Redemption Assurance policy (without profits)
plan is designed to meet the requirements
of the policy holding individual who seeks
to ensure that all his outstanding loans
and debts are automatically paid up in
the event of his demise.
Under the Mortgage Redemption Assurance
policy (without profits)
The proponent will have to bear the cost
of the mandatory medical examination.
The policies are usually issued only to
male lives aged 50 years or lesser.
The policies are subject to a condition
that the insurance cover would not extend
beyond 65 years. All loans must be liquidated
by the time the borrower attains the age
The policies bear no surrender value.
Middle-aged to elderly professionals whose
dependents might need assistance in clearing
their debts in case of their unexpected
demise are most suited for the Mortgage
Redemption Assurance policy.