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Interest-free Credit Life Insurance
Interest-free Credit Life Insurance
Katılım Emeklilik offers interest-free Credit life Insurance.
It is a product used during the loan period, offering death coverage equal to the loan amount.
All real persons between 18-74 years of age in good health condition who use a loan in personal and commercial segments provided by Albaraka Türk and Kuveyt Türk participation banks.
Outstanding debt of an Insured person who is deceased during insurance period is paid by Katılım Emeklilik. This eliminates the risk of remaining indebted. Moreover, portion of insurance coverage remaining after the Insured person's debt to the bank is closed, if any, is paid to their beneficiaries or legal successors.
Insurance period is as long as the period of loan agreement.
Insurance amount is equal to the amount of debt indicated in the repayment schedule of your loan agreement. Katılım Emeklilik pays the coverage amount specified in your participation certificate to the relevant bank branch in case of death. The amount remaining after repayment of your loan debt, if any, is paid to your beneficiaries.
What Are The Advantages Of Declining Balance Loan Insurance Compared To Personal Accident Insurance?
Declining balance loan insurance provides coverage equal to your debt, therefore the premium amount is lower than the other fixed balance products. In addition, the coverage amount is higher than personal accident insurance products, which allows for full coverage protection.
Factors affecting the premium of Credit life Insurance product are as follows:
- Your Age
- Loan Period
- Type of Premium Payment (Prepaid/Monthly Installments)
- Loan Amount
- Your Health Condition
Premium of Credit life Insurance can be paid in advance or in 12 monthly installments within the initial year, with credit card or via bank transfer through an automatic payment order.
You can easily initiate your Credit life Insurance concurrently with your loan provided by an Albaraka Türk or Kuveyt Türk branch.
Our Credit life Insurance is certified with an approval certificate issued by Katılım Emeklilik Advisory Board comprising of two members,
Prof. Dr. Hamdi Döndüren* and Mehmet Odabaşı, Retired Islamic Law Academician of Uludağ University
