Life Protection
Protect your loved ones’ future from life’s uncertainties
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AIA Mortgage Reducing Term Assurance helps you keep the family home in the family, so that your loved ones can continue to cherish the memories created there for generations to come. This is a flexible protection plan created for homeowners who have taken out a housing loan. If the worst should happen, we’ll take care of your loved ones by paying what’s remaining of your housing loan.
Should you suffer a disability or terminal illness or unfortunately pass away, your chosen coverage amount will help to pay your outstanding housing loan, easing the financial burden for your loved ones.
You won’t have to make future payments should a disability, terminal illness or critical illness strike. Let us fund it.
You only need to pay premiums for 75% of your mortgage payment term and enjoy the last 25% on us. That means for a 30-year home loan, you get the last 7.5 years of coverage for free.
If you have repaid your loan or decided to sell your home, you can continue to enjoy coverage, up to your 75th birthday.
Things that you won't be able to claim from this policy
There are certain conditions such as pre-existing conditions, for which no benefits will be payable. Please refer to the policy contract for the full list of exclusions.
A minimum period of 90 days must have passed between the policy issue date or reactivated date and diagnosis of the following conditions before a claim can be made:
A deferment period applies for total and permanent disability, for which no benefits will be payable. Please refer to the policy contract for details.
This insurance plan is underwritten by AIA Singapore Private Limited (Reg. No. 201106386R) (“AIA”). All insurance applications are subject to AIA’s underwriting and acceptance.
This is not a contract of insurance. The precise terms and conditions of this plan, including exclusions whereby the benefits under your policy may not be paid out, are specified in the policy contract. You are advised to read the policy contract.
As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should consider carefully before terminating the policy or switching to a new one as there may be disadvantages in doing so. The new policy may cost more or have fewer benefits at the same cost.
The information is correct as at 10 December 2018.
This advertisement has not been reviewed by the Monetary Authority of Singapore.