Home finance protection
Protect your family, if you can't be there
| Payments in case of death | Payments in case of permanent or total disability | Payments in case of terminal illness | |
|---|---|---|---|
| COVERED | COVERED | COVERED |
Here's what you get:
- Takes care of any outstanding home finance payments, if you die
- Covers permanent and total disability, and terminal illness
- Designed under the supervision of independent Shariah scholars
More great benefits:
- Can be aligned with other HSBC Amanah Home Finance products
- Allows regular contributions - pay annually or a single premium
- Covers you all around the world
You can get Home finance protection if:
- You're a UAE resident
- You're an existing HSBC customer
- You're aged between 20 and 60 years old
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 and 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 the UAE?
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.
Make sure your family isn't left with the outstanding balance of your Home Finance, if they lose you.
