KUALA LUMPUR, Aug 19 (Bernama) — Property giant, IJM Land Bhd has collaborated with Allianz Malaysia Bhd to introduce the first triple insurance protection scheme in Malaysia — HomeTIPS — to provide protection for house buyers.
IJM, Allianz Introduce First Triple Insurance Protection Share on XIJM Land Managing Director Edward Chong Sin Kiat said the three-in-one scheme would provide term life, personal accident and involuntary unemployment coverage for buyers of selected properties.
“The unemployment insurance covered under the scheme is the first of its kind being introduced in Malaysia,” he said.
Acknowledging that anxiety over unemployment is one of the major factors for the potential house buyers’ hesitance to commit especially after layoffs the oil and gas industry, IJM Land decided to ease their burden by introducing the scheme, he said.
“The selected house buyers who are involuntarily terminated from their employment during the tenure of the policy, will benefit from a timely pay out by the unemployment insurance under the scheme,” he said this after launching HomeTIPS here, today.
Chong said the term life and personal insurance under the scheme would allow the house buyers to enjoy the financial benefits which would be paid in the unfortunate case of death or total permanent disability.
“The benefits are extended to house buyers for 36 months from the date of signing the sale and purchase agreement,” he said.
He added that the scheme was applicable to selected residential development projects with selling prices ranging from RM300,000 to RM2 million.
“For example, those who buy a property valued at RM635,000 will be insured with a sum coverage of RM600,000,” he said.
Chong said the premium of the insurance scheme would be borne by the respective housing developers, and the scheme would only apply to properties which are purchased directly from IJM Land from now until December 2016.
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