Türkçe

Income Protection Insurance

Allianz - gelirguvencesi_(1)


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 

Coverage

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 StatusPermanent Staff MemberSelf-Employed/Public ServantStudent / Housewife / Uninsured

Available Coverage

Involuntary UnemploymentTemporary Incapacity to WorkDaily 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.

Premiums

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.

Let’s exemplify:

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

  • 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 premium shall be determined on the basis of coverage level.
  • The policy shall only be issued with coverage and premiums in Turkish lira.
  • 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 initial incident.
  • To receive payment as a result of involuntary unemployment under Income Protection Insurance, you must have worked at your last workplace for 12 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 180 days as of the policy start date.
  • Payment shall be made after a 60 day standby period from the occurrence of involuntary unemployment or temporary 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 for a maximum period of six months upon the completion of exemption and standby periods.
  • Each policyholder may receive payment for involuntary unemployment, temporary incapacity to work and daily hospitalization benefits a maximum of two times and for a total of 12 months. This coverage does not include death or total disability.
  • To purchase a policy call 444 0 953 or visit your nearest Yapı Kredi branch.