Most Sberbank clients, when applying for a loan, are faced with the fact that they are literally being forced into insurance. Let us consider in detail whether insurance is really required when obtaining a loan from Sberbank.
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Is insurance when applying for a loan at Sberbank a mandatory condition or not?
About 80% of Sberbank's clients are users of one of the insurance programs. However, such popularity of the service is due not only to the interest of customers, but also to the active offer from bank employees.
Credit insurance at Sberbank is not a mandatory condition, but its execution may affect the bank's positive response to a loan application and possibly more favorable loan conditions. Having a loan insurance policy is important for customers who do not fully meet the requirements of the bank.
Because of the fear of being denied a loan, many agree to any conditions, just to get the necessary amount of money in debt. It is worth remembering that the execution of an insurance policy is an exclusively voluntary matter and it is not at all necessary to take out insurance when obtaining a loan.
If an insured event occurs (loss of working capacity or death), the insurance company fully repays the borrower's loan.
It is noteworthy that insurance is not provided by Sberbank itself, but by a subsidiary called Sberbank Insurance. This organization has developed a special insurance program exclusively for borrowers of bank funds. The main goal of the proposed insurance program is to protect the interests of the bank and, if necessary, to fully repay the debt.
Risks covered by insurance
If an insured event occurs with a client who has taken a loan from Sberbank and issued an insurance service, Sberbank Insurance will partially or fully pay the debt and cancel the debt to the bank.
Insured events include the following situations:
- loss of ability to work due to a serious injury or due to disability registration;
- significant change in the financial position of the borrower;
- severe health condition;
- death.
For each case, the terms of debt repayment are described in detail.
For example, in case of temporary disability, the company will make monthly payments to the bank for some time. In order for Sberbank Insurance to start making money transfers, you must bring relevant certificates and documents confirming the occurrence of an insured event. In case of serious illness or in case of death, the company pays the entire remaining amount, regardless of its size.
How insurance is paid
The classic insurance program provides that any insurance payments are included in the loan debt. That is, you do not have to make additional contributions: they are transferred automatically to the account of the insurance company.
How to cancel insurance and not pay for it
In order to become a member of the insurance program during the loan processing, it is enough to tick the appropriate box. If you absolutely do not want to participate in this program, you should immediately notify the employee about this. Faced with an overly intrusive bank employee, you need to stand your ground. If this does not help, call the hotline . It should be remembered that the bank has every right to refuse to issue a loan without giving a reason. That is why it is difficult to say how much insurance coverage affects the positive response of the bank when applying for a loan .
Conditions for cancellation of insurance
Not knowing whether insurance is required when obtaining a loan from Sberbank, the borrower agrees to issue an insurance policy. After some time, you can refuse the service. Sberbank Insurance offers the following conditions for canceling insurance:
- if less than 30 days have passed since the receipt of a response regarding the issuance of a loan, the company returns the entire amount in full;
- if more than 30 days have passed since the receipt of a response regarding the issuance of a loan, the company returns approximately half of the amount.
On the company's website, you can download the application for cancellation of insurance. All this information is written in the contract.
To return the amount that was paid for the insurance policy, you must follow the instructions:
- visit the bank branch where the loan was issued;
- write an application indicating the number of the loan agreement;
- give the application to the bank employee and clarify with him the approximate date of the answer;
- control the processing of the application. There are times when it is necessary to send a complaint again;
- If the terms of consideration are delayed for no apparent reason, it is worth resolving the issue in court.
Insurance return cases
Usually, the insurance program is designed for the entire repayment period of the loan. But, there are cases when the policy ceases to be valid ahead of schedule:
- occurrence of an insured event;
- the onset of a serious illness, which is prescribed in the contract;
- early repayment of debt obligations under the loan.
Return of insurance upon full repayment of the loan
Having figured out whether insurance is required when obtaining a loan from Sberbank, you should know how to return insurance after premature repayment of the loan :
- go to the bank branch;
- draw up a statement in which to prescribe the reason for the return of part of the amount under the insurance policy. Attach a document stating that there is a zero balance on the loan;
- if less than half of the term of the contract has passed, you can return up to 50% of the cost of the insurance policy.
Documents for the return of insurance
To receive a part of the amount under the insurance policy, you must provide a certificate of early closure of the loan for the return of insurance, as well as an application for the return of part of the amount of insurance. Samples of these documents can be downloaded from the bank's website.
Video instruction - credit insurance
Before you take out a loan, you should always weigh your options, as well as take care of the return of funds in case of unforeseen circumstances. To stay calm in this regard, you can take out credit insurance and not burden your loved ones with financial obligations if it is not possible to fully repay the debt.