Original article by Charles from kopiandproperty.com
Developers are creative these days. I do think it’s a good sign for buyers who want better deals. Yes, some may term these as marketing gimmick but the truth is, we should only buy because the property is what we want. We should be buying simply for the marketing gimmicks, agree? The new one is IJM Land’s HomeTIPS, or Triple Insurance Protection Scheme. It offers protection for buyers who are buying for their family and it is working with Allianz Life Insurance Malaysia Berhad and Allianz General Insurance Company (Malaysia) Berhad to underwrite three insurance schemes offering peace of mind to all its home buyers for 36 months from the date of signing the Sales & Purchase Agreement.
Below is the Q&A to IJM Land and Allianz:
To IJM Land
Why has IJM Land decided to offer these specific options for the housebuyer insurance scheme?
IJM Land believes that a home buyer should not have to face undue distress especially when they are embarking upon an exciting time in their lives with the purchase of a new property. Besides the obvious financial commitments of purchasing and paying for a property, life can throw all manner of twists and turns your way, and cast uncertainly over long term plans. IJM Land’s HomeTIPS, or Triple Insurance Protection Scheme, will enable you to invest in a home for your family and allay fears associated with being unable to cope, in case of an unexpected set back in life. This 3 in 1 form of protection for home buyers is a first in Malaysia, and we are proud to be able to collaborate with Allianz who are the underwriters of the policy.
What are the benefits of these schemes to house buyers?
The Term Life, Personal Accident and Involuntary Unemployment benefits are extended to house buyers for 36 months from the date of signing the Sales and Purchase Agreement.IJM Land home 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. Home buyers from selected properties are also eligible for a Group Term Life Scheme and Personal Accident Scheme where financial benefits are paid out in the unfortunate case of death or total permanent disability.
How much does it cost to participate in these schemes?
Because we are invested in the well-being of our house buyers, IJM Land Home TIPS is offered as a generous additional benefit to the existing property purchase promotion, which includes free legal fees, free MOT and cash rebates amongst others.
Are there any restrictions with regards to the price of the property in order for this scheme to be effective?
IJM Land HomeTIPS is applicable to select residential development projectswith selling prices ranging from RM300k to RM2 million.
Do the insurance schemes only apply to new properties, or can second/third buyers avail of them too?
IJM Home TIPS applies to properties purchased directly from IJM Land during the campaign period from now to December 2016. The policy benefits are not transferable, and it will be null and void if the first purchaser terminates the Sales and Purchase Agreement or sells the property within three years from date of the Sales and Purchase Agreement.
Why has Allianz chosen to work with IJM Land to offer these insurance schemes?
Allianz sees this as a smart and timely collaboration with IJM Land. We truly appreciate the trust given by IJM land to develop these insurance schemes where a developer / organization (IJM Land) really has the customer’s interest at heart. On top of value for money property sold, buyers via the HomeTIPS scheme will be protected with Unemployment Insurance and be eligible for a Group Term Life Scheme and Personal Accident Scheme.
Could you take us through some of the pre-requisites in order for a house buyer to be eligible for the schemes?
In order for a house buyer to be eligible for these schemes, the following are the main criteria:
- The buyer’s home loan must have been approved
- Entry age is between 18 to 64 years old
- The property purchased must be by an individual / individuals. A Corporate Entity is not entitled to these schemes
Specific Requirements (for Unemployment Benefits)
- You must be gainfully employed on regular, full time basis for at least 30 hours per week for at least consecutive weeks immediately prior to your unemployment date.
- Your unemployment date must occur during the coverage period
How quickly can I expect a payout in the case of a policy claim?
Under normal circumstances, claims will be settled within 72 hours and not more than 7 days, once all relevant information is given. For complex cases, payout is usually within one month from the date of complete documentation.
What is the scheme about?
It is called the HomeTIPS, or Triple Insurance Protection Scheme. The scheme offers three insurance arrangements which give peace of mind to all IJM homebuyers, from the date of signing the Sales and Purchase Agreement. The unique assurance of this insurance is the Unemployment Benefit, in the case where IJM Land homebuyers are involuntarily terminated due to economic reasons from their employment with the policy term. The others are eligibility for a Group Term Life Scheme and Personal Accident Scheme, where financial benefits are paid out in the unfortunate case of death or total permanent disability, is also offered to homebuyers of selected IJM Land properties.
From the Media
How is the IJM House Buyers Group Term Life Scheme different from other MRTA policies available on the market?
Typically, the MRTA covers the duration of the loan tenure and it is on a reducing amount. IJM Land’s HomeTIPS extends its benefits for only 36 months but covers the purchase price, rounded down to the nearest rm50k
Is there a Takaful option for these insurance schmes?
No there isn’t.
So, is this scheme for you? Well, you would have to decide. As for projects that you would like to buy to enjoy this, do google and take a look at IJM Land’s projects then.
Charles Tan is the writer of popular Malaysian independent property blog kopiandproperty.com. His site averages over 1,000 visitors per day, and is updated daily with his thoughts and perspectives of current property investment issues from 12 years of experience. His articles have been published in New Straits Times, Property Insight, Property Hunter and other property related magazines as well as property fair publications, developer magazines and various property websites.