Hire Purchase Decreasing Term Assurance

You may have just taken up a vehicle loan with Public Bank and now need an insurance plan to cover the loan should the “if” happens to you. Or you may be searching for an income protection plan that will take care of your family when you are no longer around or not able to earn a living. And how about investing in a plan which is able to generate higher potential return and at the same time provides insurance coverage. Whatever your needs are, at Public Bank we have a varied range of insurance plans which are underwritten by AIA Bhd to cater for your protection needs.

So call our Toll Free Number at 1-800-22-9999 to find out more!
 

Hire Purchase Decreasing Term Assurance (HPDTA)

When you embark on a major investment such as buying a car via a hire purchase, it will only become yours after all the instalments are settled. Until that happens, the bank will remain the owner of the vehicle.

You therefore want to ensure that instalments are paid promptly so that you eventually possess 100% ownership of the vehicle. In case of unforeseen circumstances such as death or permanent total disability, paying instalments might become impossible. When this happens, the ownership of the vehicle remains with the bank and your family members will have to pay off the remaining outstanding amount financed, further straining their financial commitment.

What Are The Benefits?

1. Be Worry Free
   Enjoy the benefits of this investment knowing that the hire purchase is now protected.
2. Settlement of Outstanding Amount Financed
   In the event of death or permanent total disability, your sum insured will be used to settle your outstanding amount financed. If there is any balance, it would be payable to your nominee(s).
3. Personal Assets
   Your family will not have to reach into their own savings in order to take over the hire purchase.
4. No Litigation Issues
   Free your loved ones from litigation issues relating to default payment of instalments.
5. Premium Payable Once Only
   No more burden to pay premiums! Premium is paid once to enjoy coverage for the whole hiring period.

What HPDTA doesn’t cover?
Examples of the events not covered by the HPDTA include:

1. For Death: Suicide committed within six (6) months from the effective date of insurance, whether sane or insane.
2. For Permanent Total Disability: Attempted suicide while sane or insane and whether felonious or not, self- inflicted bodily injury, disorderly conduct or deliberate exposure to unnecessary danger; or injuries sustained while engaging in hunting, mountaineering, aviation (except as a fare-paying passenger on a commercial airline), naval, military or aeronautical service, or racing (other than foot-racing) of any kind; or existing conditions at the effective date of insurance under the Master Policy.
3. And other standard exclusions.

The description, benefits, exclusions, terms and conditions described above have been summarized and are not exhaustive. Details of more complete terms, conditions and exclusions are available in the Certificate of Insurance.

To find out more, call us now at toll free number 1-800-22-7777 or visit any of our branches for more information!