| Mortgage Reducing Term Assurance Plan
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| Having a secure home for you and your beloved family, is one of your ultimate
goals. When you are buying a home, there's something you need to consider.
What would happen to your family if you were to suffer any unfortunate events?
Would your family be able to keep making the mortgage payments? "Mortgage
Reducing Term Assurance Plan” (the Plan) provides the protection you
need in insuring your mortgage. In the unfortunate event of death, permanent
or temporary disability caused by accident or illness, the Plan provides
you with benefits to repay your outstanding mortgage together with a series
of living benefits to remove the financial burden on your family. |
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| Mortgage Reducing Term Assurance Plan is a reducing term assurance payable
on death with valuable benefits described below. You can choose a coverage
period between 5 and 30 years according to your needs. Application is simple
and direct. You only need to confirm five simple health statements to complete
the application if you are eligible for the Simplified Issue Offer1
(”SIO”) of the Plan. In addition, you can choose the interest
rate of 3%, 6% or 9% per annum for the Plan to suit your protection needs.
The Plan gives you the option to purchase an initial sum assured of up to
1.5 times of the initial loan amount or HK$20,000,000 (whichever is lower). |
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| 1 |
For the eligibility of Simplified Issue Offer, please refer
to the section "Highlighted Features" in this leaflet. |
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| Comprehensive Benefits |
Death Benefit
In the event of death of the life assured, a lump sum benefit will be paid
to settle the outstanding mortgage balance2. |
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Terminal illness Benefit
If the life assured is diagnosed with terminal illness3, a lump
sum benefit equals to the death benefit will be paid to settle the outstanding
mortgage loan amount. |
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Total and Permanent Disability Benefit
If the life assured suffer total and permanent disability4 due
to either accident or illness for more than 183 consecutive days, the Plan
will repay the outstanding mortgage balance. |
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Temporary Disability Benefit
If the life assured is disabled by accident or illness and unable to work
for a period of not less than 183 consecutive days, the Plan will offer
a premium waiver until the life assured recover and help the life assured
pay the mortgage for up to a maximum period of 12 months.
If such disability is certified as “total and permanent”, then
the outstanding mortgage balance will be repaid. |
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| 2 |
The sum assured decrements have been based on the interest
rates of 3% or 6% or 9% per annum. In the event that mortgage interest
rates exceed this, the sum assured may not be adequate to pay off
the outstanding mortgage loan amount. |
| 3 |
For definitions of terminal illness, please refer to the
policy provisions. |
| 4 |
For definitions of total and permanent disability, please
refer to the policy provisions. |
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| Added Flexibility with Unemployment Benefit |
Premium Deferment due to Unemployment
If the life assured is involuntarily unemployed after the first 6 months
from policy issue date during the premium payment term, the life assured
can defer payment5 once during the entitle policy term, for up
to a maximum of 365 days, starting from the next premium due date. You will
still enjoy protection provided by the policy during the period of premium
deferment. |
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| 5 |
For full details including the terms and conditions of the
premium deferment due to unemployment benefit, please refer to the
policy provisions. |
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| Highlighted Features |
Flexibility in Choosing Interest Rate
For the payable benefit and compensation amount, it is calculated on a monthly
basis based on interest rate of 3% or 6% or 9% according the applicant's
choice and individual needs. |
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No Medical Examination and Easy Application
The Plan provides Simplified Issue Offer ("SIO"), no medical examination
is required if the life assured is at or below age 55 (age next birthday)
and sum assured is at or below HK$4,000,0006. To apply the Plan,
just confirm 5 simple statements about your health in the application form.
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Low Premium to Cover Your Mortgage
The premium is calculated based on your age, the coverage, the mortgage
interest rate and the repayment term. The minimum sum assured and term are
HK$1,000,000 and 5 years respectively. Joint applications are also welcome
and enjoy a 10% discount on standard premium. |
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| 6 |
Normal underwriting will be applied if the application is
out of the eligibility of SIO limit. In determining the maximum sum
assured, the total in force coverage/ sum assured in the last 3 years
with Aviva will be taken into consideration for aggregation purpose.
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| Large Sum Assured Offer |
| To encourage you to enhance the protection, the Plan offers a privileged
premium rate on any application across different bands of sum assured, as
below: |
Band |
Sum Assured Amount (HK$) |
1 |
1,000,000 –
1,499,000 |
2 |
1,500,000 –
2,499,000 |
3 |
2,500,000 –
3,999,000 |
4 |
4,000,000 –
7,999,000 |
5 |
8,000,000 or
above |
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| Thus, you can enjoy the better privileged premium rate if you enrol with
a higher sum assured amount, that is, you can enjoy a higher protection
per dollar you paid. |
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Prosperity and Peace of Mind
Aviva Life Insurance Company Limited is a member company of Aviva plc,
which is one of the largest global insurers, one of the largest insurers
in the UK, one of the leading providers of life and pensions products
across Europe, one of the Fortune Global 500 companies and has an AA-
credit rating affirmed by Standard & Poor's (as of May 2010).
With a 300-year history, Aviva plc is an expert in long-term savings and
fund management and manages funds with £379 billion (as of 31 December
2009). Aviva plc operates in more than 27 countries with more than 50,000
employees and serves over 50 million customers worldwide. |
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| For enquiries, please visit any of our branches or call
DBS Aviva Life Direct on 3550 9800. |
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| Notes: |
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The above mentioned LIfe Insurance plan is underwritten by
Aviva Life Insurance Company Limited ("Aviva"). Aviva reserves the
rights of final approval for the policy. |
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DBS Bank (Hong Kong) Limited ("DBS") is a licensed insurance
agent of Aviva. |
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This website is a summary of the plan. For all details including
coverage, please refer to the policy provisions. A copy of the policy
provisions may be obtained from Aviva on request. |
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The information in this website is issued by Aviva for DBS
distribution. Aviva accepts full responsibility for this product information
contained in this website. You should not purchase this product unless
you understand it and it has been explained to you how it is suitable
for you. The final decision is yours. |
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You may cancel the policy by giving Aviva written notice
of cancellation provided that such notice of cancellation must be
received by Aviva on or before the time determined by Hong Kong Federation
of Insurers (“HKFI”) from time to time. |
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