Home Finance Protection
Owning your very own home is a cherished dream. We want to ensure that this dream comes true, irrespective of what the future holds.
Here's what you get:
- Takes care of any outstanding home finance payments, if you die
- Covers permanent and total disability
- The Life Cover decreases over the term of the Contract in line with the outstanding balance
More great benefits:
- Can be aligned with other HSBC Amanah Home Finance products
- Allows regular contributions - Annually, Semi-annually & Quarterly
To enhance protection to the insured, the following benefits/riders can be attached:
- Accidental Death Benefit
- Permanent Partial Disability Benefit
- Waiver of Contribution Benefit due to Permanent Total Disability
Like any protection plan, this policy does not cover claims arising from certain events, such as:
- War or warlike operations
- Intentional self injury or suicide
- Criminal or illegal acts
Exclusions have been kept to a minimum. Details of full exclusions will be available on the policy terms & conditions.
This policy is subject to terms and conditions of Home Finance Protection.1
What does my Home Finance Protection plan cover?
The plan covers the outstanding home financing amount to the bank in case of the death of the policy holder.
Would I be covered only while residing in Bahrain?
No. Home Finance Protection plan is a universal plan and covers the individual around the world.
Would my coverage amount be the same throughout the term?
No. The coverage amount of the Protection plan reduces every year at a standard amortization rate of 10.95%.
How long do I need to pay for the coverage?
Home Finance Protection plan always has a payment term that is shorter than the coverage term.
What are the ways in which the payment for the plan could be made?
All payments are made to Salama Islamic Arab Insurance Company and the payments can be made by standing instructions through the bank, where an HSBC staff member can assist you.
Will my family get any amount in case of my death?
Should the home finance amount be less than the cover amount, then the family should receive a settlement.
What if I survive the term, would some amount be paid to me?
Home Finance Protection plan does not pay any amount if the covered member survives the term.
Your family will continue to retain the home purchases by your hard earned money.
