Credit Card Payment Insurance
Unpleasant surprises do happen.
One of these days you may wake to find that you have been unemployed...
Subscribe to Credit Card Payment Insurance and feel secure knowing that your credit card debt will not be a burden if you lose your job.
Credit Card Payment Insurance covers your credit card debts in the event of unemployment until you are reemployed or fit to return to work.
Credit Card Payment Insurance is a form of life insurance which offers coverage for your credit card debts in the event of any unexpected circumstances which cause you to lose income (involuntary unemployment, temporary incapacity to work or long-term inpatient treatment).
Death and total disability are also covered by this policy.
Coverage will be determined with respect to your employment status at the time of incident.
Involuntary Unemployment Coverage: The Involuntary Unemployment Coverage covers the risk of failure to pay the credit card debts suffered by the policyholder, who loses his/her job involuntarily, as a result of no fault of their own, during his/her employment as a permanent staff member.
In order to benefit from Involuntary Unemployment Coverage, the policyholder must have worked for the same workplace for at least 180 days and be entitled to unemployment benefits under the unemployment insurance of Turkish Employment Agency (İŞKUR).
Temporary Incapacity to Work Coverage: Temporary Incapacity to Work Coverage covers the policyholder in the event of temporary incapacity to work due to incidents as defined in the policy.
Daily Hospitalization Coverage: This covers unemployed individuals’ (such as students, housewives) expenses for inpatient treatment of longer than seven days as a result of an accident or illness.
The coverage of loss of income is for multiple situations. Coverage is determined on the basis of your employment status at the time of incident.
Loss of Life and Total Disability Coverage
Loss of Life Coverage: In the event of loss of life within the policy period, the total outstanding debt as per the most recent account statement issued before the loss will be transferred to the credit card account. The amount remaining after the payment of any debt will be paid to the beneficiaries.
Total Disability Coverage: In the event of total and permenant disability of the policyholder during the insurance period, the total outstanding debt as per the most recent account statement issued before the loss will be transferred to the credit card account. The amount remaining after the payment of any debt will be paid to the beneficiaries.
The insurance premium shall amount to one percent of the most recent credit card statement.
No premium shall be charged if you do not have any outstanding debts.
The upper limit of coverage for the credit card debt* under Credit Card Payment Insurance is 10,000 Turkish lira.
The collection of the premium, amounting to one percent of the total debt of your credit card under coverage, will be shown on the next account statement.
For instance; in the event the total outstanding debt as per your most recent account statement is 1,000 Turkish lira, then the insurance premium on your next account statement will be 10 Turkish lira.
(*) The total outstanding amount to be covered, on which the calculation of the premium is based, includes the entire expenses incurred as of the date of the account statement as well as future installments. Should the total outstanding debt exceed 10,000 Turkish lira, then 10,000 Turkish lira will be subject to the premium calculation and hence covered.
- The insurance period is one year. It may be extended year by year unless agreed otherwise.
- The policyholder must be 18 to 60 years of age. Once commenced, the policy may be renewed until the policyholder is 65 years old.
- The insurance premium shall amount to one percent of the most recent credit card statement. The billing of premiums shall be on the next credit card statement.
- The upper limit of coverage for the credit card debt under the policy is 10,000 Turkish lira.
- The policy shall only be issued with coverage and premiums in Turkish lira.
- Credit Card Payment Insurance only covers debts related to credit cards issued by Yapı ve Kredi Bankası. Business, Trio and Bayii cards are not covered.
- The coverage amounts shall be calculated on a daily basis and paid monthly.
- Coverage for death and total disability is non-optional. In the case of loss of income due to multiple situations (involuntary unemployment, temporary incapacity to work or long-term inpatient treatment); the policyholder will only be entitled to payment for one situation, depending on their employment status at the time of the first incident.
- To receive payment as a result of involuntary unemployment, you must have worked at your last workplace for six consecutive months and be eligible for unemployment benefit from the Turkish Employment Agency (İŞKUR).
- The period of exemption for claims of involuntary unemployment coverage, temporary incapacity to work coverage and daily hospitalization coverage is 120 days as of the policy start date.
- Payment shall be made after a 30 day standby period from the occurrence of involuntary unemployment or incapacity to work. Payment for daily hospitalization shall be made after a seven day standby period of hospitalization. No payment shall be made for standby periods.
- Payments for involuntary unemployment, temporary incapacity to work and daily hospitalization shall be paid on the basis of the total outstanding debt as per the account statement on the date of the incident. The total credit card debt as of the incident will be deposited to the credit card account for three months in installments of 40 percent on the condition that the issue continues.