Home Loan Protection Plan
This Home loan insurance covers your home loan debt against your death or permanent total disability. In these circumstances, the outstanding amount owing on your home loan will be written off and the Bank will no longer have an interest in the property.
Some of the benefits
Peace of mind
In the event of death, the Bank automatically writes off the loan.
Security
Bank does not reposes the house from your dependents after death.
Convenient
Premium are paid together with the loan deductions.
Cushion
The Bank won’t recover money from you in case of permanent disability
What you get
- This cover ensures that your property is safe from repossession – giving you and your loved ones the security of knowing that your home remains in the family and cannot be taken away.
- For additional peace of mind, premiums are calculated on the monthly outstanding balance of your home loan and payable alongside your loan repayments. As you pay off your home loan, your premiums will also decrease
- If you become permanently disabled and unable to work before the age of 70 and before the policy expires, an amount equivalent to the death benefit will be paid the Underwriter. (Total and permanent disability is considered to have occurred with the loss of both hands or both feet, one hand and one foot, or the sight of both eyes.
- You may choose to cover a second life under the policy (for example your spouse) at a 40% discounted rate
Terms and conditions apply
How to get it
- This cover is best suited for clients or potential clients who have home loan finance through Standard Bank.
- To take out a Home loan protection plan, just visit your nearest branch with your National Identity Card.
What it costs
Premium is charged on the monthly outstanding balance
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What you get
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How to get it
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What it costs
- This cover ensures that your property is safe from repossession – giving you and your loved ones the security of knowing that your home remains in the family and cannot be taken away.
- For additional peace of mind, premiums are calculated on the monthly outstanding balance of your home loan and payable alongside your loan repayments. As you pay off your home loan, your premiums will also decrease
- If you become permanently disabled and unable to work before the age of 70 and before the policy expires, an amount equivalent to the death benefit will be paid the Underwriter. (Total and permanent disability is considered to have occurred with the loss of both hands or both feet, one hand and one foot, or the sight of both eyes.
- You may choose to cover a second life under the policy (for example your spouse) at a 40% discounted rate
Terms and conditions apply
- This cover is best suited for clients or potential clients who have home loan finance through Standard Bank.
- To take out a Home loan protection plan, just visit your nearest branch with your National Identity Card.
Premium is charged on the monthly outstanding balance