million, the remaining amount of the benefit shall be paid in yearly installments.
The Death Benefit shall not be paid in case the insured commits suicide within the first year of commencement of the policy.