Why do I need the Mortgage Plan?

The Mortgage Plan guarantees that your home remains yours when you cannot offset your mortgage loan as a result of total permanent disability or demise.

What happens if there is a loan default?

The Mortgage Plan is not liable for loan defaults and will pay no benefits as a result of the policyholder’s failure to offset his mortgage loan.

When will I make payment?

Your payment is made once as your mortgage facility takes off. However, you can negotiate instalmental payments

What is the tenor of the Plan?

The Plan remains in force as long as your mortgage facility is on. The Plan expires once you completely offset your mortgage loan.

Are there any exclusions to paying benefits on this plan?

Yes, there are a few exclusions to paying benefits to the Mortgagor.

This plan does not cover for suicide, execution of judicial sentence of death, declaration of war, engaging in harmful activities or sports such as parachuting, hunting, mountaineering or diving, and the use of harmful substances.

What happens if I miss a payment?

You should not miss your payments.

However, if you do, we allow a grace period of 30 days only. If premium isn’t paid within the  30 days grace period,  your policy becomes inactive for a period of only 1 year and can be revived no  later than 1 year after all premiums and interests are paid. Your policy is then subject to 6 months waiting period.