Return the insurance after repaying the loan. Is it possible to return the insurance after repaying the loan?

When lending, banks offer insurance to their clients, so it is important to know how to get loan insurance back and what difficulties and nuances you will have to face when returning it. The main problem is that bank employees practically force insurance on borrowers, and many agree for fear of being denied funds. Often, insurance is simply included in the total amount when concluding a loan agreement, and the client will learn about it after signing.

If there is a need to obtain a loan, you need to know that you can refuse insurance at the stage of submitting an application, indicating your reluctance to take out it. Loan insurance is issued in order to minimize the risks of the lender and the borrower. In the event that the client is unable to repay the loan, the bank will receive the necessary amount from the insurance company. In this way, the financial institution protects itself from unpaid loans, problems and difficulties in repaying them. For the borrower, a possible advantage of insurance is that if insurance risks arise, the bank will not sue him, and he will not be left without property.

Note. You can refuse insurance even after receiving a loan and get your money back in full or in part, depending on the terms of the insurance and the timing of the application.

How to get money back for loan insurance after signing a loan agreement?

If there is a need to urgently receive money, many citizens agree to any conditions. They believe that without insurance it is impossible to obtain a loan, and they sign all the proposed documents. When going to a financial institution, you should know that credit insurance is a voluntary service, so the client must decide whether to take it out or refuse it.

There are often situations when borrowers learn about insurance after signing a loan agreement. In these and similar cases, the bank client is concerned about the return of the loan insurance and the question arises whether it is realistic to return the money for insurance after signing the contract and receiving the borrowed funds.

Potential borrowers and citizens who have taken out a loan need to know that there is already a law in force regulating the return of insurance. Now everyone has the opportunity to take back their money for imposed and unnecessary insurance.

How to get your loan insurance back?

Just a few years ago, a borrower who signed an agreement for insurance when drawing up a loan agreement could not return his funds. When contacting an insurance company or financial institution, he received a refusal based on the voluntary signing of an insurance contract. The return of insurance through the court rarely ended positively, since it was difficult to prove that the service was imposed or included in the contract against the will of the borrower. Only in exceptional cases did some banks return the insured amount, so most often citizens simply lost their funds.

At the beginning of the summer of 2016, the Bank of Russia, which regulates the lending and insurance market, announced that borrowers could return the insurance policy and withdraw the amount paid. Refund of the loan insurance was possible if the applicant applied within 5 days after signing the application. And the insurance company was obliged to return the money received. Since 2018, the application period for the return of insurance funds has been increased to 14 days. According to the law, the insurance is returned quite quickly and the money is given to the borrower within 10 days.

Mandatory and voluntary loan insurance

Financial institutions offer voluntary and mandatory insurance depending on the type of loans received.
The following insurance is mandatory:

• real estate – insurance must be taken out when obtaining a mortgage or when lending against real estate. According to the law, such a loan must be protected from various risks;
• CASCO – when applying for a loan to purchase a car, a banking institution, as a rule, obliges borrowers to take out an insurance policy for the purchased car. This is necessary for the financial security of the bank.

Important! All other types of insurance services are voluntary and are issued only at the request of clients. Banks do not have the right to refuse lending simply because the borrower refuses to sign an application for insurance.

The insured amount is returned by credit card, loans taken to receive cash or purchase goods, and other lending programs. Loan insurance is a legal procedure and is an additional service offered by the bank when signing a loan agreement. The borrower can refuse optional insurance, but there are cases when an insurance policy still has to be purchased, otherwise the money will be denied. Therefore, it is important to know how to refund the loan insurance after receiving it.

If you apply for the return of the insured amount within the first 14 days after concluding a loan agreement, you can get the money back almost without problems and without legal proceedings.

How to get insurance: detailed instructions for borrowers

1. It is necessary to act within the first 14 days after signing the application and receiving the insurance policy.
2. You need to draw up a waiver of the insurance contract and contact the insurer with it. The application must include a bank card or other details so that the insurer can transfer the money. For reference. The insurance company is obliged to return the money to the borrower for insurance services, therefore, to resolve all issues that arise and return the money, you need to contact only it, and not the banking institution that issued the loan. You need to know this so as not to waste time and not miss the opportunity to get your money back.
3. As a rule, within 10 days the borrower must receive the refunded funds for the imposed insurance. If this does not happen, then the citizen has the right to file a complaint with the Rospotrebnadzor authorities.

Attention! As a rule, immediately after signing the contract, the loan insurance is considered valid. Therefore, it is legally considered that the borrower uses the services of the insurer for several days and after submitting an application for a refund, a smaller amount is returned to him. If you decide to return your insurance in full, do not waste time and immediately contact the insurer with a refusal statement.

What else do you need to know?

It is not always necessary to contact the insurance company; some banking institutions allow you to process returns in their offices. Especially those that are partners with insurers. Another important point is that if the insurance company is located in another city, then the application for refusal must be sent by registered mail and there must be a notification and an inventory. This is necessary to confirm that the borrower applied for a refund of the insured amount.

Refund of consumer loan insurance upon early repayment

Is it possible to return the insurance after repaying the consumer loan? Another question that is relevant for most borrowers, since insurance is issued for the entire loan period. You should know that after paying off the entire borrowed amount ahead of schedule, you can legally receive part of the money paid for insurance services. The return of insurance on a consumer loan after its repayment ahead of schedule is determined by a calculation in which insurance for the period of using the loan is deducted from the total insured amount.

Important! The issue of returning the insured amount in case of early repayment of the loan must be resolved with the bank. You need to contact a financial institution and write an application for the return of insurance along with an application for early repayment of the borrowed amount. You can also issue a refund after the loan has been closed. After submitting the application, the bank can refer the client to the insurance company to receive an insurance refund.

Is it possible to return the insurance after 14 days if the loan has not yet been repaid?

A relevant question for borrowers who did not immediately learn about the possibility of returning the insured amount after signing a loan agreement. After 14 days after registration of the insurance service, the return of the insured amount according to the law is impossible. But the client can contact his bank to resolve this issue, since some financial institutions provide the opportunity to refuse insurance and return their money even after the 14-day period provided by law has expired.

For example, Sberbank clients are given 30 days to return the insured amount. But there are only a few such loyal banks; the majority of financial institutions that impose insurance do not provide the opportunity to return money after 14 days. Therefore, if you did not take out a loan from Sberbank or VTB, then do not delay in submitting an application to refuse insurance services.

Get legal help

If an application for a refund is made after 14 days, then in almost all cases clients will be refused, justified by voluntarily signing an application for credit insurance. But, if the borrower does not agree with the imposed services, you can try to return the insured amount through the court with the help of lawyers. Professionals familiar with all the subtleties and nuances of the law may be able to help, depending on the specific case and insurance conditions. But, as practice shows, it is quite difficult to get your money back for insurance after the 14-day period has expired. Financial institutions justify the refusal by the fact that the client himself signed an application for insurance services and paid for them, thereby giving his consent.

Note. To avoid getting into an unpleasant situation and losing your money, carefully read the loan terms and conditions. Insurance is only required for car loans and mortgages; in other cases, you are not required to sign an application for insurance. And if you nevertheless paid for the insurance policy, fearing refusal of credit or for other reasons, then exercise your right to legally refuse services within the first 14 days.

As a rule, insurance services are most often imposed upon obtaining consumer loans. If a person needs borrowed money for a large purchase, then banks necessarily include insurance in the loan agreement and then have to waste time and effort to refuse it. If you cannot do without consumer loans, then you need to know about the existence of a loan that allows you to buy in installments without imposed insurance and other overpayments.

Today it often happens that when applying for a loan, citizens enter into an insurance contract. It enables financial institutions to significantly reduce their own risks.

Important! Banks often cooperate with certain insurance companies. They offer the borrower to insure his own life, ability to work, solvency, property (movable and immovable).

Is it possible to return loan insurance?

Once - on the day of signing the contract with the insurance company;
In installments - monthly along with loan payments.

For clients, the question of whether it is possible to return the loan insurance premium often arises during early repayment of a loan or during the termination of a loan agreement for one reason or another ahead of schedule. Often the answer to the question of whether insurance can be returned after repaying the loan is contained in the loan agreement or in the insurance agreement. You just need to read these documents carefully.

Important! Almost all insurance companies draw up a contract in such a way that the client has no opportunity to get his money back under any circumstances. This is indicated as a separate clause in most insurance contracts.

It turns out that it is impossible to get your money back? This is not entirely true. However, there are some situations in which a refund occurs.

How can I get my loan insurance back?

If the insurance contract does not specify the actions and rights of both parties upon early termination of the loan agreement. Then it makes sense to go to court to resolve the issue in your favor;

If the subject of the insurance contract was property issued on credit, which was then subject to return due to malfunction, breakdown, etc. In this case, two contracts are terminated simultaneously: credit and insurance;

If the borrower changes the beneficiary. According to current legislation, the beneficiary is a financial organization, that is, a bank. Therefore, if an insured event occurs (for example, the death of the borrower, loss of ability to work, dismissal from work, etc.), then the bank that provided financial assistance receives insurance. When the borrower repays the loan ahead of schedule, he has the right to change the beneficiary by appointing one of his relatives instead of the bank. Yes, you won’t be able to get back the money spent on insurance. But, if an insured event occurs, the borrower or his family will receive the insurance payment in full.

In the case where the insurance is paid in installments in parallel with the repayment of the loan, and the loan itself is repaid ahead of schedule, the borrower may not make payments on the insurance. That is, only part of the insurance will remain paid. But this is provided that the contract does not indicate otherwise.

Important! It turns out that the client can pay for the insurance partially. For example, if the loan is repaid in 1-2 payments, then the insurance company will receive a smaller amount than specified in the contract.

Is it possible to return the loan insurance or not?

Important! There is no point in suing the insurance company. It is also important to consider: no matter what decision the court makes, the plaintiff, that is, the borrower, must pay the costs. However, the borrower has the right not to make payments under the insurance contract if the loan was repaid earlier than the period specified in the contract.

When applying for a loan, the borrower most often agrees with all the bank’s proposals. When the situation becomes less acute, there is an understandable desire to optimize costs. And here is the way out - an announcement: “we will return the commission, insurance, interest.” How realistic are such promises, and in what cases can it actually work?

Imposing additional life and health insurance services on the borrower has become a widespread practice. In this case, the client receives the amount minus the insurance premium, and in addition, the size of monthly payments increases - sometimes up to 20%. Is it possible, and how, to return money for loan insurance if the bank has already fully withheld it upon issuance? It depends on the specific situation. Below we will look at the grounds for the claim, the general procedure, and examples of court decisions made both in favor of borrowers and in favor of banks.

In what cases and why can this be done?

The bottom line is that a transaction can be declared invalid if the terms of the contract violate legal norms. The consequence of such a decision will be a requirement to return the amount paid. Most often this is Article 16 of the Law “On Protection of Consumer Rights”, which:

• declares invalid the terms of the contract that infringe the rights of consumers;
• prohibits linking the possibility of purchasing one service with the mandatory purchase of another service.

The loss caused as a result of such actions is reimbursed to the buyer in full. We list the terms of the contract that may be declared invalid:

• oblige the borrower to enter into an insurance contract, especially with a specific company; use additional services for a fee - this violates the right to free choice;
• provide for the payment of one-time or permanent payments under the loan agreement not specified in the conditions - this indicates that the client was not provided with complete information;
• if the choice options were offered: with or without life insurance, while difference in rates so great that it can be may be considered discriminatory- in practice more than 50%.

After numerous appeals to the court, almost all banks excluded insurance provisions from the texts of standard contracts. Now more often they “unobtrusively” offer to sign:

• a separate petition to join the collective agreement, an application directly to the Investigative Committee;
• Instructing the bank to pay the insurance premium from loan funds, transfer payments monthly minus service fees;
• notification that when ordering additional services, the client is familiar with the bank’s tariffs and payment amounts.

Thus, if the contract contains provisions that directly violate the law, there is a chance to return the money for loan insurance. If they are absent, then the claim can be motivated only on one basis: additional services were “imposed” on the client, otherwise the decision to issue a loan would have been negative. But this needs to be proven, which will be difficult to do if there are “voluntary” consents.

Where to apply and with what requirement

In general, the procedure can be described as the following algorithm:

1. You need to carefully read the existing loan and insurance agreements. If it turns out that there are violations, prepare a claim to the bank. Despite the fact that the recipient of the insurance premium is the insurance company, losses arise due to the fact that an agreement was concluded with the bank that infringes on the rights of the borrower. Therefore, he must compensate them.
2. The claim contains references to an article of the law and demands that the amount be reimbursed on a voluntary basis. It is considered for 10 days. If you receive a refusal, you must go to court.
3. The buyer of the service can file a claim at the place of his registration; no state fee is charged. It usually includes demands for the recovery of specific amounts: damages, compensation for moral damage, penalties, fines for refusal to pay a claim, legal expenses.

Another situation arises when the loan is repaid ahead of schedule. For example, they took it out for 60, but paid it off in 24 months. Then a demand is made to the insurance company to collect part of the insurance premium. The issue is resolved in favor of the client only if the insurance contract expressly states that it is terminated upon early repayment of the loan. This practice is followed by the Bank of Moscow, Sberbank, VTB, but not all credit organizations. If the calculation of the insurance payment is tied to the balance of the debt, it is also possible to win the case: in this case, after the loan is paid off, it becomes negative.

In December 2013, amendments were made to the Civil Code of the Russian Federation and the law on consumer credit was signed, which came into force in July 2014. Transactions made in violation of the law are now classified as disputed, and the statute of limitations for filing them is 1 year. For previously concluded contracts, when they were recognized as void - 3 years. The countdown begins from the moment the loan is received. Unlike the borrower, the bank can collect debts from him within 3, sometimes even 10 years.

Position of the courts and examples from practice

Two essentially separate, independent violations of consumer rights are common:

1. inclusion of unfair terms in the contract;
2. imposition of additional services.

If the contract does not contain clauses on insurance, then the court does not find in them any signs of infringement of the interests of citizens. The fact of imposition must be proven, otherwise the conclusion follows that the applicant’s actions were voluntary. Cases are resolved positively when the documents do not separate the amount of payment for services and the insurance premium itself.

Let us give two examples of the Krasnoyarsk Regional Court, in which absolutely identical requirements were stated, but the decision turned out to be different.

Example 1

The claims were presented by the applicant to SB Bank. The bottom line was this: the life insurance service was imposed by the bank, the plaintiff’s right to free choice was violated in the absence of information about the amount of fees for the services.

However, during the investigation the following emerged:

• the contract includes a clause stating that refusal of voluntary insurance does not affect the decision to grant a loan;
• a separate application for inclusion in the group insurance program has been attached;
• there is a notice that the service is paid, the borrower is notified of the cost of services and the amount of the insurance premium.

The court did not see any violations of the law, since the borrower confirmed with his own signature that he had received full information about the conditions and cost of the service.

Example 2

The claims against RGS Bank were satisfied by the court in full, including the recovery of compensation for moral damages and a fine in the amount of 50% of the amount of the claim. A positive decision was made possible due to an error made by the bank.

Also, as in the previous case, the client signed an application to join the insurance program with RGZh Insurance Company, instructing the bank to extend all the terms of the contract to him and agreeing to pay the bank compensation for all costs in the amount of 90,000 rubles. It was this amount that was withheld from the loan amount. However, at the court hearing a bank statement was examined, from which it followed that it included:

• insurance premium to be transferred to the insurance company:
• bank remuneration for services, including VAT.

The basis for the positive decision was that the contract did not separately indicate the cost of the bank's services. Conclusion: the borrower was not provided with complete and reliable information. Without agreement with the client, RGS unilaterally determined the cost of the remuneration and violated the plaintiff’s right to make a free choice.

Find out what amounts of money can be recovered from the bank

A positive decision is more often made on old loan agreements, since in the last 2-3 years banks have changed their tactics of working with clients. In reality, only half of the decisions are made in favor of the borrower. When entering into a legal dispute, you need to remember that the banking system has a very competent legal service. However, after the adoption of the law on bankruptcy of individuals, credit organizations will be forced to maintain a reasonable balance between the desire to receive more money and the risk of not receiving anything.

Is loan insurance wasted money or financial protection against the vicissitudes of fate? Is it possible to get my money back? It is possible if you approach it competently and knowledgeably. The portal “I am a capitalist” will tell you in as much detail as possible.

In recent years, there have been increasing complaints about banks imposing insurance when applying for a loan. Clients can understand that this is an extra credit burden, but financial institutions also want to protect themselves as much as possible. Who is right? And is it possible to get a refund of the loan insurance after the loan is repaid?

Banks usually offer ready-made insurance packages. Often this is a product of a common holding. But you have the right to take out insurance wherever you want and provide the bank with a ready-made insurance policy. Of course, no one will return it.

Is the bank's requirement to obtain mandatory insurance justified? No! You have the right to refuse. But in this case other difficulties may arise:

• you will be denied a loan. The bank has the right to do this without explaining the reasons. Exit - try contacting another branch or another bank;
• your loan interest will be increased. Indeed, in the conditions of many banks it is openly written that if you refuse to register it, the rate increases by 0.5-5% per annum. The solution is to pay or look for more favorable conditions;
• banks are cunning and indicate the insured amount as a percentage for registration, but it is not refundable. The solution is not to take out a loan from such a bank.

It should be noted that many banks have unspoken instructions. For example, at Sberbank, a specialist receives a salary increase only when taking out a loan with insurance. Draw your own conclusions. But let us repeat once again - obtaining financial protection is partly in your interests.

The above information does not apply to the registration of collateral loans - in this case, registration of insurance for the collateral object is mandatory.

Refund of insurance. Is it real?

Really. But some conditions must be met.

1. The possibility of a return is documented - in the contract or in the terms of registration. Otherwise, even in court it will be difficult for you to prove anything.
2. From 06/01/2016, a refund of the full amount of insurance can be issued 5 days from the date of registration of the contract. If by this time the insured event has not occurred.
3. You can return part of the funds by repaying the entire loan or a portion of it ahead of schedule.
4. No overdue debt.

Return processing procedure

Contact the bank where you took out the loan and insurance. You will need to submit an application. In addition to the application, you must provide the following documents:

• passport;
• loan agreement;
• insurance contract;
• original receipt for payment of the insurance premium.

Naturally, at the time of returning the insurance, you should not be overdue. Otherwise, the bank will not even talk about a refund.

In the application you must indicate the account number to transfer funds.

Application processing time

When applying for a consumer loan with insurance, you can return its cost after receiving the loan. Each bank sets its own repayment deadlines. Check this point with the employee. If he refuses to talk about it, call the bank's hotline. You should be consulted.

Consideration of the application by law takes approximately 30 days, but in practice it happens much faster. If after 4 weeks the funds do not arrive in your account and the bank does not inform you about the result, you will have to contact the office again for clarification.

To prove that you are right, also look for information on the bank’s website. The credit institution does not advertise it, but its presence is required by law. On the page, it is usually located in additional documents at the bottom or side. For example, at Sberbank it is located in the “Insure yourself and property” tab – “Insurance against accidents and illnesses”. On the right there will be a “Good to know” menu. Find pdf files to download. Usually they are not paid attention to, but you can find a lot of interesting things there. This is what is written in the “Conditions of participation in the voluntary life insurance program (VLI)”.

How to write an application?

You can write in any order, but it is better to ask the employee for a ready-made form. Complete the application in 2 copies. On one, ask the bank employee to mark acceptance. If you issued one, then ask for a photocopy with a note indicating acceptance of the original.

The application must include the following points:

• the person in whose name you are writing the application. This is usually the head of the insurance company;
• full surname, name and patronymic of the applicant;
• applicant's passport details;
• applicant's address;
• contact number;
• insurance contract number;
• loan agreement number;
• date of conclusion;
• the amount of the insurance premium;
• account for transferring the refund;
• date of application;
• applicant's signature with transcript.

Sample text of the application

I ask you to return the insurance premium I paid in the amount of 12,345 (Twelve thousand three hundred and forty-five rubles) when drawing up the Voluntary Life and Health Insurance Agreement No. 5678 dated 02/01/2016. Please transfer the funds to my account No. 42111.810.08822.1234567 in the N branch of the bank.

So, we found out that even if the bank requires financial protection, its cost can be returned after receiving the loan. Banks do not want to warn their clients about this possibility. After all, this is their income. If you decide to return money for insurance, be patient. No one has yet abolished bureaucracy. Good luck!

For several years now, the country's banking institutions have been offering individuals, when receiving a loan, to insure themselves against accidents and illness. Purchasing a policy is not mandatory, but when purchasing it, lenders offer more favorable conditions for processing funds as a loan. For this reason, clients do not refuse such a tempting offer. However, along with this, many are interested in how to return the insurance after repaying the bank loan if the borrowed money is paid ahead of schedule.

Is it possible to return the insurance after repaying the loan?

Whether or not to purchase a voluntary insurance policy depends entirely on the borrower, since the bank does not have the right to impose this service. The insurance premium can be paid separately, asked to be included in the amount owed, or the money deducted from the loan received. Taking out insurance will help protect the client and co-borrowers from financial problems that may arise in the event of disability, accidents and even death of the borrower.

It is noteworthy, but bank employees willingly tell potential clients about all the advantages of taking out a policy and how to receive compensation in the event of an insured event. However, few people are aware that it is possible to return the money paid for insurance or part of it when repaying the loan before the expiration of the insurance contract.

In case of early repayment

When asked whether the insurance is refundable when the loan is repaid, you can find out by carefully studying the contract. If you have some free money and you decide to pay the credit institution early, then in most cases the law will be on your side, and you will be able to return the remaining amount of the insurance. The amount will be calculated based on the remaining months until the end of the contract after the date of full repayment of the loan.

When repaying the loan on time

If the borrower repays the debt without ahead of schedule, but with the payments specified in the contract, then after the last payment the loan contract will be closed, and the voluntary insurance policy will end with it. Traditionally, insurance is purchased for a period of one year with annual renewal. If you borrow money for several years, then insurance is issued for the entire period of validity of the loan agreement. If you took out a loan, for example, for 9 months, and the policy was issued for one year, you can safely demand that the money be returned to you for the remaining 3 months.

In what cases is it impossible to return insurance for a loan?

Before signing the contract, you must carefully read all its clauses, where it will be written whether the client has the right to a refund of the paid insurance premium or not. There are a number of moments when you cannot return the money for the policy, even if you repay the debt ahead of schedule:

• if there was an insured event, since part of the remuneration was paid;
• if there are late payments, even if fines were paid, because you did not fulfill all the important terms of the contract on time;
• if the loans were repaid according to the established schedule in full on time;
• subject to the conclusion of a comprehensive insurance contract, when the beneficiary is a banking institution;
• if the contract contains a clause stating that the insurance is not refundable upon full repayment of the loan.

Legal regulation

Legal illiteracy of the majority of the Russian population allows banks and insurance organizations to turn the situation regarding the return of insurance to their advantage. If we talk about early termination of an insurance contract during the “cooling-off period,” then here you can directly refer to the Bank of Russia Directive No. 3854-U “On minimum (standard) requirements for the conditions and procedure for the implementation of certain types of voluntary insurance,” which came into force with June 1, 2016.

Regarding the question of how to return insurance after repaying a loan ahead of schedule, here you can be guided by the Law on the Protection of Consumer Rights and the Civil Code, which give a person the right to terminate any concluded contract. However, according to the law itself, insurance companies are not obliged to return money to clients, but this can be challenged in court, but only if the insurance concerns life, financial risks and health.

How to get money back from consumer credit insurance

Compulsory insurance applies only to collateral, so if you took out a standard consumer loan, you can safely refuse to purchase a policy. If insurance has been purchased, you can return it during the “cooling period,” which is legally set aside for 5 days, although some banks extend this period. Provided that you have repaid the debt ahead of schedule, you can do the following:

1. carefully study the contract and find out whether the return of the insurance premium is allowed for early repayment;
2. if it is possible to carry out the procedure, collect the necessary package of documents, which includes a passport, a copy of the loan agreement and a certificate from the bank about full repayment of the debt;
3. fill out an application to the insurance company and attach the collected papers.

Refund of loan insurance upon early repayment

It doesn't take much effort to get the insurance back after paying off the loan early. However, it is necessary to understand that problems may arise with this. This could be, for example, a refusal by an insurance company. In addition, you should not count on the fact that you will receive the full amount, because the policy was purchased for the entire period of repayment of the debt. First of all, you need to understand whether it is worth pursuing the return of funds, because sometimes the benefits received may be disproportionately small compared to the efforts that were expended.

Refusal to return

The most common option is the refusal of the insurance company to return the money for the policy, or rather for the unused time due to early repayment of the loan. This is primarily due to the fact that clients do not carefully read the agreement before signing it, because the clause that the insurance company does not return the money if the loan is repaid in full is often included in the agreement, but is written in fine print. It is unlikely that you will be able to solve this problem yourself, so it is recommended to use the services of a professional lawyer.

Partial reimbursement of insurance premium

It is possible to return part of the funds spent on the purchase of the policy, provided that the loan is paid ahead of schedule, but the amount will be small. Here you need to be especially careful, since insurance companies may justify their position by the fact that most of the funds were spent on administrative support, which is why they return so little money. If the cost of the policy is high, you can request a printout of the use of money, thereby achieving the return of the maximum possible funds.

Full refund of the insurance amount

It is possible to return the insurance in full only if you repay the loan ahead of schedule, but the debt period was one, maximum two months. Under such circumstances, the insurance company simply will not be able to prove how it spent most of the funds. At the same time, this is the only case when it is possible to achieve justice without litigation.

How to get insurance after repaying the loan - registration procedure

Before you return the insurance after full repayment of the loan, you must find out how the contract was concluded. The fact is that most borrowers make a big mistake when they contact the lender directly. This can only be done if insurance is part of the services provided by the bank - the so-called comprehensive insurance. In all other cases, it is necessary to write an application to the insurance company, where the insurance premium is recalculated in proportion to the period of use of the loan.

Application to the insurance company

To terminate the insurance contract, you must write an application to the insurance company. In it you need to indicate your passport details, insurance contract number and the reason why you are going to terminate the agreement. You can hand it over personally to a representative of the insurance company, but you need to make sure that he is assigned an incoming number, otherwise it will be difficult to prove anything. If this is not possible, you can also send the application by registered mail, but you will have to notarize your own signature and send documents along with the application.

What documents need to be provided

You need to understand that a statement alone will not do the job. First of all, you need to prepare your personal passport and a copy of the loan agreement. In addition, you will need to visit a bank branch, where you can get a certificate of no debt (full repayment of the loan). However, you must be prepared that the insurance company may require other documentation. For example, checking account information may be required because refunds are transferred to the client exclusively by bank transfer.

Is loan insurance refundable at Sberbank?

Since the majority of loans issued, as statistical data show, are from the country's largest bank, many are interested in how to get back insurance on a Sberbank loan. This option is only possible with early repayment of debt. To do this, you need to contact the insurance company and write an application, to which you must attach a certificate of no debt. This rule works with Sberbank Insurance, which is owned by the financial institution itself. If the policy was purchased from another organization, resolving the issue may become more complicated.

Return of insurance after repayment of the VTB 24 loan

By applying for a loan at VTB24 and purchasing insurance, the bank will offer you favorable conditions that include lowering the interest rate. However, employees often offer to conclude a contract for a period of two to three years, citing the fact that this way the insurance will be cheaper. There is a rational grain in this, but in the case of long-term loans issued, for example, for the purchase of a car or the purchase of real estate. For a consumer loan, this is not recommended, especially if the loan term is short. The procedure for returning part of the premium is similar to the above.

How to return insurance on an Alfa Bank loan

If you go to the bank’s official website, you can find information that the bank returns insurance to its clients only during the “cooling period,” which lasts five business days from the date of conclusion of the contract. In all other cases, including early repayment of the loan, it is necessary to look at the loan agreement, which should stipulate this possibility and the procedure for repaying funds.

What to do if the insurance company refuses to accept the application

Provided that the insurance company does not want to return the money, although the concluded agreement does not prevent this, depending on the type of loan, you can go in two ways. If you have paid off your mortgage or car loan ahead of schedule, you can write an application to change the beneficiary. In this situation, the insurance company will pay the agreed portion to the person to whom the property will be registered.

For consumer lending, you will have to go to court or contact Rospotrebnadzor. However, before doing this, you should carefully study the judicial practice on such statements in order to understand the likelihood of a favorable outcome in your favor. When going to court, it is important to understand that if you lose, all legal costs will fall on your shoulders, so if the amount of the insurance premium to be returned is low, you need to think about whether this case is worth starting.

Video