Payment protection insurance
Financial security during uncertain times
Our payment protection insurance helps you stay on track with your loan and installment payments during periods of financial uncertainty, such as losing your job or overcoming a health struggle.
The peace of mind you deserve
Payment protection insurance boosts your financial security by covering your repayments should you lose your income due to an illness, accident, or redundancy.
Finances guarded
Payments are covered for up to 6 months in case of income-loss due to redundancy or health issues.
Time to recover
Get the time you need to fully heal after an accident or operation, without worrying about loan payments.
Loved-ones safe
Covering the remaining loan balance, saving family members or heirs from being burdened with debt.
Affordable
Just 6% of your monthly loan or installment payment with the flexibility to cancel at any moment.
Good to know
Job loss
Job loss insurance activates if your employment ends due to redundancy, company bankruptcy, or termination due to health, registered with the employment service, and the insurance has been active for at least 90 days.
Temporary incapacity
Temporary incapacity insurance applies if you are unable to work due to illness or accident confirmed by a doctor, and the insurance has been active for at least 30 days.
Your passing
One-time compensation that covers the remaining loan balance to keep your family from taking care of your financial obligations amidst the most trying times.
Frequently asked questions
When taking a loan, you can choose to add payment protection insurance through If P&C Insurance. This helps cover your loan payments if something unexpected should happen.
Payment protection insurance helps if:
- You can’t work due to an accident or illness, whether it’s temporary or permanent.
- You lose your job due to redundancy, or your employer’s bankruptcy.
- You’re temporarily unable to work due to an illness or accident involving you or your child.
There are certain situations where payment protection insurance won’t cover your loan. For example:
- The illness, injury, or unemployment started or was known before your insurance coverage began.
- You lose your job during your probation period due to personal or disciplinary reasons.
- Temporary incapacity caused by pregnancy or childbirth (except in the case of complications).
- Situations related to alcohol or drug use, involvement in criminal acts, or events caused by war or terrorism.
Yes, unemployment coverage has a 90-day waiting period after the insurance starts, and there is a 30-day waiting period for other coverages (such as illness or accident). Events occurring during these waiting periods are not covered.
The cost of payment protection insurance is 6% of your monthly loan payment, including interest. This amount is recalculated every month and can change based on fluctuations in the EURIBOR rate and interest rates.
If the EURIBOR rate or interest rate change, your insurance payment is adjusted as well.
If an insured event occurs, fill out an insurance claim as soon as possible. In the policy number field, simply enter “Inbank”. After submitting the claim, you’ll be contacted with instructions on what to do next.
INFORMATION ABOUT THE INSURANCE PRODUCT DISTRIBUTOR Insurance ancillary service intermediary and insurance distributor register Insurance product distribution is carried out by an insurance ancillary service intermediary – SIA "Inbank Latvia", reg. No. 40103821436, legal address: Akmeņu iela 14, Riga, LV-1048, phone: +371 66 939 000, email: info@inbank.lv (hereinafter – Insurance Distributor). The Insurance Distributor represents the insurer If P&C Insurance AS, reg. No. 10100168, legal address: Lõõtsa 8a, Tallinn, 11415, Estonia, website: www.if.ee, represented in the Republic of Latvia by If P&C Insurance AS Latvian Branch, reg. No. 40103201449, legal address: Republikas laukums 2A, Riga, Latvia, website: www.if.lv. The Insurance Distributor is registered in the insurance distributor register of the If P&C Insurance AS Latvian Branch, available on the website: www.if.lv/par-if/apdrosinasanas-izplatitaji. Complaint handling Complaints regarding the Insurance Distributor’s activities in insurance distribution may be submitted:
- by post to the Distributor’s address: Akmeņu iela 14, Riga, LV-1048, Latvia;
- by email to: info@inbank.lv;
- by phone: +371 66 939 000
- name and surname of the complainant (for a legal person – name and registration number);
- email or correspondence address (for a legal person – legal address), if the complaint is submitted in paper form;
- subject of the complaint;
- date.
- The Ombudsman of the Latvian Insurers Association, address: Toma iela 4, Riga, LV-1003, website: www.laa.lv/ombuds;
- The Consumer Rights Protection Centre, regarding violations of consumer rights, address: Brīvības iela 55, Riga, LV-1010, website: www.ptac.gov.lv/lv.