Call the insurance co office and say you want to surrender MRTA b'cos no longer needed.
Ask what documents to bring

Usually you need the old MRTA policy
and clearance/release letter from Stanchart (or other evidence that you no longer owe them money)

Go to insurance office. Fill out form. submit form & docs. wait 2 -3 weeks.

As long as there is still some portion of the premium unused, they will have to refund you.

Doing it late means you lose more money b'cos they makan premium every year.

Hi all,

Any one can quote me MLTA with 36 critical illness.
Info shown below. TQ

loan amount rm 400,000
tenure 30 years.
age: Oct 1982
sex: male
health: very healthy
non smoking
no illnesses

Just wondering you took with the bank or directly from an insurance company?

i took from stanchart and if im not mistaken, its from an insurance company. i'll have to dig in to find out my old docs.

ps..thanx for all of u all who replied. VERY HELPFUL indeed.

Yup. You should find your policy first and go to respective company to do the necessary to surrender the policy.

This is a good article explaining the differences btwn mrta, mlta and basic life

http://www.iproperty.com.my/news/2877/Mort...operty-Purchase

Each insurance is designed for a specific reason.

hey guys,
wanna ask, I bought house with loan amount : 410k
Took MLTA (divide 2 cuz house under joint name)
so each person take MLTA that covers 200k.
I took from OCBC and the monthly repayment is RM220 each person.
does it sound right or pretty expensive?

It says there that MLTA is single premium.
I always thought that MLTA is a recurring payment.

Hi Cipan

To answer your question, premium varies from bank to bank. Some bank offers discounts for sum assured of above certain amount. If you are interested in MLTA from HLA, I can get a monthly repayment of about RM170.00 each person (assuming that you and another joint owner of the house are more or less 28 years old). Furthermore, if you are able to pay the annual premium instead of monthly the overall cost will be about 95% cheaper from what you are paying on a monthly basis. Please do PM me if you are interested to know more.

Hi guys,

Just wanna ask, let say i bought a property last 3 years ago and i choose for MLTA as well. Today i wish to sell my property after completed, and i didn't plan to buy another new property shortly. So for this situation, how for my MLTA? is it still continue paying until i get another property or this policy will stop on the spot? If i wish to continue paying, until i get another new property few years later then only transfer to that new property, is it possible?

hi guys I am agent from HLA, if anyone of you wish to get MLTA or MRTA or any insurance...can PM me or email me at kenjilow@gmail.com
Thanks in advance..

This post has been edited by firekids: Nov 13 2011, 12:44 AM

Is actually depends on how the agent package the MLTA.
It can be either way.

---

Added on November 13, 2011, 2:15 pmMost ppl don't know that's our rights to ask the insurer re-assign the policy to another bank if we're doing refinance.
When puchase MRTA/MLTA from bank, the policy will be fully assigned to the bank. which means bank is own the policy & they'll get the proceed money when anything happened. However, the absolute assign can be revert either the loan is fully paid up or refinance to another bank.

Therefore, we can have another option to re-assign the policy if the remaining sum insured is enough instead of asking for refund.
The benefit is save the money to purchase another MRTA/MLTA with higher premium.

However, when come to the actual practise, some of the bank may not prefer this method.
BTW, i've called UOB & its partner Uni-Asia previously, they actually allowed this arrangment.
But, finally i didn't proceed with refinance.

Just try & you may have surprise

This post has been edited by kenty: Nov 13 2011, 02:15 PM

Hi kkton19,

There are two options, but these options varies for different insurance company.

1) Surrender the policy and get back whatever you have paid together with dividends if applicable.

2) With HLA MLTA you can keep the policy until you purchase a new house and there are two main reason why you should do this:
* insurance premium rate rises according to age. This means if you buy a new MLTA after you bought a new house lets say, next year, the premium will be more expensive.
* HLA's MLTA doesn't have a fix term, that means, you do not have to worry about until when the policy is going to cover you as long as you pay for the premium.

Having said that, I'm only be able to speak on the basis of MLTA feature from HLA. for transferability of your MLTA and its surrender value you'll need to check with your agent.

Hope the above helps! :-)

Thanks calebc,

Meaning better to keep it until i buy another new property later, if surrender now don't think i can get back the amount i had paid because this MLTA just started last 2 years only

You are right, usually the break even point for MLTA is 14 years or more.

very good info indeed...

hi guys,

Speaking about MRTA and MLTA, i bought property 7 years ago. Loan was approved for RM 150k and i opt for MLTA.
I am supposed to pay on quarterly basis via direct debit (credit card) but the problem is I have not paid a single cents since 2004 coz the insurance company did not even debit my credit card. They didnt even chase me for payment. Im not sure whether my account wif them still active or not.

Techinally im servicing my loan now without MRTA or MLTA.

Can this happen? What are the implication? Anybody can help to comment?

Please call the MLTA company (insurance or bank) to avoid disappointment when you wanna claim.

Hi M2K2Land,

Can i continue service my loan without paying MLTA?
Since i didnt pay anything for the last 7 years, there is nothing for me to claim unless i default my loan.

Will it create any legal complication with regards to property ownership once fully paid my loan to the bank in future?

As I told by the Insurance Agent, you might have some cash bonus for deduct from the MLTA but possible not because you havent pay anything for 7 years. For more info, please do call the company which you deal with.