About Tokio Marine
Part of the Tokio Marine Group,Tokio Marine Life Insurance Singapore Ltd. is one of the leading insurance companies in the country which provides general and life insurance solutions for individuals and institutional customers. The Singapore arm of Tokio Marine was set up in 1923.
Being the pioneers of insurance business in Japan, Tokio Marine has offices in over 486 cities spread across 38 countries which makes it one of the largest insurance companies in the world. In the personal insurance segment, Tokio Marine provides insurance solutions for mortgage loans as well as damage to belongings in the house and its occupants as two different policies.
Tokio Marine Mortgage Protection
A comprehensive term assurance plan primarily aimed at providing protection against financial liability of Mortgage loan in case of Critical illness, Total & Permanent disability (TPD) and Death. It pays for your mortgage loan installments and provides monetary support for your loved ones in case of uneventful situations. TM Mortgage Protection offers customisable options to alter basic terms as per preference.
Feature & Benefits of TM Mortgage Protection
Discounted Term for Premium Payment
One of the most appealing features of this plan is that it provides a discount on your premium payment term by 3 years. This means your premium payment is cut short by 3 years before end of the actual term. For example, if the policy term is 20 years, you only pay premiums up to 17 years.
Extensive Term Options
Tokio Marine offers policy term options from 10 to 30 years, giving you sufficient space to choose a term that matches your requirement. This falls in sync with general term of a mortgage loan, helping you secure the installments until full repayment of the loan.
Benefit of Lump Sum Payment
To help your loved ones in paying off the mortgage loan, Tokio Marine provides a lump sum amount (sum assured) in case of Death, CI or TPD to help them meet the immediate financial obligations and live securely.
Option of Joint Life Cover
With Tokio Marine, you’ve an option to purchase joint life cover for homes under joint ownership so that it provides comprehensive protection and offers a lump sum to pay off the mortgage. The sum assured will be disbursed in case of death or other insured conditions of any of the joint policy owners.
Coverage and premiums:
- The interests available are between 0% and 9.75%.
- The maximum benefit payable for TPD is S$2.5 million per life.
How to apply?
To apply for TM Mortgage Protection plan, you can choose any of the options below:
- Customer care hotline number: +65 6592 6100 or fax them on +65 6223 9120
- Email Id: firstname.lastname@example.org or email@example.com
- Mailing or visiting address: 20 McCallum Street #07-01, Tokio Marine Centre, Singapore 069046. (Operating hours: Mondays to Fridays, 8.45 am to 5.45pm)
- Visit the Tokio Marine website and submit an online application.
Frequently Asked Questions - TM Mortgage Protection
Are there any savings benefit under Tokio Marine Mortgage Protection?
There is no savings benefit. This is a pure play mortgage insurance that pays a lump sum in case of Death, Critical illness and TPD of the insured.
I would like to purchase the Mortgage protection to insure my housing loan. Can I pay the premium as a lump sum amount?
The premium is payable on a monthly installment basis throughout the policy term. Option to pay the premium as a lump sum is not available.
What is the age limit for provision of Total and Permanent Disability(TPD)?
This benefit is provided until the age of 65.
Is the Critical Illness cover available in the joint life mortgage insurance from Tokio Marine?
No. The CI option is applicable only for single life applications. Death and TPD are available for joint life policy.
How many Critical Illnesses are covered under the rider?
The CI(Optional) covers 36 ailments and illnesses.