Credit Card Balance Cancellation Insurance
| What happens to your credit card debt if things go wrong? Don’t worry, there is Credit Card Balance Cancellation. Garanti Pension offers Credit Card Payment Protection Insurance with unique and flexible coverage. |
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Coverage
The insurance has life, permanent and temporary disability due to both sickness and accident covers. There is also the revolving rider of involuntary unemployment for private sector employees and hospitalization for the self-employed. Involuntary unemployment and hospitalization covers may change when your employment/work status changes. The insurance covers the total amount of credit card debt including installments calculated in the latest statement before any of the events stated above occur.
The premium is one percent of the total credit card debt; and as your debt changes your premium amounts change, not to exceed 25 YTL in any case. You are covered only as much as you need. If you do not have any credit card balance you do not pay any premiums. In other words when you are insured, you have nothing to worry about; Credit Card Balance Cancellation is with you.
When you add this protection to your credit card, you are free to change your mind within 30 days; you can get all paid premiums back without any loss.
Credit Card Balance Cancellation Life Insurance |
Insurance
Coverage | Any loss of life, permanent disability, temporary disability. Involuntary unemployment for private sector employees. Hospitalization for self-employed. |
Coverage Amount | Last credit card total debt before risk.
(Related period’s expenses + Total Future Installments + Main capital amount) |
Insurance Premium | %1 of the outstanding risk balance on the credit card statement with a cap of 25 YTL Aylık Maksimum Prim Tutarı 25 YTL'dir. |
Coverage Limit | Credit card’s risk balance on the last statement before the event occurs with a limit of 10.000 YTL |
Exclusion & Waiting Period | 120 days of exclusion from the start of policy. A waiting period is 30 days for involuntary unemployment and 7 days for hospitalization. For involuntary employment, there is a 180 days of continuous employment condition with the same employer. |
Requalification | Involuntary Unemployment: 120 days of continuous employment. (maximum once a year) Hospitalisation: 120 days for the same reason, 30 days for a different reason. (maximum twice a year)
Temporary Disability: 120 days (maximum twice a year) |
Involuntary Unemployment Coverage
If you loose your job involuntary without fault, you are covered. The exclusion period is 120 days from the start of policy. You have to be involuntarily unemployed for at least 30 days and have been continuously employed for 180 days with the same employer.
Hospitalization Coverage:
If you are hospitalized for 7 consecutive full days due to accident or sickness and are self-employed you are covered. Hospitalization must be an approved facility by The Ministry of Health. The exclusion period is 120 days from the start of policy.
If you like to get this protection for your credit card, you can apply on online at http://www.garanti.com.tr, you can stop by any Garanti Bank branch or you can call Garanti Bankası Call Center 444 0 336.
