Insurance Coverage For MBSB Products And Mortgage Securities
Mortgage Reducing Term Assurance (MRTA)
Bancassurance Protection Plan
Group Mortgage Term Assurance (GMTA)

Insurance Coverage for MBSB Products and Mortgage

Basically, MBSB provides insurance protection under 3 categories:

Fire Insurance for all our mortgage securities

MBSB provides protection against fire perils for all our mortgage securities whether under construction or completed properties. Our current insurance providers are Mayban General Assurance Berhad.

For house owner insurance cover, there are 15 types of fire insurance cover, they are:
- Fire
- Lightning
- Thunderbolt
- Subterranean Fire
- Explosion
- Aircraft/Aerial Articles dropped
- Hurricane/Cyclone/Typhoon
- Windstorm
- Earthquake
- Volcanic Eruption
- Flood
- Riot, Strike & Malicious Damage
- Bursting or overflowing of domestic water tanks
- Theft but only if accompanied by forcible entry
- Subsidence & Landslip (optional)
The premium rates charged are standard PIAM rates and the amount is debited automatically to the borrowers account.
MRTA Insurance for our esteemed borrowers

Mortgage Term Life Assurance (MRTA) Life insurance is compulsory for all loan amount.

MBSB has an arrangement with Takaful Nasional Berhad and Takaful Ikhlas Berhad to provide coverage for loans below RM150,000. No medical questionnaire is required.

To compliment the loans above RM150,000.00, MBSB has arranged Mortgage Reducing Term Assurance (MRTA) with 7 panel insurers. Borrowers are given the choice of any of the panel of insurers named below:
- Amassurance Berhad
- ING Insurance Berhad
- Mayban Life Assurance Berhad
- Commerce Life Assurance Berhad
- Malaysia National Insurance Berhad
- MAA Assurance Berhad
- Takaful Malaysia
MRTA policies are based on a single premium payment for the loan payment for the loan amount approved. MBSB can provide financing for this amount and include the premium as part of the loan facility.

Mortgage Reducing Term Assurance (MRTA)

Home Is Where The Heart Is

Purchasing a house is one of the biggest financial commitments you make in your life. You know that this house is not merely a house but a home for you and your family. It's a safe place for your children to grow and a legacy your children will inherit. A place where family members gather and memories are made.

If this is your dream home, then make it reality! With the Mortgage Reducing Term Assurance (MRTA), you are now able to transfer the risk of any untoward incidents to us as you concentrate on building your dream home.

Key Features

The MRTA Plan is designed to provide protection for homeowners taking up home loans. It provides insurance coverage on the outstanding loan amount where the coverage will be on the decreasing sum assured basis in accordance to the Schedule of Sum Assured.

Choice of Coverage

You have a choice of the MRTA with Life and Permanent Total Disability benefit, or the MRTA with Life, Permanent and Dread Disease benefit.

1. Death Benefit
A lump sum fee will be paid to settle your outstanding loan in the event of an untimely death.

2. Permanently Total Disability
A lump sum fee will be paid to settle your outstanding loan if you are disabled as defined in the policy.

3. Dread Disease
A lump sum fee will be paid to settle your outstanding loan if you are diagnosed with any of the dread deseases defined in the policy.

4. Worldwide Coverage
Receive protection 24 hours a day, anywhere in the world.

5. Premium Payment Options
You can opt for one-time payment to enjoy protection for the whole duration of your loan repayment period.

Or you may also opt for premium end financing. Upon approval from the financial institution, your home loan package can be designed to include the MRTA insurance premiums. Therefore, the premiums will be added to your housing loan and amortized over the loan tenure period.

6. Flexibility
If you make an early settlement on your home loan, you have the flexibility to either continue the coverage according to the Schedule of Sum Assured or surrender it for its cash surrender value.

7. 37 Dread Diseases Covered:

Kidney failure
Heart attack
Stroke
Cancer
Multiple Sclerosis
Primary Pulmonary Arterial Hypertension
Fulminant Viral Hepatitis
Blindness
Coronary Arterial Disease Surgery
Major Organ Transplant
Heart Valve Surgery
Aorta Surgery
Major Burns
Muscular Dystrophy
AIDS by Blood Transfusion
Coma
Loss of Hearing/Deafness
Chronic Lung Disease
Benign Brain Tumor
Alzheimer's Disease/Irreversible Organic Degenerative Brain Disorders
Terminal Illness
Parkinson's Disease
Motor Neurone Disease
Aplastic Anaemia
Loss of Speech
Chronic Liver Disease
Encephalitis
Bacterial Meningitis
Poliomyelitis
Apallic Syndrome
Other Serious Coronary Artery Disease
Coronary Artherectomy
Loss of Independent Existence

What is MRTA

MRTA or Mortgage Reducing Term Assurance is designed to provide coverage and protection for borrowers who take up housing loans. It covers the borrowers against Death and Total Permanent Disability (TPD) due to Natural or Accidental causes, on the outstanding housing loan on decreasing sum assured basis. This initially is for an amount equal to his/her outstanding loan, which will be reduced in accordance with the installment payments (according to the Table of Reducing Sum Assured attached to the policy).

Why should the borrowers be protected under the Mortgage Reducing Term Assurance?

By way of Mortgage Reducing Term Assurance, in the event of the borrowers' untimely Death or TPD, we:

Secure the repayment of the housing loan
Assure that the borrowers' loved ones are free from indebtedness in having to settle the outstanding mortgage on the house
Protect their families from eviction guarantee repayment, thereby relieving the Financier (Policy Owner) from having to go through lengthy legal procedures to settle the outstanding loans/taking legal action to foreclose the property.

Benefits of MRTA

On top of the usual coverage against Death and TPD, our MRTA provides the following extra benefits while at the same time maintaining our competitive premium rates:

a) Free Terminal Illness Coverage
The Sum Assured will be made payable to the Policy Owner if the life assured is confirmed to be suffering from a terminal illness, just as if a death claim had occurred and the policy will terminate. However, the free coverage for terminal illness is up to maximum of RM100,000 or the sum assured whichever is lower.

b) Free Personal Accident
We provide a Sum Assured of up to Rm10, 000 within the first year of death or Total and Permanent Disability (TPD) due to accident. The effective date of the Personal Accident rider shall follow that of the basic plan and shall expire upon surrender of the basic plan or on the first anniversary which ever is earlier.

Other Advantages of Mortgage Reducing Term Assurance:

Health On-line Service
We have an arrangement with our partner, Dytan Health On-line Sdn Bhd (DHO), for cases that exceed our Non-Medical Underwriting limit. Under this arrangement if you do not wish to go to our panel clinics, DHO will make an appointment with them and they will perform the medical requirements at a place convenient to your borrowers. This service is provided to your borrowers at NO ADDITIONAL COST.

1 Year Validity Period for Offer Letter
Our Offer Letter carries a validity period of 12 calendar months from the date it is issued. This means that the premium quoted will not change within one year from the date of the offer even if the age of the borrower has changed.

One-Single Low Premium
AmAssurance calculates the rates on a group basis. As such, at a lower cost, we will assure an exclusive Mortgage Reducing Term Assurance protection. It is probably the least expensive type of life policy available.
Moreover, with only one payment, borrowers are assured of a long-term protection for the whole duration of the loan repayment period.

Round the Clock Worldwide Coverage
Mortgage Reducing Term Assurance protects the borrower at all times and wherever they are, except suicide in the first year of assurance.

Easy Premium Financing
To assist the premium payment, the single premium may be added on to the principal loan amount and spread over the loan tenure period. The borrower will then have to pay a marginal increase on the monthly housing loan repayment.

One lump sum payment
In the event of claim, due to Death of TPD, we will pay the proceeds to the financier in one lump sum, according to the sum assured as shown in the policy schedule.

Installment Premium Payment
To further assist the borrowers in paying the premium, we also allow premium payment in installments (without interest). Single premium for Mortgage Reducing Term Assurance can be paid in equal consecutive monthly installments, up to a maximum of six installments. The number of installments should be such that each installment is at least RM 100.00. Payment must be made via post-date cheques.
Upon receipt of the first installment, policy is effective for the full sum assured. However, failure to settle any installment shall cause the policy to lapse.

Early Settlement of Loan
Should the borrower decide to settle the loan earlier, they can continue with Mortgage Reducing Term Assurance policy on an individual basis, without any additional proof of insurability or they may cancel the policy for its cash value

Insurance Coverage for MBSB Products and Mortgage

Fire Insurance for all our mortgage securities

MRTA Insurance for our esteemed borrowers