The
Mortgage Redemption Assurance
policy (without profits) plan
is designed to meet the requirements
of the policy holding individual
who seeks to ensure that all
his outstanding loans and debts
are automatically paid up in
the event of his demise.
Under
the Mortgage Redemption Assurance
policy (without profits).
- The
proponent will have to bear
the cost of the mandatory
medical examination.
- The
policies are usually issued
only to male lives aged 50
years or lesser.
- The
policies are subject to a
condition that the insurance
cover would not extend beyond
65 years. All loans must be
liquidated by the time the
borrower attains the age of
65.
- The
policies bear no surrender
value.
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