General
1. What is Payment Protection insurance?
Payment Protection insurance is a core feature included in your B Secure or B Secure+ subscription. It is designed to protect you in specific situations where you may have difficulty making your loan payments — specifically:
- involuntary job loss (redundancy), and
- accident-related incapacity for work or death.
The insurance is provided by Elama Kindlustus AS and is governed by the Payment Protection Insurance Terms and Conditions (valid from 17/03/2026).
2. Who provides the insurance?
Elama Kindlustus AS is the insurer — a licensed non-life insurance company authorised and supervised by the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon).
Bondora AS acts as the insurance agent on behalf of Elama Kindlustus AS and is responsible for distributing the insurance, providing information, and assisting with the insurance process. Bondora AS does not charge any separate fee or commission for this service.
3. What is my role under the insurance?
You are both the policyholder and the insured person. This means:
- the insurance is provided directly to you by Elama Kindlustus AS;
- you have a direct contractual relationship with the insurer;
- you are responsible for meeting the obligations set out in the insurance terms.
4. Is Payment Protection included in B Secure / B Secure+?
Yes. Payment Protection insurance is a core feature of both B Secure and B Secure+. There is no additional cost — your subscription price remains the same.
Coverage
5. What situations are covered?
The insurance covers two main categories of insured events:
Accident (incapacity for work or death)
Covered when all of the following apply:
- an unexpected external event beyond your control caused injury or death;
- the accident occurred during the validity of the insurance policy;
- a doctor has issued a certificate of incapacity for work;
- the incapacity lasts more than 30 consecutive days.
Job loss (involuntary redundancy)
Covered when all of the following apply:
- your employment is under the Employment Contracts Act or Civil Service Act;
- your employment relationship lasted at least 6 months before the insurance cover started;
- the termination is classified as redundancy under the relevant law;
- you received notice of redundancy during the insurance period.
6. What is NOT covered?
The following are not covered under any circumstances:
- Viruses, infectious disease outbreaks, epidemics or pandemics (including related restrictions).
- Mental illnesses or conditions (e.g. stress, depression, anxiety), HIV/AIDS, hepatitis B or C.
- Suicide attempts or suicide.
- Extreme sports: air sports, mountaineering, off-piste skiing, rafting, auto/motorsport racing, and similar.
- Working as aircraft crew, or performing high-risk military tasks.
- Intoxication from voluntarily consumed substances (alcohol, drugs, psychotropic substances) if it contributed to the accident.
- Health damage from medical treatment (unless the treatment resulted from a covered insured event).
For job loss, the following termination situations are NOT covered:
- Resignation or mutual agreement with the employer.
- Dismissal for breach of trust, misconduct or corruption.
- End of a probationary period, fixed-term contract, or temporary assignment.
- Retirement (old-age or incapacity pension).
- Termination resulting from criminal proceedings or conviction.
- If you are self-employed, a company partner/shareholder, or a close relative of the employer.
*The list above is not exhaustive. Please review the full Terms and Conditions for all exclusions.
7. How much can the insurance cover?
B Secure includes lower coverage limits and B Secure+ includes higher coverage limits. Your exact limits are specified in your insurance policy.
As an illustration of how indemnity is calculated:
Example: Sum insured for incapacity for work is €125/month. Incapacity lasts 90 days. Indemnity = 125 ÷ 30 × 90 = €375.
Note: If incapacity lasts 28 days (less than 30), no indemnity is paid.
For permanent incapacity, the payout is based on the degree of disability:
- Moderate disability — 25% of the accident sum insured.
- Severe disability — 50% of the accident sum insured.
- Profound disability — 75% of the accident sum insured.
The indemnity cannot exceed the outstanding balance of your loan obligations. You cannot receive both incapacity and job loss payments at the same time.
8. Where is the insurance valid?
The insurance is valid in the territory specified in your insurance policy. Events occurring outside the covered territory are not indemnified.
Making a claim
9. What should I do if an insured event happens?
Act promptly. You must notify Bondora of the insured event as soon as possible — and no later than 5 working days after you become aware of it.
Contact Bondora via the self-service environment or by email at:
asiakaspalvelu@bondora.com
You should also:
- take every reasonable step to prevent or minimise the damage;
- follow the insurer's instructions throughout the claims process;
- if the event was caused by a third party, notify the police immediately so the insurer can preserve its right of recourse.
10. What documents do I need to submit?
The documents required depend on the type of insured event:
For accident / incapacity for work:
- Certificate of incapacity for work issued by a doctor.
- Medical history and relevant medical documents as requested.
- Your consent to process personal data (including health data).
For job loss:
- Redundancy notice from your employer.
- Unemployment fund certificate confirming registered unemployment.
- Evidence that your employment lasted at least 6 months before cover started.
For death:
- Death certificate.
The insurer will notify you as soon as possible of any additional documents needed. The insurer must make a decision within 10 working days of receiving all necessary information.
11. Who handles my claim and who receives the payment?
Claims are handled by Elama Kindlustus AS. Bondora AS, as insurance agent, may assist with the process.
Payment is made in monetary form to:
- Bondora AS, to fulfil your loan payment obligations, or
- you (the policyholder).
12. What happens if my claim is not approved?
If a claim is not approved, you remain fully responsible for your loan payment obligations. Payment Protection only applies when the conditions in the insurance terms are met.
If you disagree with the decision, you may file a complaint — see the Complaints & Disputes section below.
13. Can I receive both incapacity and job loss payments at the same time?
No. The insurance terms state that indemnity for incapacity for work and job loss cannot be paid at the same time. Only one type of benefit applies at any given time.
Your obligations
14. What are my obligations as policyholder?
As policyholder, you are required to:
- Read and understand the insurance terms and conditions carefully.
- Report any insured event within 5 working days of becoming aware of it.
- Take every reasonable step to prevent an insured event or minimise damage.
- Follow the insurer's instructions and provide all required documents.
- Report any significant increase in insurance risk as soon as possible (e.g. a major increase in your debts or expenses affecting financial risk).
- Notify the insurer before or during the insurance period if you or a related person are subject to international financial sanctions.
- Provide truthful and accurate information — submitting false information may result in a reduced or denied claim.
15. What happens if I fail to meet my obligations?
The insurer may be partially or fully released from its obligation to pay if:
- you intentionally or through gross negligence violated an obligation under the insurance contract;
- you failed to notify of a material change in insurance risk;
- you deliberately provided incorrect information about the circumstances or extent of damage
- the damage was caused intentionally by you.
Contract & termination
16. When does my coverage start and end?
Coverage starts on the start date of the insurance period shown in your policy. The policy automatically renews each period unless cancelled.
Coverage ends when:
- you cancel your B Secure or B Secure+ subscription — cancelling the product ends the Payment Protection automatically.
17. Can I cancel the insurance?
Yes. You can cancel Payment Protection at any time by cancelling your B Secure or B Secure+ product. This will end your Payment Protection coverage.
Complaints & disputes
18. How do I make a complaint?
If you are not satisfied with the insurer's or agent's actions, you can submit a complaint:
- To the insurer (Elama Kindlustus AS): complaints@elama.ee
- To the insurance agent (Bondora AS): klienditugi@bondora.com
Complaints must be submitted in a format that can be reproduced in writing. Consumer complaints are resolved within 15 days.
19. What if the complaint is not resolved?
If a resolution is not reached, you can:
- Contact FINE – Vakuutuslautakunta (Insurance Complaints Board), Porkkalankatu 1, 00180 Helsinki; info@fine.fi
- Refer the dispute to the Consumer Disputes Board (Kuluttajariitalautakunta): www.kuluttajariita.fi/en
- Take the matter to a Finnish court.
Finnish law applies to this contract.
20. Which regulatory authorities supervise this insurance?
In Finland: Financial Supervisory Authority (FIN-FSA), P.O. Box 103, 00101 Helsinki; kirjaamo@fiva.fi; +358 9 183 51
Cross-border supervision: Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon), Sakala 4, Tallinn 15030; info@fi.ee; +372 668 0500
Personal data
21. How is my personal data processed?
The insurer (Elama Kindlustus AS) processes personal data in accordance with applicable law and for the purposes of risk assessment, contract preparation, and claims handling.
If you make a claim, Bondora AS, Elama Kindlustus AS, and relevant claims-handling partners may process the personal data needed to assess and handle it. Health data and other special categories of personal data are processed only where legally permitted and — where required — based on your explicit consent.
You have the right to access, correct, and request deletion of your data at any time. For more information, see the insurer's data processing principles at www.elama.ee or Bondora's Privacy Policy.