Return of Premium Life Insurance

Collect back the premiums you have paid, in case the risk does not occur!

Get Life Insurance with Premium Refund from Garanti Emeklilik, and secure yourself and your loved ones against the unexpected risks of life. To boot, in cases the risk does not occur by the end of the policy period, you can get a refund on your premiums for life coverage.

Features

    • The Life Insurance with Premium Refund is a life insurance covering 12 years, allowing you to get a full refund on your paid premiums, in case the risk does not occur.
    • You can provide security for your loved ones in case of death during the term of the Life Insurance with Premium Refund, to ensure that they get the coverage figure you have set
    • The premium figures vary by your age and the coverage figure you will be choosing. You can pay your premiums on a monthly, quarterly, biannual or annual basis.
    • You can exercise your right of withdrawal* from the policy within the first 60 days, and get a full refund on the premiums you have paid.
*In case of failure to pay the premiums during the first year of the policy, following the expiration of the right of withdrawal, you will be deemed to have not performed the premium payment obligation under the policy, and your policy shall be terminated. No refund shall be given in such case.

The Case of Quitting

    • You can suspend your payments after the payment of your premiums for the first year. In such case, the premium payment obligation under the policy shall be removed, and the policy shall be put into suspension (abridgment).
    • The insurance figure for the policy in abridgment shall be reduced with reference to the technical principles of the product. If you wish to resume your policy in abridgment, you will be required to meet the applicable special terms of the policy.
    • You can exercise the right to quit (surrender) after the payment of your premiums for the first year. In case of surrender, the quit figure (surrender figure) shall be assessed with reference to the deduction rates applicable to the year of insurance you have quit in, on the basis of the mathematical reserve figure calculated in accordance with the technical principles of the insurance.

See table below for the annual deduction rates.

Insurance Year
Surrender deduction rate
1 100%
2 95%
3 90%
4 80%
5 70%
6 60%
7 50%
8 40%
9 30%
10 20%
11 10%
12+ 0%
 

Tax Advantage

You can enjoy the tax advantage offered in the system as your life insurance continues to provide coverage.

You can deduct the following portions of the premiums you have paid, out of your income tax basis, up to the annual figure of gross minimum wage.

    • 15% of the wage earned in the applicable month for salaried employees
    • 15% of the declared annual income for taxpayers subject to annual declaration obligation

How to Apply?

For detailed information, please call our call center 444 0 336 or you can visit a Garanti Bank branch.