- Protect what is important!
- Insure against insolvency
- Feel calm and safe
Terms and Fees
Credit installment insurance will give you and your family peace of mind and protect you against unforeseen events that may interfere with your loan payments.
You can buy credit installment insurance together with the following loans:
|Mortgage||3% of monthly payment|
What is credit installment insurance?
It is a new product that will protect you from any discomfort if you are not able to make a payment on your loan.
If you have to deal with a financial stress unexpectedly, credit installment insurance will cover your 6 months' loan payments, which will give you peace of mind and make you feel secure.
What is covered?
You can apply for indemnification if you lose your job or have an accident:
- Unemployment refers to the termination of your labour contract against your wishes – that is, dismissal. The reasons for dismissal can be reorganization or liquidation of your employer and the related layoffs.
- An accident refers to a physical trauma that may prevent you from performing your work duties.
What is not covered?
Unemployment-related main exclusions:
- Unemployment resulting from deliberate resignation – deliberate submission of a letter of resignation;
- Your labour contract has expired or has been completed;
- Dismissal due to criminal charges;
- There is evidence (a paper document) that the possibility of layoff was known at the time the insurance was purchased;
- Dismissal due to the retirement age;
- Starting a new job.
Accident-related main exclusions:
- Accidents resulting from any disease (e.g. stroke and heart attack)
- Self-harm, negligence;
- Injuries due to the effects of alcohol and substance abuse;
- Accidents that occurred prior to the effective date of the insurance policy.
A complete list of exclusions is provided in your insurance agreement.
What to do when an insured event occurs?
If an insured event occurs,
- Call TBC Insurance hotline 2 42 22 22 within 48 hours;
- Submit documents required for indemnification within 15 calendar days.
Documents required for indemnification
Unemployment coverage – standard documents:
- Insurance policy;
- Employer's written statement of labour contract termination indicating the reasons for dismissal;
- A copy of ID certificate;
- A copy of labour contract;
- Salary account statement (at least for 3 months)
Accident coverage – standard documents:
- A medical certificate from a healthcare institution that provided the treatment;
- Medical expert opinion (Form No. 50);
- Insurance policy;
- A copy of ID certificate;
- An accident report (issued by a medical institution, police, fire or other emergency services);
- In the event of death of an insured individual – a death certificate, medical certification of cause of death.
TBC Insurance may request additional documents when making a decision on an insurance claim.
How long does it take to get the insurance payout:
- You will be informed about indemnification within max. 15 days of submitting all required claim documents;
- Max. 6 months' installments will be covered per year.
- TBC Insurance will pay your credit installment after one month has passed from the insured event.
Example: if you lose your job or have an accident on 22 March and your loan payment is due on 26 March, you are to make one month's payment on your own, while your following payment, due on 26 April, will be paid by GPI Holding.
What happens if you fail to make a payment on your insurance product on time?
If you are late on your credit installment insurance monthly fee,
- The insurance coverage will be suspended if your monthly fee is 14 days overdue. It will be resumed once the outstanding fee is paid;
- The insurance coverage will be cancelled if your insurance fee is 30 days overdue;
- You will be notified of the suspension or cancellation of your insurance coverage through a text message (SMS).
Can I cancel my credit installment insurance?
- Yes, you can. You can apply for the termination of your insurance in any TBC Bank branch or service center;
- Your insurance policy will be cancelled within 2 business days of submitting a relevant application.
Is it possible that TBC Insurance does not pay the full amount of the installment?
- Partial credit installment coverage – if you choose partial coverage for your credit installments, you will have to add your own money above the insurance proceeds paid by the insurer upon an insured event;
- Penalty – if you incur a late payment penalty on your loan or credit card, the insurance proceeds will only be enough to cover part of the outstanding payment. You will have to pay the remaining part;
- The first installment payable by the Client after the insured event – there is such possibility unless the Client pays the first installment upon the insured event;
- Other – any other unforeseen event.
It does not matter if the penalty was imposed before or after the insured event.
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