Mortgage Decreasing Term Assurance 2.0 / Overdraft Level Term Assurance
Home Loan Assurance is designed to provide you with insurance coverage for your outstanding home loan amount should any unfortunate event happen. There are two different plans to cover your term loan and/or overdraft facility, namely Mortgage Decreasing Term Assurance 2.0 (MDTA 2.0) and Overdraft Level Term Assurance (OLTA).
Why Should You Protect Your Home Loan and Overdraft Facility with MDTA 2.0 / OLTA?
- Protection Against Untimely Death or Disability
In the event of untimely death or disability1, the outstanding loan according to the Schedule of Sum Insured will be settled, leaving your family free from encumbrances. Dependents will be free from indebtedness in having to settle the mortgage on the house.
When your home loan is fully covered, your family members or dependents do not have to worry about non-payment of loan should the unthinkable happen to you. It protects your family / dependents from being evicted from the house.
- Additional Coverage for Accidental Death
For the MDTA 2.0 plan, an additional 10% of the amount of insurance as stated in your Schedule of Sum Insured will be paid in the event of accidental death occurring within 90 days from the date of accident.
- Flexible Premium Payment Options
You have the flexibility of paying the premium yourself or by obtaining a financial assistance from the bank.
- Guaranteed 24 hours Global Protection
You will be protected 24 hours a day, anywhere in the world.
In the event that you choose to make an early settlement on your home loan, you have the flexibility of either continuing the coverage or surrendering the plan and receive the cash surrender value due to you at the time of surrender of the plan.
What MDTA 2.0 / OLTA doesn’t cover?
Examples of the events not covered by the MDTA 2.0 / OLTA
- For Death: Suicide committed within six (6) months from the effective date of insurance, whether sane or insane.
- For Disability1: 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, aviation2 (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.
- And other standard exclusions.
Also known as Total and Permanent Disability for MDTA 2.0 and Permanent Total Disability for OLTA.
For MDTA 2.0, the exclusion for injuries sustained while engaging in aviation shall not apply to crew member on a commercial airline as well.
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 +603 - 2170 8000
or visit any of our branches for more information!
This plan is underwritten by AIA Bhd. licensed under the Financial Services Act 2013 and regulated by Bank Negara Malaysia.
Contact Details: AIA Bhd. (790895-D) Menara AIA, 99 Jalan Ampang, 50450 Kuala Lumpur, P.O. Box 10846, 50927 Kuala Lumpur