eDecreasingTerm

At a Glance

Covered for death, total and permanent disability and terminal illness

Choose your coverage amount from S$150,000 to S$500,000

Apply online. Just answer 3 simple questions, no health check-ups required

eDecreasingTerm is applicable for all Singapore Citizens, Singapore Permanent Residents and those residing in Singapore between 18 to 50 years old.eDecreasingTerm is an affordable home loan coverage to protect your dependants if the unexpected happens.Apply now

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Mortgage protection with eDecreasingTerm

Features & Benefits

Comprehensive Coverage. Be covered against death, terminal illness¹ and total and permanent disability up to S$500,000.

Customise your plan. Choose from a coverage amount between S$150,000 to S$500,000 to ensure your home loan is adequately covered.

Coverage to suit your needs. Choose a decreasing rate between 1%, 2%, 3%, 4% and 5% to match your mortgage loan interest rate.

Affordable Premiums: Start from only S$7.11/mth². Premiums will remain level throughout the policy term.

Flexible Policy Term. 5 years or between 10 to 35 years inclusive.

Easy Application. Just answer 3 simple questions about your health online; No health check-ups required.

Find out more about the features and exclusions of this policy.

Is your home fully protected?In addition to eDecreasingTerm, here’s a checklist to ensure your home has complete coverage against the unexpected:

Fire Insurance: Covers the structures of your house – walls, structural pillars and permanent fixtures.

Home Content Insurance: myHome Protect II covers the interiors of your home – loss or damage of home contents and renovations as a result of unfortunate events such as fire, burst water pipes or theft.

How to Apply for eDecreasingTerm

No wait, no hassle. Your details are pre-filled when you apply on digibank

Apply Now

Practise good money habits

A good money habit is getting protection coverage early and topping up when needs change. For death and total & permanent disability, the industry recommended benchmark is to cover 9x your annual income.

Consider coverage in 6 key areas (health, life, critical illness & cancer, mortgage reducing term assurance, disability, and general insurance) to mitigate life risks that could derail your financial plan.

Talk to our Wealth Planning Managers

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Get more Benefits

Earn bonus interest on your DBS Multiplier Account with all Manulife protection or endowment plans distributed by DBS. Find out more.

No minimum regular or single premium amount

Pay with cash or SRS^

Earn bonus interest for 12 months consecutively

^Selected policies only

Frequently Asked Questions

Is eDecreasingTerm a level term or decreasing term insurance policy? What is the difference between the two?

eDecreasingTerm is a decreasing term insurance policy. Your sum insured decreases at your chosen decreasing interest rate over the policy term (in line with your reducing outstanding home loan). Your family will receive the prevailing sum insured if an unfortunate event happens to you.

On the other hand, your sum insured is fixed over the policy term under a level term insurance policy. Your family will receive a payout of the sum insured if an unfortunate event happens to you.

For this reason, premiums for the decreasing term insurance are lower than that of the level term insurance. Decreasing Term Insurance would be optimised to help cover for your outstanding home loan. For Decreasing Term Insurance, you do not need to pay premium during the last 2 years of policy term.

What is the “decreasing interest rate” of this policy?

Decreasing interest rate in this policy refers to the interest rate which the sum insured decreases at over your chosen policy term. This is typically chosen such that it is the same as the interest rate charged on your home loan.

How do I provide coverage for my joint application for my home loan?

You may approach Wealth Planning Managers at any DBS / POSB branch for joint application.

Can foreigners apply?

Foreigners who are Singapore permanent residents may apply. Do refer to the Frequently Asked Questions relating to Eligibility & Underwriting.

How can I terminate my policy?

No, this product does not have cash value or surrender value as it is a pure protection plan. You may write in to [email protected] to terminate your policy.

Who can I contact if I have further queries?

If you have further product-related enquiries, please email Manulife at [email protected]. If you are facing technical difficulties, you may explore our live chat service in DBS/POSB digibank online.

Footnotes:

¹Terminal Illness (TI) is defined as an illness, which in the opinion of a medical examiner and on agreement of our appointed medical examiner, is likely to lead to death within 12 months from the date of diagnosis. In the event of TI during the policy term, the Death Benefit will be advanced in a lump sum.
²This premium amount is calculated based on a male non-smoker aged 18 with coverage amount of S$150,000 and decreasing rate of 1% for a policy term of 10 years.

DisclaimersThe information herein is published by DBS Bank Ltd (“DBS Bank”) and is for general information only and should not be relied upon as financial advice. This publication may not be reproduced, or communicated to any other person without prior written permission. This website does not take into account the specific investment objectives, financial situation or needs of any particular person. Before entering into any transaction involving any product mentioned in this website, where applicable, you should seek advice from a financial adviser regarding its suitability for your own objectives and circumstances. If you choose not to do so, you should make an independent assessment and do your own due diligence on the product. This advertisement has not been reviewed by the Monetary Authority of Singapore. The website herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.In Collaboration with ManulifeeDecreasingTerm is issued and underwritten by Manulife (Singapore) Pte. Ltd. ("Manulife") (Reg. No. 198002116D) and distributed by DBS. It is not an obligation of, deposit in or guaranteed by DBS.This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (“SDIC”). Coverage for the policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Manulife or visit the Life Insurance Association or SDIC websites (www.lia.org.sg or www.sdic.org.sg).Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$100,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.Information is correct as at 1 April 2024.

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