This is an “annual life insurance” product designed to assure customers against loss of income likely to arise from involuntary unemployment or hospitalisation as well as customers or their beneficiaries upon occurrence of death or accidental permanent disability.
Customers from private sector payroll or self-employed professionals, aged 18 to 60, resident in Turkey, are target group.
Payroll People: Customers who worked at the same business-place for 180 days in an uninterrupted way in the payroll of a private sector company under scope of Turkish Employment Agency Unemployment Insurance are entitled to involuntary unemployment coverage/benefit. Customers entitled to unemployment coverage are not entitled to per-diem hospital indemnity (compensation) coverage.
Self-employed Professional: Customers of self-employed professional status are entitled to per-diem hospital indemnity coverage in place of unemployment guarantee.
Important Note: Customers who say ‘yes’ to the question in Health Declaration Form are not entitled to this product.
COVERAGES
Involuntary Unemployment/Per-diem Hospital Indemnity Coverage:
Monthly coverage amount is fixed on the basis of customer’s choice of the packages consisting of coverage amounts of TL320 to TL2.500. Monthly coverage amount so fixed will not exceed 70% of the insured’s net salary (or 50% of his/her gross salary). Monthly per-diem hospital coverage amount cannot exceed 70% of one/twelfth of the insured’s after-tax annual income (or 50% of one/twelfth of his/her gross income). Customer’s declaration in relation to income information will be considered sufficient at time of product sale.
In the event of unemployment for people working under private sector payroll and of hospitalisation owing to accident/sickness for self-employed professionals, coverage payment fixed will be paid monthly until such unemployment or hospitalisation ceases to exist, in such a way that this would be applicable for maximum 6 mohths in each insurance year.
Death/Accidental Permanent Disability Coverage:
Involuntary unemployment/per-diem hospitalisation indemnity is 10-fold of its monthly coverage. For example, if customer preferred the package consisting of unemployment/per-diem hospital indemnity coverage of TL320, his/her death/accidental permanent disability coverage would be TL3.200.
In the event of death or accidental permanent disability, coverage amount are paid to beneficiaries in a lump sum.
Important Facts
Insurance policies are issued on an annual basis.
Death and accidental permanent disability coverages are valid as from insurance commencement date.
Involuntary unemployment or per-diem hospital indemnity coverages take effect upon expiration of 120-day period after insurance commencement.
In the event of involuntary unemployment, insured will be entitled to indemnity on condition that such unemployment continues for a period of 30 days, at a minimum, as from date on which s/he became unemployed.
For being entitled to per-diem hospital indemnity, it is essential that insured will have hospitalised for consecutive 7 full days, at a minimum.
In order that involuntary unemployment indemnity might be paid again, it is essential that insured will have worked for 120 days and that his/her insurance will have continued for such period of time.
In order that per-diem hospital indemnity might be paid again, it is essential that at least 120 days will have passed between two hospitalisations for the same reason and that at least 30 days will have passed between two hospitalisations for different reasons,
NART provides its customers with the chance to work with companies offering regular payment assurance without having to be affiliated with another product in the event of unemployment.