NTUC Income Mortgage Protection Plan

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Mortgage Protection Plan is a non-participating reducing term plan designed to provide insurance protection on a mortgage loan. The insurance protection decreases each month from the initial Policy Sum Insured based on a chosen interest rate. The plan can be tailored to cover the mortgage loan in the event of death or permanent disability of the insured person.

  1. Enjoy coverage on your housing loans for a HDB Flat or private property
  2. This plan is tailored to be low cost. Premiums are only payable for a period equivalent to ≤ of the term
  3. Alternatively, you can opt to make a one-time single premium payment where a partial refund is payable to you upon early surrender
  4. Protection for total and permanent disability is payable if it occurs before age 65
  5. You can be covered for 30 major illnesses by choosing a Living Benefit rider with an additional premium
  6. You can also choose to waive future premiums upon diagnosis of any of the 30 major illnesses

Disclaimers

This plan is underwritten by NTUC Income and acceptance of the proposal is subject to underwriting. Buying a life insurance is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than the total premiums paid.

No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by SBI and it should not be relied upon as such. SBI does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. SBI shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein.

  1. Max. Entry Age is 59 years (last birthday)
  2. Policy covers up to age 84 years
  3. Policy Term: 5 – 35 years depending on the remaining term of the mortgage loan

Please speak to our Relationship Manager for more information on the premiums charged

  1. Application form
  2. Benefit Illustration
  3. Personal Financial Review
  4. A copy of loan agreement for underwriting, where applicable

Walk in to any of our branches to speak with our Relationship Managers