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Payment Protection Insurance

Allianz - Payment-Protection-Insurance

Payment Protection Insurance is an insurance for customers who have taken out personal loans, and insured them, through Yapı Kredi Bank. It protects our customers in the event of their loss of life, or total permanent disability and unemployment, and pays their covered loan installments.

In the event of loss of life or total permanent disability, any remaining balance after paying off the covered debt is paid to your family or your loved ones. Under the unemployment coverage, monthly credit installments are paid for a maximum of six months during the period of unemployment.

Why should I have Payment Protection Insurance?

  • In the event of loss of life or total permanent disability, the compensation is paid to the bank by the insurance company. This way your family and loved ones are protected from incurring a financial burden caused by the debt.
  • After deducting any credit debt, any remaining balance from the compensation is paid to your beneficiaries.
  • In the event of taking out a credit with a term longer than a year, calculations are based on coverage that declines over the years. As a result, you pay less in premiums as the paid off debt is deducted from the coverage.

  • You can deduct the premiums you have paid from your taxable income, to obtain tax advantages.

Which credits are covered?


Personal Loans, Mortgages and Vehicle Loans can be insured.

Coverage


Loss of Life and Total Permanent Disability Coverage: In the event of loss of life or permanent disability within the insurance term, the covered credit debt is paid off. Any remaining balance after paying off the credit debt is paid to the beneficiaries of the policyholder.

Coverages that protect against the loss of income are turning rider covers. Coverage is determined based on your employment status at the time of the loss of income.

Involuntary Unemployment Coverage: Only policyholders who have worked for an uninterrupted period of 180 days in the same work place and who are eligible for the unemployment compensation under the unemployment insurance coverage of İŞKUR (Turkish Employment Agency) shall be eligible for Involuntary Unemployment Coverage.

Temporary Disability Coverage: This is a coverage that can be used by policyholders who are either self-employed or public employees, in the event of their temporary disability as a result of an occurrence defined in the policy.

Daily Hospital Coverage:This is a coverage that pays compensation to the policyholders who are not employed (e.g. student, house wife, retired), for their inpatient medical treatments due to an accident or an illness, which lasts longer than seven days.

What You Need to Know

  • Alternatively the insurance period can be set at any number of years, ranging from a minimum of one year up to the credit term. Premiums will be charged to your account or credit card to renew your policy, in the case you request automatic renewal for your annual policies.

  • Anyone between the ages of 18 - 60 is eligible to apply for Payment Protection Insurance.

  • Insurance premium amounts vary depending on the coverage and age.

  • Insurance premiums may be charged to an account or credit card, either in a lump sum payment or in installments. You may also pay the insurance premium by adding the amount in the credit request.

For further information…


You may contact the Yapı Kredi branches to obtain further information on Payment Protection Insurance.