Mortgage Plan

A Mortgage Plan that works!!!

A Mortgage Plan is specifically designed to protect your home from foreclosure and repossession in the aftermath of your death or in the event that you suffer total permanent disability.

These two eventualities often lead to further inability to keep up with Mortgage repayments.

With our Mortgage Plan, we will offset all of your outstanding mortgage debt on the occurrence of either death or permanent disability, thereby guaranteeing the safety of your home from foreclosure and repossession.

Having worked so hard to provide the ones you love with a home, you can ensure their shelter is uncompromised – even in your absence or loss of income to keep up with the required payments.

Why should I take up a Mortgage Benefit Plan?

  • It safeguards your home against foreclosure.
  • It protects your home from repossession.
  • It is the safest way to guarantee your mortgage repayments in the event of death or permanent disability.

Product Architecture:

  • Eligibility: Mortgage  Plan is available to everyone who has acquired a mortgage loan
  • The minimum age at entry is 21 years
  • The maximum age at entry is 59  years
  • Policy Term: The LifeCover lasts the entire duration of the mortgage loan. The Plan expires at the end of the mortgage loan whilst you are alive

Payment Plan

  • The policyholder makes contribution to ARM Life monthly, quarterly, half yearly, yearly or single (i. e. lump sum)

Payment Mode

  • Cheque, Direct Debit, , Online, ATM, Bank Branch Transfer. No cash payments are allowed

Benefits:

  • Death Benefit: The balance of your mortgage loan at the time of death, will be paid to the financial institution subject to the policy being assigned to them
  • Tax Credit: Your premium earns you a tax credit on your income tax liability. This means that a part of your premium can be offset against your tax.

Rider Benefits (Optional):

  1. Total Permanent Disability: In the situation that you can no longer offset your loan as a result of Total Permanent Disability, ARM Life will offset the outstanding loan payment on your behalf. This is an optional benefit and there would be an additional charge for this benefit. The maximum benefit available for this option is limited to the base sum assured.
  2. Critical Illness: In the situation that you can no longer offset your loan as a result of contracting Critical Illness, ARM Life will offset the outstanding loan payment on your behalf. This is an optional benefit and there would be an additional charge for this benefit. The maximum benefit available for this option is limited to the base sum assured.

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