Income Protection Insurance

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Income Protection Insurance
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    Economic fluctuations in today’s world cause everyone to worry about unemployment. TEB provides protection for all employees against unemployment risk starting from 15 TL monthly premium payments. With TEB Income Protection Insurance, you can cover your income against risks such as involuntary unemployment, temporary incapacity to work ; and you can secure your relatives and your life standard  against  risks such as death, permanent disablement risks. In case you lose your regular income, TEB Income Protection Insurance steps in and pays 65% of your latest net monthly income, up to its maximum  portion of TL 1.000, within the limits of your policy coverage for a period of 6 consecutive months until you are reemployed. Furthermore, in case of “Death and Total and Permanent Disablement”,  TL 10.000 coverage amount shall be paid to you as a one-off lump sum payment.

    Involuntary Unemployment Coverage: Under the terms of the policy; it provides protection for the loss of income of people who lose their jobs involuntarily, as a result of no fault of their own, while they were employed in a workplace.

    Temporary Incapacity Coverage:  It is a clause which provides coverage for the loss of income arising in the event the person loses his/her capacity to work temporary as defined under the terms of the policy. Self-employeed people and public servants can benefit from this insurance.

    Monthly Coverage Amount to be Paid:  The amount cannot exceed;

    • For Involuntary Unemployment Coverage, 65% of the insuree’s net salary; 45% of the gross salary;
    For Temporary Incapacity to Work or Temporary Incapacity to Work due to Accident coverages65% of one-twelve of the annual income excluding tax, 45% of one-twelve of the annual income including tax; and the monthly coverage can also be either one of  TL 500, TL 750 and TL 1000 options depending on the 

    Coverage Premium Table

    Income Protection Insurance

    Involuntary Unemployment or  Temporary Incapacity to Work Coverage- in TL (maximum for 6 months)

    Life Coverage Amount – in TL

    Monthly Premium - in TL

    450 TL

    4.500 TL

    15

    750 TL

    7.500 TL

    25

    1000 TL

    10.000 TL

    33

    Eligibility Condition:  Upon the completion of 120 days exemption period after the insurance application date; monthly compensation payments shall be paid 30 days after the insuree becomes involuntary unemployed or has a temporary incapacity to work and for a maximum period of six months whereby his/her unemployment or incapacity prevails. 

    Compensation Payment: In order to be eligible for payment as a result of involuntary unemployment under Income Protection Insurance, the person is required to be employed by 180 days in the same workplace before each unemployment date  and must be eligible for unemployment benefit from the Turkish Employment Agency.

    In order to be eligible to get compensation payment second-time for the temporary incapacity, a 60-days should elapse for temporary incapacity caused by the same reason, however only a 30-days period should elapse for temporary incapacity caused by a different reason.

    During the insurance period of the insuree, claim payments can be made 12 times in total both for the involuntary unemployment and temporary incapacity coverages.

    For detailed information, you can call 0850 200 0 666 TEB Phone Branch or visit our branches.

    * TEB is an authorised agent of BNP Paribas Cardif Retirement Company and Income Protection Insurance is offered through BNP Paribas Cardif Retirement Company.

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