Singapore Mortgage Insurance
Product Summary - Mortgage Insurance (a.k.a. Mortgagecare)
1. Plan Description
This is a limited pay non.participating plan that covers Death, Total and Permanent
Disability (TPD), and 30 Major Illnesses. The sum
assured is level for the initial m months. For subsequent n years, the sum assured
reduces monthly according to the term (n) and effective
interest rate. At the inception of the policy, proof of housing purchase must
be furnished. The premium paying term is 0.8 times the
policy term, rounded to the lower integer.
2. Benefits
2.1 Death Benefit
The current sum assured will be payable in one lump sum upon death.
2.2 Total and Permanent Disability (TPD) Benefits before age 65 next birthday
(subject to a maximum Sum Assured of S$2,000,000 on any one life)
The death benefit will be payable in one lump sum for TPD before the policy
anniversary on which the Life Assured¡¯s age is 65 next
birthday.
2.3 Living Benefit
(Subject to a maximum Sum Assured of S$1,000,000 on any one life)
The death benefit will be payable in one lump sum (see exceptions below) in
the event that the Life Assured is diagnosed to be suffering
from any one of the 30 Major Illnesses listed below:
(1) Heart Attack
(2) Stroke
(3) Coronary Artery By.Pass Surgery
(4) Major Cancers
(5) Kidney Failure
(6) Fulminant Hepatitis
(7) Major Organ/ Bone Marrow Transplantation
(8) Paralysis (Loss of Use of Limbs)
(9) Multiple Sclerosis
(10) Primary Pulmonary Hypertension
(11) HIV Due to Blood Transfusion and Occupationally Acquired HIV
(12) Alzheimer's Disease/ Severe Dementia
(13) Blindness (Loss of Sight)
(14) Coma
(15) Deafness (Loss of Hearing)
(16) Heart Valve Surgery
(17) Loss of Speech
(18) Major Burns
(19) Surgery to Aorta
(20) Terminal Illness
(21) Muscular Dystrophy
(22) End Stage Lung Disease
(23) End Stage Liver Failure
(24) Motor Neurone Disease
(25) Parkinson's Disease
(26) Aplastic Anaemia
(27) Benign Brain Tumour
(28) Major Head Trauma
(29) Bacterial Meningitis
(30) Angioplasty & Other Invasive Treatment For Coronary Artery
For definition and details of the above Major Illnesses, please refer to "Definition
of 30 Major Illnesses".
For Angioplasty & Other Invasive Treatment For Coronary Artery (¡°Angioplasty¡±),
only 10% of the death benefit (up to a maximum of
$25,000 per Life Assured) will be payable if the Life Assured undergoes a treatment.
After a claim is paid, the current sum assured and
premium will be adjusted accordingly. No benefit for Angioplasty will be payable
for subsequent treatments under this and any other
policies and riders covering Angioplasty.
3. Premium Rates Not Guaranteed
Please note that premium rates for MortgageCare (Living Assurance) Policy II
are not guaranteed. These rates may be adjusted based on
future experience.
The Company may amend the premium rates at any time provided that the amended
rates apply to all policies of this class of insurance
and the Policyholder has been notified of the amendments at least 45 days before
the premium due date at which the amended rates will
apply. The amended rates will apply according to the age next birthday of the
Life Assured at the date of commencement of assurance
under this policy. However, the amended premium rates will not be more than
1.5 times of the initial premium rates for policies of this
class of insurance.
4. Exclusions
4.1 Death Benefit
If the Life Assured dies by suicide, while sane or insane, within one year from
the date of issue of this Policy or from the date of
reinstatement, whichever is later, this Policy will be rendered void.
4.2 TPD Benefit
The Company will not pay any benefits for TPD resulting from:
(a) self.inflicted injury, while sane or insane;
(b) bodily injury sustained while in or on an aircraft other than
(i) as a fare.paying passenger or a crew member on an aircraft licensed for
passenger service and operated by a
regular airline on a scheduled route or
(ii) as a member of the armed forces travelling as a passenger in a military
transport aircraft; or
(c) any physical or health impairment or disease which existed but was not disclosed
to the Company at the date of issue of the Policy or
at the date of any reinstatement.
4.3 Living Benefit
(Subject to a maximum Sum Assured of S$1,000,000 on any one life)
The Company will not pay any benefits:
(a) if there was a Pre.existing Major Illness which is the same Major Illness
which is the subject of a claim under this Policy;
(b) for Heart Attack, Major Cancers, Coronary Artery By.pass Surgery or Angioplasty
& Other Invasive Treatment For Coronary Artery
if the diagnosis of any of these four Major Illnesses was made within 90 days
from:
(i) The date of issue of the Policy; or
(ii) the date of reinstatement of the Policy,
whichever is the later date; or
(c) for any Major Illness which resulted either directly or indirectly from
self.inflicted injuries while sane or insane.
There are certain conditions whereby the benefits under this plan will not be
payable. These are stated as exclusions in the contract. You
are advised to read the policy contract for the full list of exclusions.
Note: This summary is meant for general information only. It does not serve
as an insurance contract. The precise terms and
conditions of this insurance plan are specified in the policy.
