Income Protection Insurance kicks in when things go wrong! You can cover your basic needs with Income Protection Insurance if you lose your job or become temporarily incapacitated
Income Protection Insurance ensures that you can cover your living costs without hindrance until you are reemployed or fit to return to work.
In the event of any unexpected circumstances (involuntary unemployment, temporary incapacity to work or long-term inpatient treatment) which may cause you to lose income during the insurance period, you may benefit from the relevant coverage, depending on your employment status.
Coverage shall be paid to the policyholder’s beneficiaries in the event of their passing or to the policyholder in the event of total disability.
Coverage Alternatives Depending on Employment Status
Coverage is determined with respect to your employment status at the time of incident.
|Employment Status||Permanent Staff Member||Self-Employed/Public Servant||Student / Housewife / Uninsured|
|Involuntary Unemployment||Temporary Incapacity to Work||Daily Hospalization|
Loss of Life and Total Disability
Involuntary Unemployment Coverage: Involuntary Unemployment Coverage covers the loss of income 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 12 months and be entitled to unemployment benefits under the unemployment insurance of Turkish Employment Agency (İŞKUR).
Temporary Incapacity to Work Coverage: This coverage protects 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.
Income Protection Insurance is intended to cover your basic costs until you are reemployed or fit to return to work. Therefore, it covers only a certain percentage of your income.
Example 1: The monthly benefits payable to a person, whose monthly gross salary is 1,200 Turkish lira, is 450 Turkish lira in the event of involuntary unemployment, temporary incapacity to work or long-term inpatient treatment, and 4,500 Turkish lira in the events of loss of life and total disability. This coverage is provided by the Income Protection Insurance with a premium of 14.06 Turkish lira per month.
Example 2: The monthly benefits payable to a person, whose monthly gross salary is 750 Turkish lira, is 300 Turkish lira in the event of involuntary unemployment, temporary incapacity to work or long-term inpatient treatment, and 3,000 Turkish lira in the events of loss of life or total disability. This coverage is provided by the Income Protection Insurance with a premium of 9.37 Turkish lira per month.
Payments of benefits are made on a daily basis.
What You Must Know