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

  • Allied Insurance wins the title “Business of the Year 2018”

    Allied Insurance Company of the Maldives receives the high recognition of “Business of the Year Award” at Maldives Business Awards 2018. Organized by Blazon Pvt, the event was held in Paradise Island Resort with invitees from all business sectors.

    December 23rd, 2018
  • Allied Insurance Islamic window; Ayady Takaful wins IFFSA Gold Award

    Islamic window of Allied Insurance Company Ayady Takaful wins the prestigious IFFSA Gold awards at the 3rd Islamic Finance Forum of South Asian Region, held in Sri-Lanka on 23rd October 2018. The Gold Award was presented to General Manager of Ayady Takaful Mr.Firushan Ibrahim, as an acknowledgement for the invaluable contributions by Ayady Takaful for the Islamic Financial sector.

    October 24th, 2018
  • Allied Insurance handovers multiple donations under CSR initiative; “Premium for Good”

    Allied Insurance Company of the Maldives extends financial support for Jamaluddin School Digitalization Program, Imaduddin School Digitalization Program and Ghiyasuddin School Raspberry-pi Extension Project, under its CSR initiative; Premium for Good.

    August 27th, 2018