What is Private Mortgage Insurance?
Private mortgage insurance, also known as Mortgage Reducing Term Assurance (MRTA), is a mortgage-reducing insurance policy that safeguards your home for you and your loved ones in the event of death, terminal illness or total permanent disability.
What are the benefits of MRTA?
1. Level term insurance
Cover remains unchanged throughout coverage period
2. Difference in premiums
Various policies available in the market with their own
rates payment plans
3. Portability & transferability
Insurance plan can be transferred to next property & premium is locked in at the earlier age throughout the coverage period.
4. Claims payout
Proceeds are paid to the beneficiary who will have the flexibility to use the excess cash for other means.
5. Joint-life mortgage insurance
HDB owners can purchase with one joint-life application, and claims will be paid out to the surviving owner.
6. Waiver of premium
If either flat owner is diagnosed with critical illness, all future premiums will be waived off.
7. Critical illness coverage
Option to add all stages of critical illness coverage.
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