Mortgage Protection Plan – Product Summary

Guarantee Home Ownership For Your Family At A Low Cost

Your dream home - your single biggest investment.
What happens if you are no longer around to service your housing loan?
Who will have your home - your loved ones or the bank?

With Income's Mortgage Protection Plan you can ensure that if the unfortunate should strike, you can guarantee home ownership for your loved ones.

The policy pays the balance of the mortgage loan in the event of death or permanent disability of the life assured.

For example:

A male, age 30 has secured a mortgage loan of $200,000 at a loan rate of 5.5% payable in 20 years. His annual premium is $156.65 or just $14 per month. This can also be paid in single premium of $1,660. The policy can be taken for a term of up to 35 years depending on the remaining term of the mortgage loan. Upon death of the life assured, the sum assured for the relevant policy is paid to the dependents. This sum is sufficient to pay the outstanding mortgage loan.

On permanent and total disability, the sum assured for the relevant policy year is paid in one lump sum or over a few years up to a maximum of $200,000 a year.

Covers Your Housing Loans

If you purchase a HDB Flat or private property, you can choose to take up Income's Mortgage Protection Plan to cover your housing loans. Those applying for HDB flats, please provide the financial plan or sales agreement. For private residence, please submit with loan papers or documentary evidence of loan from the bank.

Low Premium

This plan is specially tailored to be low cost. You can choose to pay premiums through GIRO, salary deduction or direct to NTUC Income. You can pay annually or in a single premium.

PTD Cover Extended to Age 65

The Permanent Total Disability Cover has been extended to age 65 (from age 60 previously) for all new and in-force policies at no extra charge. Permanent and Total Disability (PTD) is payable if it occurs before age 65.

Cover for 30 major illnesses

You can be covered for 30 major illnesses by choosing a Living Benefit rider with an additional premium. You can also choose to waive future premiums upon diagnosis of any of the 30 major illnesses. You and your family can now have complete peace of mind.