Property big-player IJM Land Bhd has joined forces with leading insurer Allianz Malaysia Bhd to offer the first triple insurance protection scheme to home buyers in the country.
The scheme, dubbed HomeTIPS, is a three-in-one package that provides term life, personal accident and involuntary unemployment coverage for buyers of selected properties identified under the scheme.
IJM Land managing director Edward Chong Sin Kiat said the scope and coverage of HomeTIPS is the first of its kind in Malaysia. It acknowledges that anxiety over unemployment is one the major factors behind consumers’ hesitance to commit to a property purchase.
Chong said that HomeTIPS is part of IJM Land’s commitment to easing the burden of buyers in the current tough economic climate.
“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 at the launch HomeTIPS last week.
He added that 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, Chong said, are extended to house buyers for 36 months from the date of signing the sale and purchase agreement. The scheme is applicable to selected residential development projects that are priced within the RM300,000 to RM2 million range.
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 between now and December 2016.