It is possible to return insurance in case of early repayment of the loan, but only if a number of conditions are met. In some cases, you can achieve what you want only through the courts. To avoid problems, carefully read the contract before signing.
Credit insurance reduces the risks of the bank and the borrower. According to the law, it is not mandatory, it implies the ability to refuse the service after the conclusion of the contract. You can do this at the stage of filing an application, but there is a risk of an increase in the interest rate, a refusal, and toughening of conditions.
In case of early termination of the contract, part of the insurance can be returned. This is spelled out in paragraph 3 of Art. 958 of the Civil Code of the Russian Federation. According to the law, if the debt is repaid before the agreed period, the insurance risk becomes negligible. Therefore, the insurer receives only part of the amount, and returns the rest to the client. A 2013 letter from the Ministry of Finance states that the borrower is exempt from any additional fees and taxes.
Subtleties
Insurers and banks do not want to lose part of their profits, so they can go for a trick: the insurance policy is drawn up between the insurance company and the credit institution directly. In this case, it will be problematic to return at least part of the amount. This is due to the wording: the borrower pays for insurance in the form of commissions, organizational costs. Therefore, it will be difficult to prove the fact of its presence.
Some institutions return part of the amount to clients, make concessions, but this happens only if the position is fixed in the loan agreement.
You can also return the entire amount paid when purchasing the policy. To do this, the client must write a statement of termination of the contract within 14 days. Regardless of the specific case, before submitting an application, you need to clarify:
- whether the contract is individual or collective;
- what conditions of return are established by the insurance company and the bank;
- what aspects were touched upon directly in the contract itself.
Application and return
If you want to return the money, you must write a statement. It includes information on the numbers and dates of the conclusion of the loan and insurance agreement, describes the request, indicates the regulatory basis, the account number for the return. There are three conditions under which a part of the insurance can be returned:
- confirmation of 100% debt repayment;
- the presence in the contract of a clause on the possibility of return;
- providing a complete package of documents.
Refunds occur within 10 days. In the event of a delay, the insured person has every right to file a complaint with Rospotrebnadzor. In Sberbank, Sovcombank, Alfa-Bank and VTB 24 and other institutions with a good rating, deadlines are often met.
