IJM Land, Allianz Malaysia roll out HomeTIPS insurance schemes for homebuyers

KUALA LUMPUR (Aug 19): IJM Land Bhd have partnered Allianz Life Insurance Bhd and Allianz General Insurance Company Bhd to introduce HomeTIPS, or the Home Triple Insurance Protection Schemes, for IJM Land homebuyers.

The collaboration enables Allianz Life Insurance and Allianz General Insurance Co to underwrite three insurance schemes for IJM Land homebuyers for 36 months from the date of signing of the sales and purchase (S&P) agreement, at no additional cost, said IJM Land’s managing director Edward Chong.

IJM Land said it is the first scheme of its kind to be offered by a property developer in Malaysia.

“At IJM Land we believe in building not just homes, but relationships. We want our homebuyers to be confident in the fact that should something untoward happens, IJM Land is able to help secure the roof over their heads with these unique insurance schemes underwritten by Allianz,” he told the media at the unveiling of HomeTIPS today.

According to Chong, the unique assurance of one of the schemes is the Unemployment Benefit, which covers cases where IJM Land homebuyers are involuntarily terminated from their employment due to economic reasons.

To be eligible for the Unemployment Benefit, the insured must be gainfully employed on a regular, full-time basis for at least 30 hours per week prior to unemployment date. The unemployment date must occur during the period of coverage.

Meanwhile, those who are covered under the Group Term Life Scheme and the Personal Accident Scheme will see financial benefits paid out in the unfortunate case of death or total permanent disability.

In order for a homebuyer to be eligible for the HomeTIPS, he or she has to be between 18 to 64 years old and has an approved home loan. Corporate entities are not entitled to these schemes.

HomeTIPS are applicable to homebuyers of selected IJM Land residential projects with selling prices ranging from RM300,000 to RM2 million, purchased directly from IJM Land from Aug 19 till December 2016.

The policy benefits are not transferable, and it will be null and void if the first purchaser terminates the S&P agreement or sells the property within 36 months or three years from the date of S&P agreement.

Meanwhile, Allianz General’s head of commercial business John Yep said the schemes are extremely relevant to address homebuyers’ concerns during uncertain times.

“For instance, if I get retrenched, my major concern is: will I be able to service my loan? HomeTIPS will be able to assist me in this,” he said.

Chong added that in the current economic climate, many people tend to refrain from house-buying decisions. However, he argued that now is the best time to buy or else homebuyers will “miss the boat”.

“After your KIV period, the market may have recovered and the prices of properties would have increased by then and you may not be able to afford the particular property anymore.

“This is why we came up with this scheme because we want to assist people to purchase their own property during times like these,” he added.

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