HomeTIPS Insurance Covers Unemployment Benefit For House Buyers

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HomeTIPS Insurance Covers Unemployment Benefit For House Buyers

IJM Land and Allianz Malaysia have partnered up to roll out a new kind of Insurance scheme called HomeTIPS for homebuyers.

The collaboration enables Allianz Life Insurance and Allianz General Insurance Co to underwrite three insurance plans for IJM Land homebuyers for 36 months from the date of signing of the sales and purchase (S&P) agreement, at no additional cost, said IJM Land’s managing director Edward Chong.

Under HomeTIPS insurance, one of the unique schemes is the Unemployment Benefit, which covers cases where IJM Land homebuyers are involuntarily terminated from their employment due to economic reasons. While to be eligible for the Unemployment Benefit, the insured must be gainfully employed on a regular, full-time basis for at least 30 hours per week before unemployment date. The unemployment date must occur during the period of coverage.

Besides, those who are covered under the Group Term Life Scheme and the Personal Accident Scheme will see financial benefits paid out in the unfortunate case of death or total permanent disability.

Basic Criteria for HomeTIPS:
1. Purchaser must be between age 18-64 years old.
2. Purchaser must have approved a home loan.
3. Homebuyers of selected IJM Land residential projects.
4. Selling prices ranging from RM300,000 to RM2 million.
5. Purchased directly from IJM Land from 19th August until December 2016.

Other important facts:
1. Corporate entities are not entitled to these schemes.
2. The policy benefits are not transferable, and it will be null and void if the first purchaser terminates the S&P agreement or sells the property within 36 months or three years from the date of S&P agreement.

Source: http://bit.ly/2b3mCzt

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By | 2016-11-01T10:45:57+00:00 August 22nd, 2016|Home Loan Library, Latest News and Update|0 Comments

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