What is Life Insurance?
Life Insurance allows you to economically protect the living standards of your relatives in case of loss of life, and both you and your relatives in case of permanent disability or critical illness, and secure the future of your loved ones.
What are the Life Insurance Guarantees?
While the main coverage of our life insurances is death, our additional coverages that vary according to different products are as follows:
• Death benefit (Main Coverage)
In case of death due to any reason, compensation is paid to the loved ones up to the amount of the guarantee specified in your policy.
• Accidental death benefit
In the event of death immediately or within one year from the date of the accident, as a result of accident or accidental reasons, the death compensation to be paid to the beneficiaries shown in the policy, or to the legal beneficiaries, it ensures that their loved ones continue their lives by protecting their standards without being dependent on anyone.
• Accidental disability coverage
In the event that the insured becomes permanently disabled as a result of an accident immediately or within two years due to accidental reasons, permanent disability compensation is paid following the termination of medical treatment and the definitive determination of permanent disability.
• *Disability Coverage due to disease
Insurance indemnity is paid in case of permanent disability within one year from the date of diagnosis as a result of a disease diagnosed during the insurance period.
• Cancer protection insurance coverage*
In the event that the cancer risk occurs during the insurance period, the amount of the coverage is paid.
• Dangerous Diseases Insurance Coverage* Within the scope of the dangerous diseases coverage, 17 dangerous diseases coverage** including cancer are offered. In the event of the realization of the risk covered by the insurance coverage, the insurance coverage amount is paid.• Involuntary Unemployment Additional Coverage (For Payroll Employees)
Within the scope of the relevant product, if you are dismissed by your employer without any will or fault (except for justified reasons), the loan installments are paid for a maximum of 6 consecutive months, within the insurance guarantee limits and special conditions.
Questions About Life Insurance
Who Can Benefit from Life Insurance?
The age of the insured may vary depending on the content of the coverage. Generally, anyone between the ages of 18-60 can benefit from our life insurance. Anyone between the ages of 18-60 and who does not have any disease in the diagnosis, diagnosis or treatment phase can benefit from our dangerous diseases insurance covered products, and anyone between the ages of 18-55, who does not have any disease in the diagnosis, diagnosis or treatment stage, who has not been diagnosed with cancer before and/or who has not been treated for cancer, can benefit from our cancer insurance-covered products.
How Long is the Insurance Period?
The insurance period is usually 1 year, but it may vary depending on the product.
How Much is the Premium Amount?
The premium amount varies depending on your age, gender and the amount of coverage you have determined.
How are Premiums Paid?
Although the payment options vary according to the product you have, you can pay the premiums with a credit card, in annual cash or in installments.
* There is a waiting period of 90 days from the policy start date. The coverage is valid if the insured survives within 30 days following the diagnosis of the disease.
** The coverage of 17 Dangerous Diseases, Including Cancer, is as follows:
01. Cancer 02. Heart Attack 03. Stroke 04. Chronic Renal Failure 05. Coronary Artery Bypass Surgery 06. Important Organ Transplantation 07. Blindness 08. Benign Brain Tumor 09. Heart Valve Surgery 10. Terminal Liver Failure 11. MS (Multiple Sclerosis) 12. Deafness 13. Serious Head Injury 14. Loss Of Speech 15. Severe Burns 16. Coma 17. Paralysis
Life Insurance Tax Advantage
Premiums paid in accordance with the relevant law regarding life insurance can be deducted from the income tax base at certain rates. According to this;
In Terms of Wage Earners:
Pursuant to the amendment made in Article 5 of the Law No. 6327 and in the subparagraph (3) of the first paragraph of the Income Tax Law, the premiums paid for the personal insurances are 15% of the wages earned, as of 1/1/2013, in the determination of the taxable wage base. Up to the amount of the fee can be deducted in the determination of the wage base. (Article 63/3 of Income Tax Law).
Provided that the insurance is concluded with a pension or insurance company located in Turkey and headquartered in Turkey, insurance premiums to be taken into account in determining the taxable wage base consist of
• 50% of the premiums paid by the service person for life insurance policies in which the savings premium belonging to the person, spouse and minor children of the payee is collected, and• premiums paid by the service professional for personal insurance policies such as death, accident, health, illness, disability, unemployment, maternity, maternity and collection.
The total of the premiums to be subject to the discount cannot exceed 15% of the salary earned in the month in which it is paid and the annual amount of the annual minimum wage. Changes that may occur in the amount of the minimum wage during the year will be taken into account in the calculation of the amounts to be discounted.
Sample Application
• * Monthly gross wage: 2.000 TRY
• Maximum premium amount that can be deducted from the tax base (Gross Wage x 15%): 300 TRY
• Annual Limit: Annual gross minimum wage
• Annual Income Tax Base: 2.000 - 300 = 1.700 TRY*
• Tax Rate (if it is in the 20% band) income tax payable: 1.700 x 20% = 340 TRY
• Income tax payable if premium is not paid: 2,000 x 20% = 400 TRY
• Customer's tax profit: 400 – 340 = 60 TRY
* Since your income tax base will decrease, the income tax you will pay will also decrease