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* 1) The sum assured of an MRTA/decreasing term policy will reduce periodically in accordance with the policy term and interest rate stated in the policy contract. Please ensure that the reducing sum assured is sufficient to cover the outstanding housing loan, in the event of the applicant’s death, TI or TPD, until the end of the housing loan term or until the applicant turns age 65, whichever is earlier.
2) The mortgage rate of an MRTA/deceasing term policy must be equivalent or higher than the highest interest rate of the housing loan. For HDB concessionary loan, a mortgage rate of 3% is assumed. For HDB market rate loan and bank loan, a mortgage rate of 4% is assumed.