Allianz Turkey launches “Return of Premium Life Education Insurance”, a long-term return of premium life insurance product designed for educational requirements. The product addresses the requirements shaped differently through the different stages of life, and insures children’s education against unexpected incidents.

“Return of Premium Life Education Insurance” also includes a return of premium coverage upon the death of the insured or in case the policyholder survives the policy’s term. It is a long but decreasing term, and single premium life insurance product. The coverages are indexed to USD; and duration of policies can vary between a minimum of 10 and maximum of 20 years, on condition that the sum of policyholder’s age and insurance duration does not exceed 70. Premiums can be deducted from tax payments up to certain amounts.

Children can continue with their education uninterruptedly
Taylan Türkölmez, CEO of Allianz Yaşam ve Emeklilik and Allianz Hayat ve Emeklilik, stated that education insurance products became much more important in today’s world for children to continue their education without being impacted by financial losses, considering the extent of educational expenses. He added: “We ensure the continuity of education for policyholders’ children in case of unexpected events. Upon the death of the insured party, the product pays for the educational expenses of their children over a predetermined amount.” Stating that they also offer additional consultancy services on discount or free of charge in addition to insurance coverage of “Return of Life Education Insurance”, Taylan Türkölmez said: “In this respect, we offer discounts for consultancy for pediatrics, pedagogue/psychologist services, mentorship for education and career, hobby courses, study groups, language courses, stationery, publishing houses, winter/summer camps, and consultancy for foreign education.” Return on Premium Life Education Insurance offers domestic education consultancy services for all policies, but consultancy services for foreign education are offered for policies that are over a certain amount of coverage. 

Premiums are determined according to policy duration and age

Premiums of Return of Premium Life Education Insurance are determined according to the policy duration, age of the policyholder and amount of coverage. For instance, for an education that will cost 10,000 USD on an annual basis for 12 years; death benefit starts from 120,000 USD, which is calculated by multiplying the duration of the education by required amount of annual coverage. A policyholder at the age of 35 will need to pay 3,984 TL as premium, which can be paid either in installments or in bulk during the first year of the policy. Amount of death benefit decreases by 10,000 USD each year and ends in 12 years. Upon the death of the policyholder during the policy term, benefit for that year is paid to the beneficiaries; however, in case the policyholder survives the policy’s term, entire amount of premiums paid for the policy are refunded.