Life Insurance

Mortgage Protection Plan

• The insured amount for any particular year will be as mentioned in the policy schedule, and it corresponds to your loan schedule.
• You can assign the Mortgage Protection Plan as collateral security in favour of the financial institution giving the loan.
• Must regularly repay the monthly loan instalments, and the insurance premium to Bank of Maldives.
• In the event of your untimely death, the Mortgage Protection Plan will be in full force and the insured amount as mentioned in the insurance policy will be paid to the financial institution towards repayment of the loan.

Individual Term Assurance

Term Assurance will provide financial help to the family on the unfortunate demise of the Life Assured.

How does Individual Term Assurance plan benefit you?

• Individual Term Assurance aims to provide you with peace of mind knowing that your family will be well taken care of financially, in an event of your untimely death.
• Payment upon death: in the event of death during the policy term, the insured amount is paid to the beneficiary, provided the insurance coverage is active.
• Low Premium: life cover during the term of policy at a low premium
• Payment in the event of Total Permanent Disability (TPD) due to accident: by paying an additional premium, the Life Assured can avail TPD benefit. In case of TPD due to an accident during the term of the policy, we will pay an amount equal to insured amount as TPD.

Life insurance claim

In an event of your untimely death, your family is expected to notify us and to provide us documents such as the death certificate, identification, the policy document, and police report (where relevant). 

Ready to apply?

For any additional queries related to any of the insurance products please contact the nearest BML branch or BML Contact Centre.