Mortgage Life Insurance is an insurance that loan owner purchase when buying a property. It is designed to settle the outstanding loan balance in the event that the borrower dies or suffers from total and permanent disability (TPD) prior of settling the loan.
Basically there are two types of mortgage life insurance that are available in the market. There are Mortgage Reducing Term Assurance (MRTA) or Mortgage Decreasing Term Assurance (MDTA) and Mortgage Level Term Assurance (MLTA).
The table below shows the different between MRTA/MDTA and MLTA
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Prudential BSN Takaful (PruBSN), introduced its latest medical plan, Takaful Health. It is the first for the Takaful industry in Malaysia that comes with annual No Claim Bonus (NCB). PruBSN is a joint venture company between Bank Simpanan Nasional (BSN) and Prudential PLC (Prudential).
Takaful Health provides comprehensive hospital and medical coverage until the age of 80. This new plan also has the highest lifetime claims limit in the industry, at 10 times the annual limit of the plan chosen.
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The deposit insurance system in Malaysia was launched in September 2005 and is managed by Perbadanan Insurans Deposit Malaysia (PIDM). PIDM is a Government agency established under the Akta Perbadanan Insurans Deposit Malaysia 2005.
Deposit insurance is a system that protects depositors against the loss of their insured deposits placed with banks in the unlikely event of a bank failure. It is established by the Government to enhance the consumer protection framework and promote financial system stability. It is not related to or managed by general or life insurance companies. Generally, it is a Government sponsored scheme, although in certain countries it is sponsored by the banks.
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