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?
Which credits are covered?
Personal Loans, Mortgages and Vehicle Loans can be insured.
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
For further information…
You may contact the Yapı Kredi branches to obtain further information on Payment Protection Insurance.