All kinds of loans provided by Limassol Turkish Coop. Bank Ltd. can be insured with Credit Life Insurance against life threatening risks.
In case that borrower loses his life except suicide, long service death benefits in the amount of credit issued.
• Under the circumstance of loss of insured life within the insurance term, the debt amount is paid by insurer to Limassol Turkish Coop. Bank Ltd. without reflecting to successors and guarantors and/or if applicable, property/deposit mortgage.
• In case of complete payment of debt when insured is alive; and loss of life during insurance period, a deposit in the amount of loan is paid to legal successors of Insured.
• In case of partial payment of debt, the amount of debt is paid to bank and remaining amount is paid to the legal successors of Insured.
Premiums are annual and vary with the type of currency for given loan and age of insured.
Period of Insurance:
The period of Credit Life Insurance is one year. In case of continuation of credit, it may be renewed. The renewals may be applied until the age of 65.
Example: for a loan in Turkish Lira
Age of Insured is 30 and loan amount is 20,000.TL,
Annual insurance premium = 77.80 TL.
Example: Loan in foreign currency
Age of Insured is 30 and loan amount is $10,000.-,
Annual insurance premium = $40.20.