MHC runs an in-house decreasing balance life assurance scheme with relatively low insurance premiums. You will be required to assure your life to cover death and total and permanent disability.Â
In this respect you will need to contract a Life Assurance Cover and pay the Monthly Premium in respect of the Decreasing Balance Life Assurance Policy over the loan period to cover your life.Â
In case of total and permanent disability or death of the person assured during the repayment period, the balance due to MHC may be written off if the loan repayment was effected regularly.Â
