When choosing the best loan program for yourself, you should take into account the mandatory insurance. It does not hurt to be aware of when insurance becomes a prerequisite and what it affects. And also, what conditions provide for the return of insurance after repayment of the loan at Sberbank - conditions in 2019.
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Loan insurance at Sberbank in 2019
When applying for a regular consumer loan, the possibility of insuring the loan is provided. However, bank employees often insist on paying for an insurance policy as a guarantee of 100% loan approval. Many people have not figured out whether insurance is required when obtaining a loan from Sberbank or is it issued free of charge. Let's be clear.
- Getting an insurance policy is voluntary. Denial of extradition on the basis of unwillingness to insure life is beyond the law.
- An insurance policy is drawn up with the aim that, in which case, the insurer covers all its debt, relieving the heirs of obligations.
You can take out insurance, but after receiving an approval response on lending, refuse it within 30 days. The amount paid for the policy during the registration process is refunded in full.
Return insurance
The return of insurance at Sberbank can be made after the payment of the loan debt or immediately after receiving the loan. If less than 30 days pass, all fees will be refunded. Many clients use this method, because, in this case, the policy is paid by the bank itself, attributing the cost to the amount of debt. Thus, the size of the loan increases. When issuing a loan, the production of an insurance policy falls on the shoulders of a subsidiary, Sberbank Insurance. To this end, a whole program is being implemented, focused on the audience of potential borrowers.
Traditionally, insurance, under which Sberbank assumes obligations, provides the following risks:
- An accident that caused the borrower's disability and, as a result, his disability.
- Death.
Of course, if you take a regular loan, there is no particular need to take out insurance, since the loan is issued for a short period. However, in the case of a mortgage, the policy makes sense.
Insurance after loan repayment
If the insurance contract is valid even after the loan is repaid, it is possible to return the insurance after the loan is repaid.
The policy will terminate if:
- customer failure;
- occurrence of an insured event;
- detection of a serious illness, in which it is impossible to conclude an insurance contract.
Mortgage insurance
In mortgage programs from Sberbank, when buying an insurance policy, the loan rate is 1% lower than without it. But the overall benefit should be calculated according to your individual criteria. Yes, and the list of cases covered by insurance when issuing a mortgage loan is much wider.
In addition to the items already mentioned above, it also includes:
- short-term loss of working capacity due to illness, force majeure and injury;
- changes in family life that led to a deterioration in financial condition;
- loss of a job not of one's own free will.
In such situations, it is necessary to confirm the insured event in a documented form and the insurer covers the required costs in one payment or for several months in a row.
Not only Sberbank, but also your own heir can be appointed as the acquirer of the benefit. In this case, the latter will receive the entire amount of the due payments and the obligation to repay the principal debt.
Return of mortgage insurance
Return of insurance after repayment of a loan at Sberbank - conditions in 2019 - in the article .
Compulsory mortgage insurance
The terms of the bank provide for life and health insurance in case of mortgage lending .
This requirement is explained by certain reasons within the framework of the law:
- the bank must be sure of the guarantees of the return of the loan amount;
- in case of damage to housing, the borrower will be able to receive compensation that can be spent on repairs or on loan repayment;
- in case of complete destruction of the object, the borrower will no longer pay on the loan, as this will become the responsibility of the insurer.
The list of common risks offered for housing insurance from Sberbank Insurance includes:
- explosion and fire;
- natural disasters;
- flooding;
- theft;
- complete destruction or damage to the object by intruders.
The agreement is concluded for one year and provides for its extension until the end of the mortgage term.
After the loan is repaid, the spent installments can be returned if the term of the policy is still valid. The amount of coverage, as a rule, is assigned in accordance with the total cost of the apartment. In some cases, it may be determined by the balance of the debt to Sberbank. This means that monthly insurance payments will decrease.
Insurance return policy
After full repayment of the loan debt, you can recover part of the amount if the insurance remains valid. The allowable amount is determined by the period that has passed since the purchase of the policy:
- less than 30 days - the law provides for a full refund;
- up to 6 months - up to 50% of the deposited amount. It is determined in accordance with the submitted expense accounts of Sberbank Insurance, where it is clearly noted when, where and how much money was spent;
- over half a year. In such cases, most often, refusal will follow. But you can prove your legitimacy in court. True, with the best outcome of the case, the amount due to be returned will turn out to be very insignificant.
Sberbank is often silent about the possibility of returning insurance.
The return process is as follows:
- Visit a branch of a bank or insurance company in person.
- Write an application in any form. It indicates: the number of the loan agreement, the date of the last installment, the number of the insurance policy.
- Attach to the application an extract issued by Sberbank on the absence of debt.
- Transfer this package of papers to the employee, in parallel specifying the terms of consideration. It does not hurt to keep a copy of the registration document, where there will be a mark on the acceptance of the application.
- If after the agreed period of time there is no answer, you will have to visit the insurance company a second time in order to clarify the circumstances. In particularly extreme cases, it is necessary to file a complaint for deliberately delaying the case.
Documents for the return of insurance
To save time, it is better to study in advance the form of documents for the return of insurance after repayment of the loan at Sberbank - conditions in 2019.
You can download samples here:
Early cancellation of insurance and refund
The procedure for applying is quite similar to the one described above:
- After approval, you must visit the branch of the company within a month.
- Write an application, indicating the number of the agreement with Sberbank for lending, the number of the insurance policy and the requirement to terminate it. It is not necessary to explain the reason.
- Submit the request to the employee.
- Require its registration and appointment of a date for issuing a response.
Amount of insurance refundable upon cancellation
The cost of the insurance policy depends entirely on the lending program. Usually, its size is 1% of the debt coverage amount.
Other options differ in cost:
- disability risk insurance - 1.99%;
- the risk of involuntarily losing a job is 2.99%;
- a combined option that allows the assignment of any parameters - 2.5%.
The insurance policy is valid for one year. However, it is possible to extend it. For example, in the case of mortgage lending, prolongation will be carried out more than once. You can terminate the agreement if no more than six months have passed since the conclusion of the renewal contract. These are the nuances of returning insurance after repaying a loan at Sberbank - the conditions in 2019 have not changed much.
What to do after the full payment of the loan
After the loan obligations are covered on time and in full, you can:
- leave insurance;
- close the insurance
- refund part of the money for the policy.
The first option involves the need to replace the beneficiary in the contract.
For this you need:
- Go to the office of the company "Sberbank Insurance".
- Write a free statement confirming the absence of obligations on the loan and state the intention to leave the policy before its expiration date.
- The employee will offer a choice: to make changes in the corresponding clause about the beneficiary, to sign a new agreement, choosing another program that is not focused on bank borrowers.
You can download a sample here:
In the event of a risk, the payment will go to the applicant or his heir.