Life's uncertainties can put a borrower's family in the event of his untimely death. The family maybe forced to sell off the mortgaged property to repay the loan, raised during their lifetime.
Allied Insurance is happy to offer the Mortgage Protection Plan to protect your family by repayment of the loan through policy proceeds in the event of death of borrower.
How does the plan work?
Life Assured (the person who takes the insurance) assigns the policy as collateral security in favour of the financial institution and repays the loan by equated monthly installments. In the event of the death of the Life Assured, the outstanding balance of the loan will be paid by the Insurance Company.
Mr. Mohamed aged 30 borrows MVR 300,000 from a bank by mortgaging his house. He takes a Mortgage Protection Policy for same amount as collateral security for loan. He repays the loan by equated monthly installments to the bank. In the event of his unfortunate death at age 35 the balance Sum Assured as mentioned in the policy document is paid to the bank and loan is fully repaid. The bank will release the mortgage property and there is no loan liability for his family or successors.
Pay your premium online.
Our Life Insurance Customers can pay their premiums through BML BillPAY Service. The service is currently available only for Life Insurance Customers. But we have future plans to make it easy for our general insurance customers to pay their premiums online.