Mortgage Protection Plan

Life’s uncertainties can put a borrower’s family in a financial hardship in the event of his untimely death. The family may be forced to sell off the mortgaged property to repay the loan, raised during his 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 it 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.

 

Illustration

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.

Our Life Insurance Customers can pay thier 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.

Next Steps?

News and Updates

  • Ayady Takaful commences “2017 Surplus Distribution”

    Allied Islamic window; Ayady Takaful holds a press briefing session regarding “Distribution of Surplus” for the year 2017. As announced at Allied Special Event 2019, Ayady customers can submit claim forms till 31st March 2019, 4pm. Surplus application forms will be available online from Ayady website; www.ayady.mv as well as from Ayady Customer front office located in H.Orchid (In front of Velaanaage)

    February 11th, 2019
  • Allied Insurance Company welcomes New Managing Director Mr. Mohamed Shafaz

    State Trading Organization plc appoints Mr. Mohamed Shafaz as the new Managing Director of Allied Insurance Company of the Maldives, effective from 31st January 2019. The appointment was made following the resignation of former Managing Director Mr. Ahmed Ameel, owing to familial responsibilities.

    January 31st, 2019
  • Allied Insurance Company marks 34th Anniversary in Special Event 2019

    The leading insurer of the Maldives; Allied Insurance Company holds the 3rd edition of Special Event to celebrate their 34 years of dedicative service. This ceremony held in Dharubaaruge on the 30th of January 2019 was honored by the Chief Guest; Governor of Maldives Monetary Authority Mr.Ahmed Naseer, other high level dignitaries/ government officials, Agents/ Brokers and corporate clients of Allied Insurance Company.

    January 30th, 2019