Group Mortgage Insurance

Safeguard your home with Group Mortgage Insurance

Why you will love this

Cover your outstanding home loan in the event of death, terminal illness or total and permanent disability

Affordable premiums which are automatically adjusted yearly as you pay off your home loan

Who can apply

Any OCBC private Home Loan customer (individual or joint) between 18 and 65 years old (age next birthday)

Do not let your home become the greatest liability for your family.

Features and Benefits

Group Mortgage Insurance takes care of your outstanding home loan in the unfortunate event of your death, terminal illness or total and permanent disability.

Affordable premiums

Your premiums will automatically be adjusted every year as you are paying off your home loan.

Your premiums will automatically be adjusted every year as you are paying off your home loan.

No medical underwriting

Applicable for mortgages up to S$1.25 million.

Applicable for mortgages up to S$1.25 million.

Insurance coverage is portable

Portable after 3 years, ensuring that you are always covered.

Portable after 3 years, ensuring that you are always covered.

Guaranteed yearly renewal

Enjoy peace of mind that your insurance coverage will continue throughout your home loan tenure.

Enjoy peace of mind that your insurance coverage will continue throughout your home loan tenure.

Enjoy 5% premium discount every year

Valid when you and your joint borrower(s) sign up together.

Valid when you and your joint borrower(s) sign up together.

This is not a fixed or savings plan, but a guaranteed yearly renewable group term insurance plan.

How it works

Mr and Mrs Khoo's Profile

40 years old (age next birthday)

They jointly purchase a private condominium and take up an OCBC Private Home Loan with a loan amount of S$1 million for a tenure of 25 years

They opt to be jointly covered by Group Mortgage Insurance

Premium rates
  • Examples of monthly premium payable (rounded off to nearest cent)
  • S$500,000 outstanding loan
  • S$800,000 outstanding loan
  • S$1,000,000 outstanding loan
Age next
birthday
Monthly premium payable for every S$100,000 of
outstanding loan
Examples of monthly premium payable
(rounded to nearest cent)
S$500,000
outstanding loan
S$800,000
outstanding loan
S$1,000,000
outstanding loan
18 - 35 S$3.75 S$18.75 S$30.00 S$37.50
36- 45 S$6.50 S$32.50 S$52.00 S$65.00
46 - 55 S$18.08 S$90.42 S$144.67 S$180.84
56 - 70 S$44.08 S$220.42 S$352.67 S$440.84

Note:

  • Premium rates for ages 66 to 70 are applicable for renewals only.
  • Premium rates are not guaranteed and The Great Eastern Life Assurance Company Limited reserves the right to amend the premium rates.
  • Monthly premium rate will be determined at the start of each policy year and will remain unchanged during policy year.
  • Examples of monthly premium payable (rounded off to nearest cent)
  • S$500,000 outstanding loan
  • S$800,000 outstanding loan
  • S$1,000,000 outstanding loan
Age next birthday Examples of monthly premium payable for every S$100,000 of outstanding loan Examples of monthly premium payable
(rounded off to nearest cent)
Examples of monthly premium payable
(rounded off to nearest cent)
Examples of monthly premium payable
(rounded off to nearest cent)
S$500,000 outstanding loan S$800,000 outstanding loan S$1,000,000 outstanding loan
18 - 35 S$3.75 S$18.75 S$30.00 S$37.50
36- 45 S$6.50 S$32.50 S$52.00 S$65.00
46 - 55 S$18.08 S$90.42 S$144.67 S$180.84
56 - 70 S$44.08 S$220.42 S$352.67 S$440.84

Note:

  • Premium rates for ages 66 to 70 are applicable for renewals only.
  • Premium rates are not guaranteed and The Great Eastern Life Assurance Company Limited reserves the right to amend the premium rates.
  • Monthly premium rate will be determined at the start of each policy year and will remain unchanged during policy year.
Before you apply

Eligibility requirements

Age (next birthday)

18 to 65 years old

Prerequisite

All OCBC private Home Loan customers


Important notices


Policy Owners' Protection Scheme

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

or contact us at 1800 363 3333

Our hotline is available 24 hours a day.
Calling from overseas? Please contact +65 6363 3333.

FAQs
More information on Group Mortgage Insurance
More questions and answers
I have other forms of insurance coverage. Why do I still need mortgage insurance?
  • Mortgage insurance specifically takes care of your mortgage in the unfortunate event of your death, total and permanent disability or terminal illness, so that your loved ones will not have to continue paying off the mortgage.
  • Mortgage insurance covers the outstanding loan amount approved by the bank or chosen sum assured, whichever is lower.
  • The coverage from other insurance products could be for various purposes, such as taking care of hospitalization and medical expenses, or income protection, savings, or retirement needs for you and your family.
I am buying the property for investment purpose. Do I still need mortgage insurance?
  • Yes. In the event of your demise, total and permanent disability or terminal illness, the insurance payout will pay off the mortgage fully so that your loved ones can keep the property.
  • Do note that mortgage insurance covers the outstanding loan amount approved by the bank or chosen sum assured, whichever is lower. If you have chosen a sum assured that is lower than your outstanding bank loan, it will not be sufficient to pay off your mortgage loan.
Does Group Mortgage Insurance offer guaranteed renewability till the end of my approved OCBC mortgage loan tenure?
  • Yes. This plan offers guaranteed renewability, giving you and your loved ones peace of mind for the duration of your loan tenure.
Who provides the insurance coverage?
  • Group Mortgage Insurance is underwritten by The Great Eastern Life Assurance Company Limited (“Great Eastern”), a wholly-owned subsidiary of Great Eastern Holdings and a member of the OCBC Group.
More questions and answers