How to properly refuse credit insurance. For what types of loans can you refuse insurance, how to return paid insurance

Attention!!! A significant innovation in insurance activities!

Hello everyone, the “Laws for People” project introduces you to current information. Today we will talk about credit insurance, which has pretty much bothered everyone. However, not only that.

1. The described standards have been in effect since June 1, 2016;
2. All the rules described apply only to newly concluded insurance contracts, that is, you will not be able to return money under existing insurance contracts.

Bank loan insurance - how to refuse it?

Previously, I discussed in detail the issues of returning insurance imposed by the bank. , and you can study everything in more detail. But later. Now I will tell you how the world of imposed insurance has changed since this day.

What we have. The imposed insurances are still considered legal. Nobody believes that banks are imposing them on borrowers. There is no evidence, which means such deceived borrowers have nothing to do in court.

However, excellent help has appeared in this direction. If you don't know yet, of course. The fact is that the activities of insurance companies in terms of receiving insurance premiums and paying insurance compensation are controlled by the Bank of Russia. It was he who, on November 20, 2015, adopted a document with which he protected all new borrowers. By the way, not only credit borrowers received salvation, but also any other citizens who, for some reason, were forced to enter into a voluntary insurance agreement.

Is it possible to refuse loan insurance - now you can!

On November 20, 2015, the Bank of Russia issued Directive No. 3854-U “On the minimum (standard) requirements for the conditions and procedure for implementing certain types of voluntary insurance.” These Directives established the minimum requirements for the conditions and procedure for life insurance for individuals.

Now, if you come to the bank to apply for a loan, but they impose insurance on you, do not rush to refuse the money. You can cancel the insurance contract after signing it, and are guaranteed to get your money back.

I already talked about this at the beginning of the article, but I’ll repeat it again:

The instructions apply to insurance contracts concluded after the entry into force of this document.

To be clear: The Instructions were published in the Bank of Russia Bulletin No. 16 dated February 20, 2016, came into force at the beginning of March, and the deadline given to insurance companies to switch to the new rules expired on May 31. Therefore, from June 1, 2016, these rules must apply for all new insurance contracts.

The instructions of the Bank of Russia apply to the following types of voluntary insurance:

• life insurance in case of death, survival to a certain age or period, or the occurrence of another event;
• life insurance with the condition of periodic insurance payments and/or with the participation of the policyholder in the investment income of the insurer;
• insurance against accidents and illnesses;
• health insurance;
• insurance of ground transport;
• insurance of citizens' property, with the exception of vehicles;
• insurance of civil liability of vehicle owners;
• insurance of civil liability of owners of water transport vehicles;
• insurance of civil liability for damage to third parties;
• insurance of financial risks.

From today, the insurance company must provide in its contracts a mandatory condition according to which the policyholder, that is, you, has the right to a refund of the paid insurance premium if you cancel the insurance contract within 5 Five working days from the date of its conclusion. The main thing is that an insured event does not occur during this period.

The insurer, that is, the insurance company, has the right to increase this period, that is, to provide a person with the opportunity to terminate the contract and return their money not within 5 days, but within a longer period. But personally, I doubt that insurance companies will do this. Five days is enough for a person to be late in filing an application. So control the deadlines.

Let's give an example. You took out a loan from the bank, signed the imposed insurance, and then within 5 working days from the date of signing the insurance contract, but before the date the insurer’s obligations under the concluded contract arose (insurance start date), you informed the insurance company of your refusal to insure. In this case, the insurance company will have to return the entire amount to you, down to the penny. This option assumes that the date of conclusion of the contract and the start date of your insurance are different. To make it clearer, I’ll show you with numbers: You entered into an insurance contract on June 2, 2016, but your insurance begins to be valid on June 5, 2016.

If the date of conclusion of the contract and the start date of the insurance coincide, the insurance company will also return the money to you, but not in full, but minus a part in proportion to the period of validity of the insurance contract, which has passed from the start date of the insurance to the date of termination of the voluntary contract insurance. In Russian: You entered into an agreement on June 2 and terminated it on June 7. The insurance company will deduct these 5 days from the refundable premium. Moreover, the calculation should be made proportionally, and not as in old contracts, according to which the insurance company could return to you only 2 - 5% of the insurance premium even for 1 day of validity of the insurance contract.

You can receive your money within no more than 10 days from the date of registration of your application, both in cash and in non-cash form.

Which insurances are not covered by these rules?

The instructions of the Bank of Russia do not apply to:

• implementation of voluntary medical insurance for foreign citizens and stateless persons located on the territory of the Russian Federation for the purpose of carrying out their work activities;
• implementation of voluntary insurance, which provides payment for medical care provided to a citizen of the Russian Federation located outside the territory of the Russian Federation and/or payment for the return of his body to the Russian Federation;
• implementation of voluntary insurance, which is a mandatory condition for the admission of an individual to perform professional activities in accordance with the legislation of the Russian Federation.

I will summarize and repeat in several points How to properly refuse consumer credit insurance. You received a loan and the bank imposed insurance on you. To get your money back you need to:

• within 5 working days from the date of signing the contract, contact the insurance company;
• write a statement of refusal from the voluntary insurance contract, in which you must indicate the method of returning the money to you;
• hand in the application personally to the reception and receive an acceptance mark on your copy;
• or send an application by a valuable letter with a list of attachments and a return notification, or, as an option, by registered mail with notification;
• wait 10 days from the date the insurance company receives your application;
• if after 10 days the money has not been returned to you, contact your branch of the Bank of Russia, they will know what to do next.

By the way, now it's mine book “How to get money back for credit insurance” is given away for free!

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These are the innovations, friends. In fact, it is a rare case over the past few years that the state has accommodated borrowers. Let's see, of course, how these Directions will work in practice, but the idea is not a bad one. Share your thoughts in the comments. Do you think this Directive will help you refuse insurance after receiving a loan?

Recently, future borrowers are increasingly faced with the need to purchase an insurance policy, and sometimes several at once. The bank thus seeks to insure itself against unrepaid borrowed funds and increase its income. Borrowers, in turn, do not want to overpay and do not want to be deceived. Therefore, before applying for a loan, you need to figure out whether it is possible to refuse loan insurance. The nuances in considering different options may differ. Let's look at when you shouldn't take out an insurance policy, and when it's better to insure yourself and your finances.

What is loan insurance?

An insurance policy is a guarantee of the return of funds borrowed from the bank when the borrower experiences an insured event.

The first reason why it is beneficial for a bank to cooperate with insurance organizations is the sale of insurance policies and the receipt of agency payments from insurance companies when selling their products to borrowers.

The second reason is that the insurance company deposits insurance reserves with the bank. Funding of financial institutions is carried out in exchange for their attraction of a certain number of insured persons to the insurance organization. The exchange is made in a ratio of 7:1, where for every 7 rubles from insurance sold, the bank receives 1 ruble from the insurance company in the form of deposits.

Why do you need insurance?

It is no secret that banks do not have the right to provide compulsory insurance to clients. But this is in theory. In practice, in order not to get into trouble, you need to read the loan agreement very carefully, so as not to then wonder how to refuse loan insurance and not write statements of claim. The court in each specific case finds out whether the borrower's receipt of a loan depends on the purchase of an insurance policy, and whether the main factor influencing the bank's adoption of a positive decision is the absence or, on the contrary, the presence of an insurance contract. Indeed, according to one of the articles of the law “On the Protection of Consumer Rights,” it is prohibited to make the purchase of some services dependent on the mandatory purchase of others.

But of course, the need for a condition for obtaining a loan is absent in the loan agreement. This phrase is camouflaged as “security for the fulfillment of obligations by the borrower to the bank.” So the bank, it turns out, is clean before the law.

Is it possible to refuse insurance?

In fact, when applying for a loan, credit managers impose insurance. But how can you refuse credit insurance? The instructions consist of only two steps.

Step 1. Refusal of insurance is made immediately after the conclusion of the loan agreement. But it is necessary to make sure that termination of the insurance contract will not entail an increase in the annual credit interest or other “punitive” measures on the part of the bank.

Step 2. After this, an application is written to the insurance organization, and after a certain time the insurance premium will be returned in full or in part (this may be provided for in the insurance contract upon its termination).

Some credit managers tell their clients how to properly refuse loan insurance. To do this, it is enough to make monthly payments on time and in full within 6 months from the date of conclusion of the loan agreement. After the expiration of the six-month period, you must submit a written application for termination of the insurance contract to the credit department of the bank. Why is it necessary to wait 6 months? The insurance contract is concluded for at least six months. The borrower should not be surprised when, after termination of the insurance contract, an increased interest rate will be charged on the balance of the principal debt, and monthly payments will increase. In this way, the bank compensates itself for lost funds.

Another option for refusing credit insurance is to file an application with the court. The statement of claim must be accompanied by credit documents, and, if possible, a written refusal from the bank.

Arbitrage practice

Based on judicial statistics, in 80% of cases the court takes the side of the borrower, forcing the lender to forcibly terminate the contract, pay insurance and recalculate the principal debt.

Credit insurance: how can you refuse consumer credit insurance?

As a rule, consumer lending is characterized by a short term, lack of collateral and a high interest rate. By default, it already includes all the risks that the bank may incur.

But some financial institutions are persistent, trying to insure the life and health of their borrowers. Widely used And if the first type of insurance justifies itself a little, then the borrower suffers direct losses from the second. And all because the loss of a job is considered as an insured event not at will, but in connection with the liquidation of an enterprise or layoff of an employee. But, as practice in Russia shows, when one of these moments occurs, the employer will lead his employee to write a statement of his own free will, so as not to pay him the compensation due. Also, when applying for a loan, the bank by default includes an insurance fee in the amount of the principal debt, and the annual interest is calculated from this amount.

It is worth noting that the contract itself formulates the very concept of an insured event in a very confusing manner. Very often, when an insured event occurs, it is almost impossible for the insured person to receive compensation. And an example of this is the clause in the insurance contract, which states that “at the slightest change in his health, the insured person is obliged to inform the insurer about it.” But in reality, the majority simply wave away the agreement, without going into details and, accordingly, without complying with this condition. This is what the insurer uses to avoid paying. In this case, when considering the question of how to refuse loan insurance, the answer would be to carefully study the loan agreement.

Car loan

When taking out a car on credit, the borrower is required to purchase two insurance policies: life + health and CASCO. But at the same time, one of the clauses of the insurance contract states that it is not necessary to insure the collateral. Example: VTB Bank offers its borrowers a car loan without a CASCO policy. But at the same time, the annual interest rate at which the loan is issued increases by 5-7.5 points. Therefore, in this case, it would be more correct to issue this policy.

Do you need life insurance?

But it is better for each borrower to decide for himself: to refuse VTB loan insurance and receive an increased annual interest rate or to look for a bank with better offers. But it’s worth thinking about: the term of a car loan is from 2 to 5 years, and if the borrower receives a loan for a car in his youth and is not keen on driving fast, then the likelihood of an insured event occurring is low.

Bank loan insurance - how to cancel a mortgage?

You can't get away with insurance here. The law obliges to conclude an insurance contract “against loss and damage to the collateral” (Article 31 of the Law “On Mortgage”). Two more insurance programs that the borrower can use if he wishes are termination and limitation of property rights (title insurance), as well as loss of life and disability. But if he refuses, then the bank has the right to revise the interest rate upward. In general, it is extremely rare to find banks whose interest rate increases do not depend on the issuance of an insurance policy.

And if, when refusing title insurance, the annual rate increases by 1.5 points, then refusing to take out two policies (title and life insurance) will lead to an increase in the percentage by 10 points at once.

Insurance interest is calculated as follows:

• The pledged property is valued within 0.5% of the insured amount.
• ranges from 0.1 to 0.4%.

But life insurance costs 1.5% of the insured amount. But, taking into account the conditions under which a mortgage is issued in Russia, the need for title insurance and life + health insurance for those wishing to take out a mortgage is inevitable.

There are mortgage programs that only insure the collateral. Are these programs used by other insurance programs? Yes, but if you cancel title insurance, the APR will increase by 1 point.

The benefit for the bank, as mentioned above, lies in the agency fee that the financial institution receives from the insurance company when issuing policies. Therefore, it is extremely unprofitable for a credit institution to inform the borrower about how to refuse bank loan insurance.

There are also very often cases when a bank and an insurance company are an affiliated structure. It is for this reason that the bank insists that the borrower purchase insurance policies from certain insurance companies.

We hope that now each of the readers knows how to refuse credit insurance. The main thing is to read the contract carefully!

From June 1, 2016, new voluntary insurance rules have been in effect in Russia, which also apply to loan insurance. The question of whether it is possible to refuse insurance on a loan after receiving it has worried borrowers before, but after the innovation the situation became even more confusing. In this article, we will together understand the current situation, and you will also receive detailed instructions on how to refuse credit insurance. If you do not want to understand the intricacies of the insurance return law, we recommend that you use a simple test

Test: Find out if you can get your loan insurance back

If you want to get your money back quickly and without red tape, you can use our service

Fast refund for insurance

The legislative framework

The activities of banks and insurance companies are regulated by laws. The relationship between clients and the bank is regulated by an agreement, and it is regulated by law. According to the instruction of the Central Bank of Russia dated November 20, 2015 N 3854-U, insurers are obliged to provide for the possibility of refusing voluntary insurance within 5 days after the conclusion of the contract. This instruction also applies to loan insurance.

According to this instruction, which fully came into force on June 1, 2016, clients have the opportunity to terminate the insurance contract.
This is possible if no more than 5 days have passed since the conclusion, and also if no insured event occurred during these 5 days. Please note that the period of 5 days is not considered calendar days, but working days.

This period is in no way tied to the payment of insurance; it is counted precisely from the date of conclusion of the contract. Therefore, if you entered into an agreement, but paid only after 4 working days, then you only have 1 working day left to terminate. The decree of the Bank of Russia was registered with the Ministry of Justice under number N 41072 dated February 12, 2016.

Insurance companies were given a grace period during which insurers could prepare for the innovation. On June 1, 2016, the innovations fully came into force. According to this decree, the insurance company is obliged to terminate the contract and refund the money within 10 days. The refund amount is 100% of the amount paid, but minus those days when the client was insured. For example, if you cancel insurance after 3 business days, you will be refunded the full amount paid for insurance, minus the cost of three days of insurance. Insurance is regulated by 935 articles of the Civil Code of the Russian Federation. It clearly states that life or health insurance is a voluntary matter.


The law “On Protection of Consumer Rights” is also on the borrower’s side. According to the letter of the law, no one has the right to connect the receipt of one service (loan) with the purchase of another service (insurance).


If you were forced to take out insurance and were misled into thinking that it was compulsory, then you need to go to court and get your insurance back.
Read also:
There is only one exception - mortgage insurance. Therefore, it is important to understand which loan insurance can be canceled and which are mandatory.

Mandatory and optional loan insurance

The law states that life insurance is a voluntary choice of the borrower. It follows that insurance is optional. Unfortunately, the practice of obtaining a loan differs from what one would expect based on the law. In practice, it turns out that banks force their clients to voluntarily and compulsorily take out loan insurance. The innovation of 06/01/2016 protects clients, as it allows you to refuse imposed insurance if you manage to do this within the prescribed period. Such imposed insurance most often concerns the following groups of loans:

• Consumer;
• Mortgage;
• Automotive;

Clients are offered life and health insurance, insurance against job loss, property damage, and in the case of car loans, CASCO insurance. All this is done with one goal - to reduce risks for the bank. Insurance allows you to eliminate the risk that you will not be able to repay the loan if one of the insured events occurs. In Russia, insurance is viewed with hostility, but this instrument can also protect the borrower.

Of the entire list of insurances, insurance for the purchased property against loss is mandatory. For example, when buying an apartment with a mortgage. In this case, the bank has the right to require you to purchase insurance; this point is regulated by Law 935 of the Civil Code of the Russian Federation and 31 articles of the Law “On Mortgage”. Life, job or title insurance are optional insurances, even if the bank insists otherwise.

Insurance conditions in the agreement with the bank

The terms of loan insurance are specified in your contract. So it's not difficult to recognize them. It is possible that you will not be required to pay separately for insurance, since the bank itself will transfer the payment to the insurance company. The ideal option is if you refuse insurance before you sign a contract. To do this, you need to find out all the terms of the loan before your signatures appear on the documents.

You need not only to ask the bank employee, but also to carefully study the agreement yourself. For example, below is a consumer agreement, according to which the client receives insurance.

In such cases, you can try to cancel insurance before the conclusion. Only in rare cases will this not affect your credit. The bank may refuse to issue it without explaining the reasons. But the real reason will be that you refused insurance. Another option is that the bank will agree, but will offer you a higher rate. In this regard, the question arises: is it possible to use the innovation in the laws to enter into an agreement with a bank on favorable terms, and then cancel the imposed insurance?

Is it possible to refuse insurance?

Thanks to innovations, yes, you can refuse the imposed insurance. The cooling period is the name given to the first 5 working days after signing the contract. Within this period, you can cancel the insurance contract. Including if this insurance is related to a loan. Banks come up with schemes that try to circumvent the law. For example, a bank may create one common group insurance for all borrowers.

In this case, the borrower is not sold insurance; he is simply connected to the collective insurance system. It turns out that in order to terminate the insurance contract, the client needs to “disconnect from the system” of collective insurance, and not directly terminate the contract. The law does not apply to this type of insurance, and therefore the client cannot terminate such insurance. It is expected that other schemes may appear in the future, as banks do not want to put up with these innovations.

How to cancel insurance?

Let's look at a practical example. You have applied to VTB Bank for a loan to buy a car. The rate is 7.9% per annum, but it is only valid if you sign a life insurance contract. If you refuse to take out insurance, you may be denied a loan or offered a much higher annual rate. After studying all the terms of the agreement, you understand that you need a loan. The terms of the loan are as follows:

It turns out that the insurance increases your credit by 6.24%, or about 2% per year. This turns the real lending rate from 7.9% to approximately 9.9% per annum. According to the loan agreement, your insurer is VTB Insurance, an affiliate of VTB Bank. Let's assume that the bank approved your loan and you signed the agreement on Thursday, December 1st.

Starting from this date, you have 5 working days during which you can refuse the imposed life insurance. It turns out that until December 8 (inclusive) you can send an application for refusal to the bank. 5 working days begin to be counted from the working day following the day of signing the contract. To cancel insurance, you need to provide the bank with:

• Application for withdrawal from the contract;
• A copy of the agreement;
• A check or other document confirming payment of the insurance premium;
• A photocopy of the policyholder's passport;

You can serve the documents in person, but to do this you will have to visit the insurer's office. Documents can be sent by mail, but must be sent by registered mail with a list of attachments. The first method is better, as you will get back most of the insurance premium, minus the days when the insurance was in force. The coverage ends when the insurer receives your application. After you provide all the documents to the insurance company, compensation will be credited to your account within 10 business days.

Practice has shown that banks delay this procedure and exceed the legal limit of 10 working days. After this period expires, you can contact the insurance company with a new request and control the process. Reviews show that funds are returned within 1 calendar month.

Sample application for refusal of insurance

It is ideal if you contact your insurance company so that they can provide you with a sample application for cancellation of the insurance contract. You can make an application yourself. Be sure to include:

• Your passport details;
• Your contract details;
• Reason for termination;

The date and your signature are also required. You can indicate any reason for terminating the contract, including the simplest one: guided by the legislation of the Russian Federation, I exercise the legal right to terminate the contract within 5 working days from the date of signing. You can either use the following example of a termination notice:

What will happen to the loan?

The most common question, which is also the main concern of people, is whether the bank can terminate the loan agreement if you refuse insurance. Of course, your refusal affects the risks for the bank; they increase. But if you have already concluded a loan agreement, then refusal of insurance made in accordance with the law is not a reason for terminating the loan agreement.

It turns out that such a step should not lead to the bank requesting early repayment. There is also an opposite example. Some banks not only do not look for loopholes in the law, they meet their clients halfway. For example, some Sberbank loan agreements contain a condition that the borrower can refuse insurance within 14 days after signing.

The reluctance of many borrowers to enter into an insurance agreement along with a credit agreement is quite understandable. After all, this increases the amount of debt, and hence the monthly payments.

On the other hand, provisions for various types of insurance may already be included in a standard loan agreement. How legal are such bank actions? That is, consumer credit insurance is mandatory or not?

All types of insurance are divided into two large groups: compulsory and voluntary. At the same time, types of compulsory insurance are established at the level of federal laws.

In practice, refusal of voluntary insurance often leads to the fact that the loan will not be issued. Of course, a different reason will be given, but the result will still be negative.

Or such a borrower will be offered other, less favorable conditions for him. You can prove your case in court, but not everyone decides to do this.

In total, there are two cases when insurance is mandatory when concluding a loan agreement:

• insurance of real estate pledged under a mortgage agreement against loss and damage;
• with a car loan.

Since, unlike those countries where credit insurance has existed for a long time, banks in Russia are more interested in returning their funds, they offer their clients various bonuses for concluding an insurance contract.

These include:

• lower interest rate;
• lower down payment, etc.

The legislative framework

There is no law with this name. The rules relating to credit relations and the rules for insuring risks associated with them are found in several regulations at once. For convenience, let's look at which ones.

General provisions on credit and insurance agreements are contained in the Civil Code. Thus, it directly states that cases of compulsory insurance must be established by law.

The Mortgage Law in the same article stipulates the right of the borrower and the bank to insure liability for loan failure and the risk of such an event. However, legislators do not insist that such insurance is mandatory. It is possible to refuse this type of insurance.

The bank’s desire to include insurance provisions in the terms of the loan agreement is connected not only with an attempt to protect itself from financial losses.

The conclusion of such an agreement also brings him a bonus from the partner insurance company. Moreover, employees are tasked with providing as much credit insurance as possible.

But in this situation, the interests of the borrower are protected as a consumer of services. The relevant law () directly prohibits the possibility of obtaining one service - a cash loan - by compulsory insurance of any risks not specified as mandatory for insurance.

In order not to violate the provisions of the law, many banks include in the loan agreement a clause on the client’s ability to refuse additional insurance.

Or, in agreement with the bank, you can choose another insurance company if you still want to protect yourself from possible unpleasant surprises.

What risks might there be?

The risks that are insured when concluding a loan agreement are different. Although they can be included in a single comprehensive insurance contract. Let's consider them in more detail, depending on the type of insurance.

1. Borrower's personal insurance. When an insured event occurs, the insurance company undertakes to pay the debt to the bank. Here the list of risks is quite short:
   • death due to a number of reasons;
   • permanent loss of ability to work with assignment of disability;
   • temporary loss of ability to work, excluding the ability to earn income and pay the loan.
2. Insurance of the borrower against job loss. This is quite relevant during periods of economic downturn, when the chances of being left without a main source of income are very high. But even here the list of risks is limited. The insurer will repay the debt to the bank only if the borrower loses his job as a result of:
   • liquidation of the employer;
   • bankruptcy;
   • reduction in the number or staff of employees.
3. Insurance of property pledged. As already mentioned, this type of insurance is mandatory and regulated by law. Movable (car, complex equipment, etc.) and immovable (apartment, commercial real estate, land) property transferred as collateral is insured:
   • from loss (physical disappearance);
   • from damage caused by a number of reasons.
4. When an insured event occurs, the first thing to determine is whether the borrower was involved in its occurrence. And if it is not his fault in what happened, then the insurance company, depending on the specific situation or terms of the contract, can:
   • cover losses incurred by the borrower;
   • pay off the balance of the debt to the bank.
5. Borrower liability insurance for loan non-repayment. This type is used for long-term mortgage loans. The insurance company pays the balance of the debt under the contract if the funds received by the bank from the sale of the mortgaged property at auction are not enough to pay it off. The borrower is relieved of the need to pay this difference on his own.

Features of the agreement

The loan insurance agreement is, for the most part, comprehensive, including the terms of both personal insurance and liability or property insurance. However, these subtleties are more important for a lawyer.

The borrower should know the following about the features of such an agreement:

• the insurance amount increases the loan amount, sometimes up to 10%;
• The monthly payment also includes the insurance premium;
• payment allows you to cover up to 90% of the debt to the bank;
• Some insurances are concluded once, while others are renewed annually.

Annual renewal applies to compulsory types of insurance. Unlike voluntary insurance, refusal to renew such insurance can have very unpleasant consequences. In this case, the bank has the right to demand the return of the entire remaining amount ahead of schedule.

With voluntary insurance, refusal to renew the contract may result in an increase in the interest rate for using the loan.

After all, for the bank, the risk that the debt will not be repaid increases. And he is trying to minimize his losses in this situation.

How to terminate it

To begin with, you don’t have to enter into an insurance contract unless the law insists on it. But, as already mentioned, sometimes it is not possible to get a loan without a “voluntary” insurance contract.

Or the bank takes advantage of the client’s legal ignorance and he signs an agreement with insurance included, which is called “without reading”.

In both cases, the insurance contract can be terminated after its conclusion. This opportunity is provided by Art. 958 of the Civil Code, which says that this can be done at any time at the request of the policyholder.

To do this, you should contact the bank with an application, which must be reviewed within 30 days. It is very likely that bank employees will not want to accept such a document, but the law is on the side of the borrower, so they will be obliged to do so.

It is worth remembering that in the same article of the Civil Code of the Russian Federation there is one more condition regarding the insurance premium. The amount already paid under the contract is non-refundable.

Unless this is provided for in the contract. But, most likely, the bank foresaw this possibility and included the corresponding clause in the agreement.

If the bank refuses to terminate the imposed insurance contract, then the borrower has two options:

Loan insurance against job loss

This type of voluntary insurance is offered when concluding a wide variety of loan agreements. Like any type of insurance, it increases the amount of debt, but allows you to solve financial problems through insurance payments, if the need arises. Therefore, before you refuse, it is worth weighing all the pros and cons of these additional costs.

The essence of this insurance is that if the main source of income is lost, the borrower will receive an amount from the insurance company for a certain time to repay the loan debt.

This period is not so long, no more than a year, and the amount does not exceed the monthly loan installment. But thanks to such payments, the borrower is freed from the need to look for funds to pay the bank and can calmly search for a job.

It should be remembered that not every reason for dismissal is an insured event. Proof of the occurrence of an insured event will be an entry in the work book, which will indicate exactly these grounds for termination of the employment relationship.

As a rule, the contract provides for those grounds in which there is no fault of the employee himself:

• liquidation of the employer;
• staff reduction;
• change of owner of the organization (only for those who can be dismissed on this basis);
• termination of the contract due to objective circumstances (joining the army, reinstatement of a previously dismissed employee, etc.)

You should not count on paying the insurance amount to those who were fired for reasons such as:

• agreement of the parties;
• at your own request;
• as a disciplinary sanction;
• lost the ability to work as a result of his own guilty actions (health violations, intoxication, crime, etc.)

If a borrower entitled to receive an insurance payment finds a new job within a specified period of time, then he ceases to receive funds from the insurer.

The same applies to those who are registered as unemployed and receive benefits. In these cases, they will have a source of income that will allow them to resume paying for the loan on their own.

Consumer loans

On the question of whether consumer credit insurance will be mandatory or not, banks take different positions. On the one hand, it is in this sector that the percentage of non-repayable debts is high.

On the other hand, an increase in the loan size by the amount of the insurance premium may force some clients to abandon the bank’s services.

Therefore, some banks have taken the path of minimizing their financial risks by setting high interest rates.

It turns out that conscientious borrowers also pay for those who cannot or do not want to repay the debt. But then - no insurance, except for mandatory ones.

Other banks include a requirement to insure certain risks as part of the conditions for obtaining a loan from their organization. But on the other hand, they establish more attractive conditions for those who have concluded an insurance contract. This attracts those who consider insurance necessary.

As a rule, when issuing a short-term consumer loan, a bank insists on the following types of insurance:

• life;
• from loss of ability to work;
• from job loss.

But, as already mentioned, these types of insurance are voluntary. Therefore, you can always refuse to enter into an insurance contract. Banks do not have the right to impose this service, but they can increase the rate, insuring themselves against the possible loss of this amount.

Where can I apply?

Services for all types of insurance are provided by those organizations that have permission to do so - insurance companies. As a rule, when concluding a loan agreement, the bank will offer to use the services of its insurance partner.

This option does not always turn out to be the most profitable, but since banks prefer to insure their risks with reliable players in this market, their choice can be trusted.

Before choosing, it is better to familiarize yourself with the conditions offered by various insurance companies.

It is often cheaper to issue a comprehensive contract than to insure risks individually. Or there is an opportunity to save, albeit a small amount. Insurers offer various bonuses to attract as many clients as possible.

VTB 24

Let's look at the intricacies of credit insurance using a specific example. VTB 24 Bank is currently one of the largest players in the credit market. While offering consumer loans to his clients, he also invites them to join one of their insurance programs.

The advantages of such a connection are:

• no need to submit additional documents and contacts with the insurance company;
• obtaining insurance simultaneously with the loan;
• the ability to pay for insurance either in one lump sum or in installments;
• single tariff for clients of any age and profession.

Among the risks, the consequences of which are proposed to be minimized, are the following:

• death of the borrower;
• loss of ability to work (permanent or temporary);
• injuries and long-term hospitalization;
• dismissal from work.

Two programs offer to insure three of the proposed risks: the choice will be between job loss and injury. In this case, not three separate agreements are concluded, but one complex one. The bank undertakes all contacts with the insurance company.

How to return after paying off the loan

Both the loan agreement and the insurance agreement are concluded for a certain period. But sometimes the borrower has the opportunity to repay the loan ahead of schedule.

If such a condition is contained in the contract, then the debt is repaid to mutual satisfaction. But the validity of the insurance continues, although it is no longer needed.

In some cases, you can get back the amount paid for insurance, or at least part of it. To understand whether this can be done, you must carefully read the relevant terms of the contract.

If there are no conditions for the return of the insurance premium in case of early repayment of the loan, then it is pointless to demand it, since in this case the bank will refer to the provisions of the Civil Code regarding the non-refund of the paid premium.

If the bank is ready to return the insurance, then you need to contact it with a corresponding application. After reviewing the claims, the bank will return that part of the insurance premium that was overpaid. Or in full if the debt was repaid in a very short time.

You can also get your insurance back through the courts. You just have to prove that this service was provided without the consent of the borrower. If the court considers the bank’s actions to violate the law, it will oblige it to return the money received in full.

Credit insurance is beneficial to both parties in this relationship. And the bank has the right to insist on protecting itself from financial losses if it is impossible to repay the loan. But it is still up to the borrower to decide whether there is a need to use this form of protecting their interests.

Video: Credit insurance

A mortgage loan issued against real estate has a long repayment period: from 5 to 30 years. And the bank that issued it quite rightly wants to protect itself from possible financial losses that may result from various circumstances. Mortgage insurance serves exactly this purpose.

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Potential borrowers often, when choosing a bank to apply for a mortgage loan, usually fail to pay attention to the insurance conditions under which it is issued. They are mainly interested in the image of the bank, the interest rate, the requirements imposed on the borrower, and the length of the loan term. According to the terms of insurance...

What is loan insurance?

The need to purchase an insurance policy when applying for a loan is most often a banking initiative that can protect the organization from some possible risks in repaying the principal debt. In turn, borrowers, not wanting to overpay their own funds, are looking for ways to return at least part of the insurance premiums.

An insurance policy is a kind of bank guarantee that provides for the return of funds when applying for a loan. It is worth noting that banking organizations have their own benefits from cooperation with insurance companies - through the sale of insurance policies, banks receive their own interest, which directly depends on the number of people subscribing to insurance services.

Why is it needed?

The insurance procedure is a kind of protection of the bank from certain risks that may be associated with non-repayment of loan funds received by borrowers. Although the bank does not have the right to impose this service on a mandatory basis, most often it is included in the package of services provided during the procedure for taking out a loan.

When applying for a loan, clients should always remember that they can refuse the insurance service. In this case, the refusal can be made immediately after the execution of the contract. It is necessary to pay attention to ensure that termination of documentation does not affect the increase in interest or other sanctions from the bank.

It is necessary to write a statement directly to the insurance company, stipulating that the insurance premium will be partially refunded after some time. But in any case, in order to obtain loan insurance, it is necessary to carry out all payment transactions on time. After six months have passed after receiving the loan, you can contact the insurance company with a written application. It is necessary to wait six months, since the contract is carried out for this period.

But the bank may increase monthly payments upon termination of the insurance contract. This is due to the fact that the banking organization can compensate for lost funds. A reliable option for refusing insurance services is to contact the judicial authorities with a written statement of claim.

Is it possible to refuse insurance on an existing loan?

The client can always terminate the signed insurance contract after the immediate disbursement of credit funds. Within six months, you can write a corresponding application to terminate the procedure for the main insurance policy. But some banks may not offer such a service for terminating a contract with an insurance company. In any case, you can write a statement that provides for termination of the insurance contract, as well as a recalculation of the cost of the main loan.

In what case is it impossible to refuse?

There may be cases when the client files an application for immediate termination of the insurance contract when the main deadline for filing a claim, which is 3 years, has expired. That is, after this time, this service is no longer valid: the borrower will not be able to apply for and receive an insurance premium on the loan.

It is also necessary to properly review the contract and take into account all the points. Some clauses of the contract provide for the impossibility of returning funds; in this case, even the court will not help win the case for receiving insurance funds.

Arbitrage practice

According to statistics, 80% of legal proceedings for the return of insurance end positively for the borrower. In this case, the credit institution terminates the insurance contract and recalculates the total cost of the loan taken by the borrower.

The court always tries to protect the rights of the borrower under consumer rights law. In this case, the procedure is carried out only if the service was provided by a banking organization on illegal terms and the insurance payment is considered an imposed service. That is why you should carefully read the terms of the agreement before taking out any loan funds and completing paperwork in accordance with all the rules.

How to cancel consumer credit insurance

By law, the borrower has the right to refuse insurance for consumer loans. However, there are certain nuances in which the borrower must apply for termination of the insurance contract within a period not exceeding 2 weeks. At the same time, there is a practice when the borrower pays the entire required amount at a time in accordance with the main insurance contract and the decision to pay this amount is left to the discretion of the insurer.

Waiver of car loan insurance

When applying for a car loan, the borrower has the right to completely refuse any insurance services. But some banks include compulsory insurance services in the contract and highlight this provision in separate clauses.

At the same time, the bank explains the presence of compulsory insurance by reducing the prime loan rate. And if the borrower refuses this service, the interest rate may increase significantly. Most often, microfinance organizations do this when applying for quick loans to buy a car.

In any case, the insurance contract can be terminated. If the bank does not give the go-ahead for this operation, you can safely turn to the courts.

Do you need life insurance?

The service "borrower's life insurance" is provided when applying for a mortgage loan. The thing is that if you lose your ability to work due to an accident, the loan debt, which has a significant amount, will have to be given to relatives. For this reason, some clients deliberately take out a life insurance policy.

How to refuse mortgage insurance

The process of canceling mortgage insurance is quite a complex process. There are several nuances, since in accordance with the law the bank has the right to set certain insurance conditions. But at the same time, the client’s decision on insurance is free. If the client has already concluded an insurance contract, then he has the right to write a statement within three months to terminate the documentation and receive the insurance premium.

Calculation of interest on insurance

There is a certain methodology that allows you to calculate the amount of the insurance premium when lending. It is usually calculated by a formula presented in the form B = S + i*S, where the value of B is the main insured amount, S is the amount of debt on the loan itself, i is the basic rate on the loan received.

The official websites of many banks provide a convenient service for calculating the amount of insurance using a special online calculator. In any case, using the basic formula, you can calculate the amount of insurance yourself.