Mortgage Loan Assurance Plan which is underwritten by Prudential Hong Kong Limited("Prudential"), provides you and your loved ones with simple, hassle-free mortgage protection so you can build your future with peace of mind.

Details

Life Protection for Your Peace of Mind1

The Plan includes a life protection package. In the event of death of the Life Assured during the benefit term, his / her loved ones (e.g., the beneficiary) will receive the sum assured1, which can be used to settle the outstanding mortgage balance and reduce the financial burden.

  1. For the purpose of calculating the premium and the sum assured, the current interest rate for the Plan is 8% p.a., and it may differ from the actual interest rate for the mortgage. Hence, the sum assured to be received upon death may differ from the actual outstanding mortgage balance
Simplified Underwriting2 for Hassle-Free Protection

You can enjoy hassle-free protection, as this plan is designed to offer simplified underwriting to customers who are income earners aged 19-55 (age next birthday) and are applying for or have taken out the mortgage loan amount equivalent to HK$6,000,000 or lower. By making a simplified underwriting declaration only, you do not need to worry about providing complicated information about your medical history.

  1. Simplified underwriting is only available to eligible customers. For details, please refer to the "Remarks" below.
Sum Assured Diminishes on a Monthly Basis to Reflect Your Need

With the Plan, the sum assured will diminish on a monthly basis, according to the benefit term and the interest rate at 8% p.a., in order to match the level of mortgage protection needed. At the policy inception, the minimum sum assured is HK$360,000, while the maximum sum assured is equivalent to HK$6,000,000 or the mortgage loan drawdown amount (for a new mortgage applicant of Standard Chartered Bank (Hong Kong) Limited ("the Bank")) or the mortgage loan outstanding amount (for existing mortgage customers either with the Bank or not), whichever is lower on a per Life Assured basis.

Premium Discount

You can enjoy a premium discount on the policy with a sum assured of HK$2,000,000 or above. For details, please contact the Bank's staff.

Different Payment Methods to Suit Your Needs

You can choose the payment method and benefit term that best suit your financial needs. The Plan provides coverage up to age 71 (age next birthday). Other than for the single premium payment, the premium payment period will be 3 years less than the benefit term.
The calculation of the premium is based on the Life Assured's age, gender and selected benefit term. If you choose to pay your plan in regular mode, your premium will be levelled during the whole premium term, so you do not have to worry about future premium increments.

  Single Premium Payment Regular Premium Modes: Monthly, Quarterly, Semi-Annually and Annually
Issue Age of the Life Assured (age next birthday) Age of 19 - 66, or 71 (age next birthday) less benefit term, whichever is lower Age of 19 - 61, or 71 (age next birthday) less benefit term, whichever is lower
Benefit Term3 5 - 30 years, or till age 71 (age next birthday), whichever is shorter 10 - 30 years, or till age 71 (age next birthday), whichever is shorter
  1. Benefit term must be the same as or less than the remaining tenor of mortgage loan.
  • Act now and give your loved ones the gift of security!

Remarks
  New Mortgage Applicant of the Bank Any Customer who has a Mortgage Loan
(either with the Bank or not)
Application Period within 60 calendar days from the date of your mortgage loan application within 60 calendar days from the date when the Bank's staff has first introduced the Plan to you
Policy Inception Date will take effect within 120 calendar days after the date of application of the Bank's mortgage loan, provided the mortgage loan has been drawn down and the initial premium has been paid in full to Prudential within the same period will take effect within 120 calendar days from the date when the Bank's representative has first introduced the Plan to you, provided the initial premium has been paid in full to Prudential within the same period
Sum Assured Amount the total sum assured for the Plan(s) per Life Assured does not exceed HK$6,000,000 (Maximum sum assured amount is HK$6,000,000 or mortgage loan drawdown amount, whichever is lower) the total sum assured for the Plan(s) per Life Assured does not exceed HK$6,000,000 (Maximum sum assured amount is HK$6,000,000 or mortgage loan outstanding amount, whichever is lower)
Insured Age 19-55 (age next birthday) 19-55 (age next birthday)
Income Earner Yes Yes,
For mortgage loan not with the Bank and sum assured of the Plan is between HK$3,000,000-6,000,000, your total annual income of the proposer should be equal to or above HK$450,000
Able to Make Related Simplified Underwriting Declaration (for details, please contact the Bank's staff) Yes Yes,
provided that customers do not have any in-force mortgage related term assurance policies (including policies issued by other insurance companies, not Prudential)

Terms and Conditions

The Mortgage Loan Assurance Plan is underwritten by Prudential Hong Kong Limited("Prudential").

Learn more »

Important Notes

For mortgage customers of the Bank, the decision of whether or not to apply for a Mortgage Loan Assurance Plan has no bearing on your mortgage loan application or your existing mortgage.

The Mortgage Loan Assurance Plan ("the Plan") is underwritten by Prudential Hong Kong Limited (a member of Prudential plc group) ("Prudential") and distributed by Standard Chartered Bank (Hong Kong) Limited ("the Bank"). A customer who has bought the Plan has the right to cancel the policy within the cooling-off period and obtain a refund of any premium(s) paid less any withdrawals. Provided that no claim has been made, the customer may cancel the policy by giving written notice to Prudential within 21 days after: (a) the delivery of the policy or (b) the issuance of a notice (informing the availability of the policy and expiry date of the cooling off period) to the customer or his / her representative, whichever is earlier.

The Bank is an insurance agent of Prudential.

As the issuer of the Plan, Prudential will be responsible for all protection and claims issues. Prudential is not an associate or subsidiary company of the Bank. This leaflet is not a contract of insurance and is intended to be a general summary for reference purposes only. Please refer to the policy for the full Terms and Conditions. The Bank does not accept any responsibilities regarding any statements provided by Prudential or any discrepancies or omissions in the contract of insurance nor shall the Bank be held liable in any manner whatsoever in relation to your contract of insurance.

This leaflet is intended to be distributed in Hong Kong only and shall not be construed as an offer to sell or a solicitation to buy or provision of any insurance product outside Hong Kong. Prudential and the Bank do not offer or sell any insurance product in any jurisdictions outside Hong Kong in which such offering or sale of the insurance product is illegal under the laws of such jurisdictions. This leaflet does not constitute a contract of insurance or an offer, invitations or recommendation to any person to enter into any contract of insurance or any transaction described therein or any similar transaction. Whether to apply for insurance coverage is your own individual decision. For Prudential's life assurance plan policy provisions, details, exclusions and risk disclosure, please refer to relevant plan's product leaflet / offering document and specimen policy.

Should there be any inconsistency or conflict between the English and the Chinese versions, the English version shall prevail for all purposes.

Learn more »

Call Us

To speak directly with a member of our staff, please call us.

2886 8855

Email Us

You may contact us via email using the following link.

Email Us »

Locate Us

Come in and see us. Use our Branch Locator to find your nearest Standard Chartered branch.

Find a Branch »

You might also be interested in

Travel Insurance

Offers you extensive choice of travel insurance plan options may bring you peace of mind.

Learn more »
Home Contents Insurance

Cover against loss or damage to your home contents caused by fire, typhoon, water damage, theft, etc. for up to HK$1,000,000 per year.

Learn more »
Excel Hospital Income Plan

Daily Cash Benefit for confinement worldwide in any public or private hospital for up to HK$1,000 per day.

Learn more »
Accidental Income Protector

Up to HK$2,000 Weekly Cash Benefit is payable when an accident prevents you from engaging in your work for a maximum of 104 weeks.

Learn more »

Haven't found what you were looking for?

Back to Top