Life insurance is mandatory when borrowing from banks. The purpose of making life insurance is to pay the remaining debt to the legal heirs by the insurance company if the borrower dies. Most people are wondering if the insurance charge when withdrawing credit can be recovered.

It can be taken as a refund after the life insurance which is mandatory by the banks. However, since most people are unaware of this, banks are reluctant to provide any information about the refund.

How to get a life insurance refund?

Banks that do not repay the insurance premiums of customers who close their credit debts early, sometimes take out 36 months of insurance for those who receive loans with a maturity of 24 months and extra premiums are left to the bank.

Customers who pay their credit debts and wish to receive life insurance refunds can receive a refund by petition. It is also possible to apply to consumer arbitration committees if the bank in question has difficulty in returning. Consumer arbitration committees in district governorates usually reach a decision within 3 months. In such a case, the bank is obliged to return.

The dates required for the recovery of insurance premiums are announced annually by the publication of the law pertaining to that year in the Official Gazette. It is possible for the person to interrogate between these dates. Insurance companies also provide an additional 30 days for application.

It is possible to get help from the insurance company for the details related to the return, and it is possible to reach the related issue from the websites of the banks.

Refund of Early Paid Loans

In the case of early repayment of loans, the customer must apply directly to the bank, not the insurance company. You can apply for a premium refund by applying to the bank.

What happens to non-refundable insurance payments?

As mentioned above, most people remain unaware that they will be able to receive insurance reimbursement, so the money remains in the banks. In such cases, money is transferred to and remains in the Assurance Accounts created by insurance companies. Since the citizens who miss the application dates cannot apply again, it is important to check the dates and apply at the right time.