17 Feb 2017

AIA Mortgage Reducing Term Assurance




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AIA Mortgage Reducing Term Assurance

MRTA is a non-participating decreasing term policy designed to provide coverage to pay off any outstanding property mortgage in the unfortunate event of the Insured's death, total and permanent disability or terminal illness.

AIA Advanced Payment and Waiver of Premium
AIA Advance Payment and Waiver of Premium is a non-participating supplementary benefit which provides protection to the Insured against Total and Permanent Disability or Terminal Illness until age 65

AIA Waiver of Premium Upon Critical illness
AIA Waiver of Premiums upon Critical Illness (WPCI) is a non-participating supplementary benefit which provides protection against the Critical Illnesses covered in this supplementary benefit. The premiums are payable until you reach age 100 or up to the duration of the basic policy, whichever is earlier.


Benefit(s) of the Plan(s)

AIA Mortgage Reducing Term Assurance
Death Benefit
Upon the death of the Insured while this basic policy is in force, we will pay the Death Benefit, which is the guaranteed Insured Amount (a reduced Insured Amount), less any amounts owing to us.

Total and Permanent Disability Benefit (Advance Payment and Waiver of Premium)
If the Insured sustains Total and Permanent Disability ('TPD') before age 65 and while this basic policy is in force, we will pay the Insured Amount (a reduced Insured Amount) in 2 instalments as below, less any amounts owing to us:
- first instalment of 10% of the reduced Insured Amount will be payable on the policy anniversary immediately after the date of commencement of the TPD; and
- second instalment of 90% of the reduced Insured Amount will be payable on the second policy anniversary subsequent to the date of commencement of the TPD, provided that the TPD has continued to date.
If the Insured no longer has TPD at the time payment of the second instalment is due, the coverage will continue on the balance Insured Amount of the basic policy. We will waive the premiums payable for this basic policy when your claim for benefits under TPD has been admitted by us. The first premium to be waived shall be the one that is due immediately after the date of commencement of such TPD. We will waive the premiums until the second instalment of the TPD benefits is paid out. If the Insured no longer has TPD at the time payment of the second instalment is due, waiver of premiums will cease.

Terminal Illness Benefit (Advance Payment and Waiver of Premium)
If the Insured sustains Terminal Illness while this basic policy is in force, we will pay the Insured Amount (a reduced Insured Amount) in 2 instalments as below, less any amounts owing to us:
- first instalment of 10% of the reduced Insured Amount will be payable on the policy anniversary immediately after the date of commencement of the Terminal Illness; and
- second instalment of 90% of the reduced Insured Amount will be payable after the death of the Insured.
If the Insured is still alive 12 months after the date of commencement of Terminal Illness, the second instalment will cease to be payable and the coverage will continue on the balance Insured Amount of the basic policy. We will waive a maximum of 12 months' premium payable for this basic policy once the benefit on Terminal Illness is payable. The first premium to be waived shall be the one that is due immediately after the date of commencement of Terminal Illness.

Free Look Period
You have 14 days from the time you receive the policy to decide whether you want to continue with it. If you do not want to continue, you may cancel your policy in writing and obtain a refund of your premiums paid without interest, less any and all medical expenses incurred in considering your application. If we have posted the policy to you, the 14-day free-look period will start 7 days after we have posted the policy to you.

AIA Advanced Payment and Waiver of Premium
Total and Permanent Disability Benefit
If the Insured sustains Total and Permanent Disability ('TPD') before age 65 and while this supplementary benefit is in force, we will pay the Insured Amount (a reduced Insured Amount) in 2 instalments as below, less any amounts owing to us:
- first instalment of 10% of the reduced Insured Amount will be payable on the policy anniversary immediately after the date of commencement of the TPD; and
- second instalment of 90% of the reduced Insured Amount will be payable on the second policy anniversary subsequent to the date of commencement of the TPD, provided that the TPD has continued to date.

If the Insured no longer has TPD at the time payment of the second instalment is due, the coverage will continue on the balance Insured Amount of this supplementary benefit.
We will waive the premiums payable for this supplementary benefit and the Decreasing Term supplementary benefit, when your claim for benefits under TPD has been admitted by us. The first premium to be waived shall be the one that
is due immediately after the date of commencement of such TPD.

We will waive the premiums until the second instalment of the TPD benefits is paid out. If the Insured no longer has TPD at the time payment of the second instalment is due, waiver of premiums will cease.

Terminal Illness Benefit
If the Insured sustains Terminal Illness while this supplementary benefit is in force, we will pay the Insured Amount (a reduced Insured Amount) in 2 instalments as below, less any amounts owing to us:
- first instalment of 10% of the reduced Insured Amount will be payable on the policy anniversary immediately after the date of commencement of the Terminal Illness; and
- second instalment of 90% of the reduced Insured Amount will be payable after the death of the Insured.

If the Insured is still alive 12 months after the date of commencement of Terminal Illness, the second instalment will cease to be payable and the coverage will continue on the balance Insured Amount of this supplementary benefit.
We will waive a maximum of 12 months' premium payable for this supplementary benefit and the Decreasing Term supplementary benefit once the benefit on Terminal Illness is payable. The first premium to be waived shall be the one that is due immediately after the date of commencement of Terminal Illness.

AIA Waiver of Premium Upon Critical illness
If the Insured is diagnosed with any of the covered Critical Illnesses or undergoes a surgical procedure for a Critical Illness, we will waive:
(a) the premiums payable for this supplementary agreement; and
(b) the premiums payable for the Decreasing Term supplementary benefit.
The first premium to be waived shall be the one falling due immediately on or after the date on which such diagnosis of Critical Illness is made, or surgical procedure for a Critical Illness is performed, and we will waive the premium until the end of premium term of the Decreasing Term supplementary benefit.


Risk/Limitation(s) of the Plan(s)

AIA Mortgage Reducing Term Assurance


- There is no cash value.

- For more information on the product (including duration of coverage for individual benefits and their respective exclusions), please refer to the product summary.

AIA Advanced Payment and Waiver of Premium
Exclusions
There are certain conditions under which no benefits will be payable. These are stated as exclusions in the supplementary agreement. The exclusions for this policy include, but are not limited, to the following conditions. You are advised to read the supplementary agreement for the full list of exclusions.

i) Total & Permanent Disability Benefit
This supplementary benefit shall not cover any TPD caused directly or indirectly, wholly or partly, by any of the following occurrences:
- self-destruction or any attempt at self-destruction while sane or insane; or
- engaging in or taking part in air, military or naval service in time of declared or undeclared war or while under order for warlike operations or restoration of public order; or
- entering, operating, or servicing, riding in or on, ascending or descending from or with any aerial device or conveyance (except where the Insured is in an aircraft operated by a commercial passenger airline on a regular scheduled passenger trip over its established passenger route or by the Republic of Singapore Air Force).

ii) Terminal Illness
This supplementary benefit shall not cover any Terminal Illness caused directly or indirectly, wholly or partially, by any of the following occurrences:
- any symptoms which first occurred prior to the issue date or reinstatement date of this policy, whichever is later, or for which the diagnosis of Terminal Illness was made within 30 days following the issue date or reinstatement date of this policy, whichever is later;
- where the diagnosis of Fulminant Hepatitis or Major Cancers of the Insured was, in our opinion, directly or indirectly due to an Acquired Immunodeficiency Syndrome (AIDS) or infection by any Human Immunodeficiency Virus (HIV).
- pre-existing illnesses, diseases, impairments or conditions from which the Insured is suffering prior to the issue date or reinstatement date of this policy, whichever is later, unless a declaration was made in the application for, or reinstatement of, this policy and such application is specifically accepted by us.

- For more information on the product (including duration of coverage for individual benefits and their respective exclusions), please refer to the product summary.

AIA Waiver of Premium Upon Critical illness
Waiting Period
We will not pay any benefits for Heart Attack of Specified Severity, Major Cancers, Coronary Artery By-pass Surgery or Other Serious Coronary Artery Disease if the date of Diagnosis of the Heart Attack of Specified Severity, Major Cancers, Other Serious Coronary Artery Disease or the date of Diagnosis of any conditions leading to performance of Coronary Artery By-pass Surgery to the Insured was made within 90 days from the later of:
(i) the date of issue of the basic policy or this policy; or
(ii) the date of reinstatement of the basic policy or this policy.

Exclusions
There are certain conditions under which no benefits will be payable. These are stated as exclusions in the supplementary agreement. The exclusions for this policy include, but are not limited, to the following conditions. You are advised to read the supplementary agreement for the full list of exclusions. This supplementary benefit shall not cover any critical illnesses caused directly or indirectly, wholly or partially, by any of the following occurrences:
- illnesses or surgical procedures other than a diagnosis of a condition, or performance of a surgical procedure under a critical illness;
- pre-existing illnesses, diseases, impairments or conditions from which the Insured is suffering prior to the issue date or reinstatement date of this policy, whichever is later, unless a declaration was made in the application for, or reinstatement of, this policy and such application is specifically accepted by us;
- if the Insured is diagnosed with a condition or has undergone a surgical procedure specified under the Definitions of Critical Illnesses section of this policy before age six (6), and such Critical Illness is directly or indirectly due to any congenital defect or condition;
- where the diagnosis of Fulminant Hepatitis or Major Cancers of the Insured was, in our opinion, directly or indirectly due to an Acquired Immunodeficiency Syndrome (AIDS) or infection by any Human Immunodeficiency Virus (HIV); or
- Severe Acute Respiratory Syndrome (SARS). However, the complications of SARS may be admissible upon a diagnosis of End Stage Lung Disease subject to fulfillment of contract definition, diagnostic criteria and specific evidence listed under End Stage Lung Disease.

For more information on the product (including duration of coverage for individual benefits and their respective exclusions), please refer to the product summary.







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