In the article, we consider what life and health insurance at Sberbank implies.
When applying for a loan, everyone is confronted with a bank employee’s offer, sometimes very intrusive, about a voluntary insurance policy. Is it worth considering such a service? It is necessary to describe the main advantages and disadvantages of life insurance in Sberbank and familiarize yourself with the nuances of this procedure.
Features and conditions
All borrower life and health insurance services in Sberbank are provided by a separate legal entity. However, registration of the policy is allowed at the time of obtaining a loan at various branches of a financial organization. Such a document is intended to insure the health or life of the borrower.
Thus, there are two main risks - loss of working capacity and death.
Insurance rates
What are the life and health insurance rates at Sberbank?
A large number of options are expected: trauma, illness, family circumstances, dismissal. That is why there are several programs that differ in the list of cases, as well as universal, when you can choose different risks at your discretion.
They differ in tariffs:
- disability and life insurance: 1.99% per year;
- health, life, and involuntary job loss: 2.99%;
- selection of insurance parameters: 2.5%.
It is allowed to appoint a bank or other person as a beneficiary (in addition to a mortgage loan). When choosing the first option, it is clear that in an unforeseen situation, the debt of the borrower is fully or partially repaid by the insurer. When appointing an individual, he will receive a payment, and he can already use it at will. The loan will have to be repaid by the heir to the borrower if he has died.
What does the Sberbank voluntary life and health insurance program give?
Full debt repayment
It must be understood that full repayment of debt occurs only in the following situations: disability and death resulting from an accident or illness. If the borrower has temporarily lost his ability to work, the insurer will pay the required monthly payments instead, but only during the period that is confirmed by the following documents: certificate from the relevant authority; sick leave.
Voluntary insurance
Direct registration of life and health insurance in Sberbank takes place at the branch, the cost depends on the size of the loan. Already at the stage of filing the application, the applicant is offered to resort to such a proposal. That is why it is worth considering in advance whether you need it in this case. Often, employees hint that a loan will be refused in the absence of a client policy.
However, you should always remember the following features:
- the policy is voluntary, and the client has the right not to apply for it;
- even if an insurance contract is concluded, the policy can be canceled within a month after receiving a loan.
Competent borrowers often resort to the latter option. In addition to increasing the possibility of obtaining a loan, they also receive the amount of insurance premiums, thereby increasing their loan size (if the amount required is slightly larger than that proposed by the financial institution).
Possibility to refuse insurance
The borrower has the opportunity to cancel the policy at any time and return the funds paid, the amount of which is determined by the date of signing the agreement:
- the entire amount when the application is submitted no later than thirty days;
- 50%, when it took from a month to six months;
- insignificant share if six months have passed.
You can rely on a similar amount if you need to return the contributions after the loan paid if the policy has not expired. In this case, the procedure involves writing an application, which indicates all the nuances of cooperation with the insurer and the bank. As an application, an extract from a financial institution is used, which states that there is no debt. We need to prepare for the resistance of employees, they will shy away from accepting such statements. You should be aware of your rights and require a legal procedure.
Life and Health Insurance Policy
With a loan from Sberbank, life and health insurance should fully cover the loan period. But the policy itself is most often issued for a year. That is why, when it expires, you need to renew it, sometimes many times when it comes to mortgages.
Payment
The client has the right to choose his method of payment of contributions:
- monthly payments simultaneously with loan repayment;
- their inclusion in the loan amount.
The second method is offered by the bank most often. It is also convenient for the borrower, as it allows you to make one payment, in which everything is already taken into account.
Credit
What else does the borrower life and health insurance program at Sberbank suggest? What you should pay attention to?
In any case, the insurance company will receive contributions for the entire loan period. Practice shows that only 6% of all loans are paid by the insurer. The possibility of an accident is thus low. Therefore, the policy is not particularly needed for short-term loans, and for the borrower is purely voluntary.
Mortgage
Is life and health insurance required for a mortgage at Sberbank?
For a client, life insurance is more attractive with a mortgage, since it can last more than a dozen years. This is a significant period, and therefore it will not be superfluous to protect yourself from various unforeseen circumstances. In addition, for conscious customers, the bank reduces the rate. For example, the interest on the mortgage is reduced by 1% compared with the registration without a policy. The client can compare such a discount and the cost of insurance in order to calculate the benefit in a particular case.
On the other hand, at the legislative level, a mortgage secures the obligation to insure the real estate acting as its object. This is important to consider. In case of damage or destruction, the insurer will pay off the debt to the bank within the framework of the property value. Since it is necessary to pay contributions for securing property, the client simply may not have any funds left for the policy (or the loan amount for them will decrease).
Life and health insurance companies accredited by Sberbank
Most of the companies that are accredited for mortgage insurance are allowed even before applying for a health, life, etc. policy. These include VSK, VBT Insurance, RESO-Garantia, Alfa Insurance, SOGAZ, and Inogosstrakh. " In addition, the following companies are accredited:
- Zetta Insurance. The company is at the end of the top 30 in terms of insurance premiums collected in 2017. Among the main achievements of the company is the offer of more than ninety different programs to customers.
- "Sberbank life insurance." This is a subsidiary of a financial institution. At the end of 2017, she led the rating of those who participate in the state insurance market. The company collected almost 32 billion rubles of premiums in a year, that is, more than all competitors. The lobbying of the interests of the company by Sberbank, which has the largest client base in Russia, played a significant role in this.
- Liberty Insurance. It is ranked 40th among the largest market participants for similar services in Russia.It is included in the international insurance group of the same name, thanks to which the company is provided with stability and a reliable financial basis, that is, it compares favorably with many domestic competitors.
- "Absolute Insurance." It is in the top 50 of the Russian market, takes 48th place in 2017. A distinctive feature of an insurance company registered in Moscow is active work with clients, as well as participation in such a loyalty program as “Thank you from Sberbank”. As a result, significant discounts and benefits are provided for borrowers, which allows the insurance company to significantly increase its customer base.
- “SO Surgutneftegas”. The company belongs to one of the largest domestic oil companies, as a result of which it is one of the market leaders in Western Siberia and the Urals, where the main production capacities of its parent organization are located. The insurance company, like the main company, is a client of Sberbank, and this is the main factor in mutually beneficial cooperation.
Reviews
The advantages of such a service include: 13% of the tax deduction on the amounts paid, refunds at the end of the term, health and life insurance in case of an accident, making an auto payment, quick registration of the policy.
It is also noted that if it is imposed by the bank, then there are no pluses. Sometimes payments are made in full, but the decision has to wait a very long time, it is constantly delayed due to the collection of securities.
Among the shortcomings of voluntary life and health insurance in Sberbank, customers include: lack of access to money for two years, a large number of points that prevent insurance, nerves, stress, spending and negative situations, depreciation of funds at the end of the term. Some believe that the insurance is imaginary, it's just an authorized collection of citizens ’finances. Often with early termination, payments are delayed.