Refusal of insurance after receiving a loan: grounds, reasons and documents

Each time, when issuing a loan, the borrower is faced with the need to purchase an insurance policy, and it happens that not just one. The Bank, as a credit institution, seeks to minimize its risks, and the borrower does not want to overpay for the service it does not need. Let's try to figure out when it is better to be insured and how to make a refusal of insurance after receiving a loan.

What is insurance and who needs it

Choosing from the loan offers offered by the bank, the borrower tries to choose the best option for himself: convenient for annual interest and monthly payments. And very often she asks later, why is the bank employee so persistently trying to “protect” him from different insurance situations? Why do credit managers constantly advise to put a tick in the column “I agree to be insured”, predicting otherwise a negative bank response? Of course, the agreement does not explicitly say that the borrower is required to purchase an insurance policy, but in reality ...

Insurance is ...

So, insurance is one of the banking programs with the help of which he tries to protect himself from a possible loan default. And today insurance is an application for all types of loans issued by banking institutions. When a client, experiencing financial troubles, can no longer pay for his loan, the insurance company begins to perform this function for him.

What cases are insurance

Insurance is activated upon the occurrence of certain cases recognized as insurance:

• the occurrence of a situation in which the borrower loses his ability to work and receives a disability group (II or III);
• the borrower does not lose his job at will (dismissal);
• he cannot fulfill his obligations due to natural disasters (for example, natural disaster);
• death of the borrower.

The amount that you need to pay for insurance is a certain percentage of the body of the loan (the main debt) and it is precisely because of the not always justified overpayment that most people try to refuse insurance after receiving a loan. By the way, the approximate amount of payments on it ranges from 25-30%. Insurance is added to each monthly payment, distributed evenly over the entire loan term.

Of course, there are positive aspects in insurance, but the occurrence of an insured event, and, consequently, compensation payments, is not always possible. For example, if after borrowing a loan, the borrower’s financial situation begins to change for the worse (he quit his job and there is no money to pay off the debt), you should contact the insurance organization with a statement about this as soon as possible. The terms in which you must warn your insurer are prescribed in the contract, but usually they do not exceed 3 days.

How to reduce insurance payments

If the borrower refuses to insure, then in most cases he will be waited by the refusal of the bank in the loan. This is due to the unwillingness of the bank to lose its money. But, if nevertheless the borrower allowed themselves to insure themselves, there are several questions, the answers to which will help reduce payments:

1. If the loan is repaid in a short time, will the insurance amount be also reduced? Yes. And this is the most profitable way that will save as much as possible on insurance.
2. Are funds refunded for purchased insurance if the insured event does not occur? The answer to this question is found only in the loan agreement and is fixed in the form of a period during which it can be done. But the borrower must be prepared that the insurer will make every effort to prevent this.
3. What threatens to refuse insurance if the loan is already approved: a fine or changes to the loan agreement? There are two possible answers. First: the bank ahead of schedule, within two weeks, obliges the borrower to return the loan funds to him and at the same time pay the fine stipulated by the contract. Second: the bank will not demand early repayment, instead, it will raise by several points the annual percentage for the use of borrowed funds. How much the annual percentage will be increased is reported in the loan agreement, and in each case individually. Thus, the bank as much as possible tries to protect itself from borrowers who draw up a waiver of insurance after receiving a loan.

Borrower obligation or voluntary agreement?

There are not so many cases when insurance can be mandatory in nature:

1. When applying for a mortgage loan: in accordance with Article 31 of the Federal Law “On Mortgage”, housing purchased by the borrower is pledged by the bank and, in accordance with the terms of the contract, must be subject to insurance.
2. By type of loan products issued by the bank. When the property acquired by the borrower is mortgaged in the bank, under the terms of the contract (for example, a car). In this case, an obligation is imposed on the borrower in the form of car insurance against damage or loss.
3. When issuing any consumer loan, the bank is entitled to oblige the borrower to purchase health or life insurance policies, that is, to protect itself in every way for the proper performance of its obligations under the contract.

By the way, the Federal Law "On Consumer Credit" is encouraging with innovations. So, if, when applying for a loan, the bank insists on the borrower buying an insurance policy, for example, life, today the borrower may not agree with this. By law, this type of insurance is not required. In this case, the bank is obligated to offer the borrower an alternative solution: to obtain a loan with insurance or to obtain a loan without insurance, but with comparable conditions (for example, an increased interest rate). Also, the bank must offer the borrower to choose the insurance company itself, but from a specific list.

How to solve the issue at Sberbank

The solution to the question - how to refuse credit insurance upon receipt - banking institutions perceive differently. So, to return insurance on a consumer loan to Sberbank, there are 2 ways:

1. If less than 30 days have passed from the date of conclusion of the contract, the borrower applies to the bank branch in which he received a loan. Then, in a free form, a statement is written about the return of unused insurance funds, addressed to the head of the unit. Here the insurance amount will be refunded in full.
2. If more than 30 days have passed since the date of signing the contract, a similar statement is written. But the amount to be returned will be 50% of the insurance amount.

You can return insurance on mortgages and car loans using similar schemes for consumer loans. But there is a nuance: if the loan was repaid ahead of schedule, and the insurance was paid for the entire loan term, then it will not be possible to refuse insurance after receiving a loan. Sberbank will not return it.

Setelem Bank

It is possible to return the insurance premium in the Setelem Bank, but it matters what policy was purchased. If there was a purchase of a life and health policy, then within 21 days from the date of signing the contract, you need to come to the insurer's office and fill out a sample of refusal of insurance after receiving a loan. Insurance will be returned to the borrower to repay the loan.

If comprehensive insurance was issued (property damage insurance plus disability and property rights plus health insurance), it will be more difficult. Setelem Bank's insurer is IC Sberbank Life Insurance LLC. And in this case, the decision will be made by Sberbank after the borrower writes a refusal from insurance after receiving a loan. “Cetelem” cannot help in returning insurance.

Bank "MKB"

It is almost impossible to return purchased insurance policies to the ICD. You should read the contract several times so as not to lose money.

For example, a borrower applied to a bank for a consumer loan of 350,000 rubles. The loan manager verbally explained that a prerequisite for obtaining a loan is insurance (against loss of work plus accidents, illnesses and death). Under the agreement, the amount could be paid ahead of schedule, with a refund of at least 50% of the amount of insurance. Such conditions satisfied the borrower, and he signed the contract without carefully studying it. The total amount with which the annual interest was calculated was 500,000 rubles. Six months later, the borrower repaid the loan ahead of schedule and wrote a statement on the payment of the unused insurance amount to him. But, instead of the promised 75,000 rubles (insurance amounted to 150,000), only 9,000 were transferred to him.

Starting to understand, the borrower very soon found out the truth: inattention when studying a loan agreement cost him the acquisition of 4 insurance policies in a popular insurance company, two in another company. For joining collective insurance, a fee of 60,000 rubles is not refunded at all under any circumstances. Despite the written refusal of insurance after receiving a loan, MKB did not return any more money to the borrower.

Bank "Renaissance"

Renaissance Bank allows its borrowers to refuse insurance in two cases.

1. After signing the contract within 5 days, the borrower must issue a waiver of insurance after receiving a loan. Renaissance Bank will return the insurance premium. If you write a statement later, the insurance company will apply Art. 958 of the Civil Code of the Russian Federation, terminates the contract and does not return the money.
2. By receiving credit funds ahead of schedule, the policyholder will return to the borrower only a certain amount of the insurance premium, namely, "the insurer has the right to receive a part of the insurance premium based on the time during which the insurance contract was in force."

A few words in the end

The decision on whether to be insured or not is made by the borrower, but even with his positive choice, you can always issue a waiver of insurance after receiving a loan.

And one more tip. Borrowers, make an application for the return of insurance in duplicate and require that the employees of the insurance company or bank put down the registration number and date on your copy. Sometimes documents tend to get lost ...