I think no one will strange about what is MRTA if they had bought a properties before else you can read the description of MRTA posted below.MRTA is an type of insurance that the bank will "advise" all properties buyers to buy or to include in their loan package if they ever apply loan from any banks before. what is this MRTA all about, basically MRTA is used to "protect" the property if anything happens to the loan applicant cause failure to pay their loan repayment such as (death, TPD or fall in serious illness cause to lost their earning ability), so MRTA insurance will clear off the outstanding loan in lump sum to the bank.
Mortgage Reducing Term Assurance (MRTA)
MRTA is a reducing term life assurance specially designed to protect a loan borrower against death or TPD (total permanent disability) due to natural or accidental causes.
Benefits at a glance
• Guaranteed Benefit To Settle Your Mortgage Balance
MRTA simply ensures that your mortgage will be settled and thus securing the repayment to your housing loan. A guaranteed benefit payment (based on the table of reducing sum assured) becomes payable upon death or TPD (subject to standard exclusions on death or TPD).
• Liberal TPD Definition
If you cannot perform your own or similar occupation by training, education or experience for a period of six consecutive months, the TPD benefit becomes payable. While, in other MRTA plans offered, the TPD benefit only becomes payable if a borrower cannot perform any work to earn a living for the rest of his/her lifetime.
• Guaranteed Acceptance
Acceptance is guaranteed for loan borrowings up to RM150,000 and entry ages up to 50 years next birthday subject to a pre-existing condition. No medical is needed and no hassle.
• Flexible Coverage
Equally applicable for completed properties and properties under construction (i.e. Full level term coverage during the period of construction).
• 24 Hours Worldwide Coverage
Receive protection 24 hours a day, anywhere in the world.
• Single Premium Payment
Enjoy full protection by paying a one-time single premium for the entire duration of your loan.
• Premium Financing
Pay your single premium by amortizing it over the period of your loan with premium financing. Premium financing eases your load and making it very affordable to you
source from: Maybank
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