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All you want to know about... MRTA/MRTI

MRTA will settle the unpaid portion of your housing loan in a lump sum in the event of death or total permanent disability

MRTA/MRTI

Mortgage Reducing Term Assurance or Mortgage Reducing Term Insurance

Easy payment by accepted

more about... MRTA

WHAT IS IT?
MRTA (Mortgage Reducing Term Assurance) also commonly known as MRTI (Mortgage Reducing Term Insurance), MDTA (Mortgage Decreasing Term Assurance) or Mortgage Life Insurance is normally taken up in conjunction with a Mortgage Loan under which repayment  is made by level monthly/annual payments consisting of both interest and capital.  The Sum Insured under the policy reduces every year to coincide with capital outstanding under the Mortgage Loan so that in the event of DEATH or TPD (Total Permanent Disability), the benefit is just sufficient to repay the entire outstanding loan.

The policy is paid for by a SINGLE PREMIUM PAYMENT or by ANNUAL PREMIUM PAYMENT (where premiums are payable annually for approximately 2/3rds of the period or term of insurance).

UNDERWRITING
  • It is issued to applicants aged 20 to 60 subject to a maximum expiry age of 65
  • Minimum amount of initial insurance is RM10,000
  • This policy may be accepted on Non-medical basis subject to the normal rules for the Non-medical limits
  • If the rate of interest of a mortgage loan involves fraction (eg. 9.25%, 9.5% or 9.75%), then the premium rates and reducing balance of the benefit will be calculated based on the next higher rate of interest (ie. 10% for the earlier examples)

TOTAL PERMANENT DISABILITY (TPD)
  • This benefit may be attached to the Basic policy for an additional premium
  • It is available for standard cases only
  • The maximum TPD benefit is RM500,000
  • The expiry age for this benefit is 60
  • The additional premium rate is equal to 7.5% of the basic rate
  • Upon proof of disability, a lump sum payment equal to the death benefit will be payable

EXAMPLE OF A SINGLE PREMIUM PAYMENT CALCULATION
Plan: 20 years MRTA
Interest Rate: 9% per annum
Initial Sum Insured: RM100,000
Age (last birthday): 35 (Male or Female)
Rate per 1,000 Sum Insured without TPD: RM34.07 per 1,000 sum insured
Single Premium without TPD: RM3,407.00
Policy Fee: RM50.00
Total Single Premium without TPD: RM3,457.00
TPD rate per 1,000 Sum Insured: 7.5% x 34.07 = 2.56 per 1,000 sum insured
TPD Premium: 2.56 x 100 = RM256.00
Total Single Premium with TPD: RM3,713.00

ANNUAL PREMIUM payment is available.

YES, I wish to enquire further about the MRTA - Mortgage Reducing Term Assurance

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