New NTUC Income Mortgage Term

NTUC Income has just launched a new term insur­ance called, Mort­gage Term. This is to replace the old Mort­gage Pro­tec­tion Plan, with added cov­er­age for ter­min­al ill­ness and a new loan interest rate of 1%-7%.

More import­antly, the premi­um rates are more com­pet­it­ive and you do not need any mort­gage loan doc­u­ment to buy this insur­ance plan. There­fore, it can be treated as decreas­ing term insur­ance, with the pro­tec­tion value decreases yearly at the selec­ted interest rate till zero pro­tec­tion at the policy end date. The premi­um pay­able is the total policy years minus 2 years.