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Mortgage Loan Assurance Plan
We all know that home is where the heart is. This is why we present you with Mortgage Loan Assurance Plan, which is underwritten by The Prudential Assurance Company Limited, Hong Kong Branch (incorporated in England and Wales) ("Prudential") and designed to provide you and your loved ones with simple and hassle-free mortgage protection. With Mortgage Loan Assurance Plan, you can build your future more securely and with peace of mind.
Life protection for your peace of mind
The plan includes a life protection package. In the event of death of the customer (Life Assured) during the benefit term, his/her loved ones (the beneficiary) will receive the sum assured1, which can be used to pay the outstanding mortgage balance, and so reduce the financial burden.
Simplified underwriting for hassle-free protection2
You can enjoy hassle-free protection, as this plan is designed to offer simplified underwriting to customers who are income earners aged 19-55 (age next birthday) and applying mortgage loan amount equivalent to HK$6,000,000 or below. By making health declaration only, you do not need to worry about providing complicated information about your medical history.
Sum assured diminishes on a monthly basis, and you only pay for the cover you need
With Mortgage Loan Assurance Plan, the sum assured will diminish on a monthly basis, according to the benefit term and the interest rate at 8% p.a., in order to match the level of mortgage protection needed. That means you will only pay for the actual cover you need. The current minimum sum assured is HK$360,000, while the maximum sum assured is equivalent to HK$8,000,000 or the mortgage loan amount, whichever is lower.
Premium rate discount offer
You can enjoy a premium rate discount on the policy with a sum assured of HK$2,000,000 or above. For discount details, please contact our branch staff.
Different payment methods to suit your needs
You can choose the payment method and benefit term that best suit your financial needs. The plan provides coverage up to age 71 (age next birthday). Other than for the single premium payment, other payment terms will be 3 years less than the benefit term.
| Single premium payment | Regular premium payment: monthly, quarterly, semi-annually and annually | |
| Life Assured (age next birthday) |
Age of 19 - 66 | Age of 19 - 61 |
| Benefit Term3 | 5 - 30 years or till age 71 (age next birthday), whichever is shorter | 10 - 30 years or till age 71 (age next birthday), whichever is shorter |
Single premium payment financing service
Also, should you choose single premium payment method, you can opt for a premium payment financing service4, in which the repayment period can be as long as the mortgage repayment period. This way, you can enjoy coverage freely and easily.
Level premium for regular premium payment
The calculation of the regular premium is based on the Life Assured's age, gender and selected benefit term. The regular premium payment will be levelled during the whole premium term, so you do not have to worry about future premium increments.
Example:
Total sum assured: HK$1,000,000
Gender: Male
Age: 30 (age next birthday)
Interest rate: 8% p.a.
Benefit term: 20 Years
| Payment method | Premium (HK$) |
| Single | 16,470 |
| Annual | 1,650 |
| Monthly | 150 |
An average daily premium can be as low as HK$2.265!
Act now and give your loved ones the gift of security!
5. Calculation is based on the single premium payment for benefit term of 20 years, on the basis of 365 days per year.
Remarks
- The Mortgage Loan Assurance Plan (the “Insurance Plan”) is only eligible for mortgage customers of Standard Chartered Bank (Hong Kong) Limited (“the Bank”) who are Hong Kong Identity Card holders and reside in Hong Kong.
- If there is more than one applicant of the mortgage loan, the total sum assured for all the applicants shall be capped at the outstanding mortgage loan balance. No joint life protection is allowed for the insurance plan.
- The sum assured cannot be lower than HK$360,000 under any circumstances.
- The offer of simplified underwriting is only applicable to the application of Insurance Plan made within 45 days after the application date of mortgage loan with the Bank.
- The application of Insurance Plan is subject to acceptance by Prudential. The insurance protection for simplified underwriting cases will commence within 90 days after the application date of mortgage loan with the Bank when both the mortgage loan has been drawn down and the premium has been paid to Prudential.
Important Note:
The Mortgage Loan Assurance Plan is underwritten by Prudential and distributed by Standard Chartered Bank (Hong Kong) Limited. Prudential will be responsible for all protection and claims issues. Prudential is not an associate or subsidiary of Standard Chartered Bank (Hong Kong) Limited. This material is not a contract of insurance and is intended to be a general summary for reference purpose only. Please refer to the policy for full terms and conditions. Standard Chartered Bank (Hong Kong) Limited does not accept any responsibilities regarding any statements provided by Prudential or any discrepancies or omissions in the contract of insurance nor shall Standard Chartered Bank (Hong Kong) Limited be held liable in any manner whatsoever in relation to your application or the contract of insurance.
This material is intended to be distributed in Hong Kong only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product outside Hong Kong. Prudential and Standard Chartered Bank (Hong Kong) Limited do not offer or sell any insurance product in any jurisdictions outside Hong Kong in which such offering or sale of the insurance product is illegal under the laws of such jurisdictions. This material does not constitute a contract of insurance or an offer, invitations or recommendation to any person to enter into any contract of insurance or any transaction described therein or any similar transaction.
Should there be any inconsistency or conflict between the English and the Chinese versions, the English version shall prevail for all purposes.