Insurance / Takaful

INSURANCE / TAKAFUL SERVICES

General Insurance / Takaful

At LM Homes, we provide general insurance service that covers a wide range of services which includes car insurance (motor insurance) and fire insurance.

Property Insurance / Takaful

We also provide property insurance / takaful service to take care of the outstanding loan balance in the event that the borrower dies or suffers from total and permanent disability (TPD) before the loan is completely paid off.

Life Insurance / Takaful

We also provide Life Insurance for better protection of your well being. Enjoy instant coverage with insurance and takaful products that cover medical, life and critical illness plans. Get protected today!

Our Insurance / Takaful Partner

Property Insurance / Takaful

LM Homes provide 2 types of property insurance / takaful, MRTA/MRTT & MLTA/MLTT.

What is MRTA?

Mortgage Reducing Term Assurance (MRTA) is a type of home loan insurance where the sum insured is designed to reduce over the term of your home loan.

What is MRTT?

Mortgage Reduction Term Takaful (MRTT) is a reducing term life insurance product that follows the takaful principles of Islamic finance.

What is MLTA?

Mortgage Level Term Assurance (MLTA) is a type of home loan insurance where the sum insured remains level throughout the term of the plan. That means it will pay out the same amount in year 10 as it would in year 25.

What is MLTT?

Mortgage Level Term Takaful (MLTT) is a life insurance cover designed to provide financial support in the event of death or total permanent disability.

Difference Between MRTA/MRTT & MLTA MLTT

Insurance Type	MRTA/MRTT	MLTA/MLTT
Purpose	Protection	Protection, saving and cash value
Protection	Sum insured reduce according to loan tenure	Sum insured remains the same on a fixed level sum assured basis
Transferable	No	Yes
Nomination	Beneficiary is bank	Beneficiary can be anyone
Financing	Usually financed into home loan	Usually self-financed
Payment	Lump sum	Periodic (monthly, quarterly, semi-annually or annually)
Premium	Low	High
Cash Value	No. It has a reducing cash value, which drops to RM0 at the end of the loan tenure.	Yes. It has a fixed cash value (guaranteed) throughout the loan tenure.
Claim	Insurance company will pay the loan balance to the bank & beneficiary will receive the home.	Insurance company will pay the loan balance to the bank & beneficiary will receive the home plus cash.

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Loan up to 35 years.
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High margin of finance – Up to 90%!
No lock-in period (pay off the loan or sell off the property anytime) - Subject to terms & conditions.
Zero moving cost feature (legal fee, stamp duty, disbursement & valuation for loan agreement only) - Subject to terms & conditions.

Insurance / Takaful