OCBC offers refundable premium mortgage insurance
OCBC Bank has launched a mortgage insurance plan that allows the customer to pay annual premiums, then refunds all the premiums to him at the end of the policy term if no claim is made.
Known as Mortgage Protector Advantage, OCBC is claiming the plan as a first mover's advantage as no competitor's product today has a premium refund feature.
The plan is underwritten by The Overseas Assurance Corporation, a wholly-owned subsidiary of Great Eastern Holdings and a member of the OCBC Group.
Through this offering, OCBC hopes to convince homeowners they have little to lose in exchange for gaining peace of mind that their mortgage will be taken care of should tragedy befall them.