AIA Malaysia

Mortgage Reducing Term Assurance

1. Do I really need GMRTA?

Yes, the AIA GMRTA Plan is designed to settle any outstanding mortgage balance should untoward incidents like death or total permanent disability happen. Therefore, your family and your home will be securely protected.

2. What is the difference between GMRTA and Life Insurance Plans?

Currently, life insurance plans in the market do not specifically cover your progressively reducing outstanding mortgage balance. Instead, they work on fixed amounts of coverage. The GMRTA Plan is designed to handle the reducing mortgage balance, thereby helping you save on the premiums. However, this is only applicable to mortgage loans.

3. Will the GMRTA premium increase my loan repayment?

Yes, but only a little. In most cases, the single premium payment is added to the loan and amortised over the loan tenure period. You will hardly notice the difference.

4. What are the application procedures?

Simple. Just complete the application form and send it to AIA Credit Life Department for coverage processing.

5. Who will bear the cost of medical examination if it is required?

AIA will pay for the medical examination fees for policyholders only.

6. When does my protection start?

When your application is approved, a confirmation letter plus a request for payment will be sent to you by AIA. Protection is effective upon receipt of your payment.

7. How do I make a claim?

Once AIA accepts and approves your claim, the insurance proceeds will be paid directly to the financial institution to offset the outstanding mortgage loan