How to save on life insurance with a VTB 24 mortgage?

Why is life insurance necessary?

Almost every bank requires borrowers to take out a life and health insurance policy. This is necessary for a mortgage, when a person wants to purchase a home on credit. VTB (this may be another bank, but we will consider this example) establishes the requirement to obtain insurance for all clients, since it does not want to incur losses in the event of unforeseen circumstances such as the borrower’s loss of ability to work or loss of life.

Personal insurance for a mortgage is not required - this is what the loan agreement says, but in reality the bank may refuse to issue a loan if the client writes a waiver of insurance. VTB will not explain the reason for the refusal, but every person who meets all the bank’s requirements must understand that reluctance to take out insurance can negatively affect the bank’s decision, and if a loan is needed, then it is better to make concessions, especially since insurance can always come in unexpectedly handy .

The importance of life insurance when obtaining a mortgage at VTB 24

Content

The need for mortgage insurance is due to the long-term nature of the loan and the large amount. Purchasing an insurance policy from VTB Insurance LLC is an important step when applying for a mortgage, since in the event of the insured person's disability, the insurer will provide him with financial protection and assume his debt.

The policyholder may receive compensation in the following cases:

• in case of loss of ability to work;
• in the event of the death of the insured person.
• job loss
• in case of natural disasters (flood, earthquake, etc.)
• fire
• lightning strike
• explosion due to gas leak
• loss of property rights

All options can be reviewed immediately before signing the contract.

Types of policies from VTB Life Insurance

Life insurance is a fairly large area and the company offers a lot of products. But insurance policies can be roughly divided into:

1. Investment – the client will be able to make a profit consistently and annually, or receive the full amount at the end of the policy period.

   

2. Cumulative – by setting aside part of the funds, you can eventually receive financial assistance in the event of an insured event and save your savings in order to withdraw them later.

   

The profitability of policies from VTB Life Insurance sometimes exceeds the profit from standard deposits, plus it provides the advantage of insurance payments in the event of an accident. Each program has its own types of insurance policies and now they will be described.

Investment life insurance

ILI from VTB Life Insurance will allow clients to profit from their investments. Taking out such a policy carries absolutely no risks and a person will definitely benefit by deciding to purchase insurance.

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Investment life insurance is convenient because:

• You can receive payments according to the established schedule with equal frequency.
• In the event of the death of the insured person, his heirs will receive payments tax-free and within 1 month.
• You can get a tax deduction back - which is 13% of the contribution amount.
• The annual profit will be approximately 6% of the invested amount.
• Money is invested in reliable companies.
• The ILI policy is inviolable and other people cannot claim it during the division of property or other legal proceedings.

VTB Life Insurance company offers four options for life insurance policies, and they differ in terms and amounts of insurance payments.

"Maximum" and "Investment in the Future"

These are two insurance policies from a company that will allow a person to benefit and be insured against loss of life due to an accident or other cause. A person can insure himself, or his relative or another person who is in the age range of 18-75 years.

Under the “Maximum” program, the minimum insurance premium is 350,000 rubles, and under the “Investment in the Future” program - 30,000 rubles. Therefore, in the first case, the client will be able to receive a larger amount upon expiration of the insurance period. The insurance contract is valid for a minimum of three years, but the maximum period is set depending on various factors and, most importantly, the client’s solvency.

Fixed income

Under this program, a VTB Life Insurance client will be able to receive profits in constant equal amounts, or withdraw them in full at the end. If the policyholder loses his life in an accident, the heirs will receive an emergency profit, and if the reason for his death is different, then the insured amounts may be paid in part. The policy validity period is from 3 years.

Barrier growth

An ILI policy is issued for five years, under which a person must pay the entire amount of the insurance premium at a time. It can be in rubles (from 600,000) and dollars (from 10,000).

The client has the right to receive coupon income during any period of the contract, or to receive payments at the end of the term. In the event of the death of the insured person, all benefits under his policy will be received by the heirs.

How much does mortgage life insurance cost?

The final cost of the policy depends on the tariffs of the insurance company in which it is purchased, and on:

• the health status and age of the policyholder - the higher the risk of disability, the higher the amount of insurance premiums, in addition, a certificate or medical card may be required;
• characteristics of the borrower’s professional activity and field of work.

If, after the borrower passes away as a result of any illness, it turns out that he hid the fact of illness, then payment will be refused. To protect yourself from unauthorized actions of the insurance company, it is worth going through a medical examination and presenting the appropriate certificate.

A tariff schedule is formed for each borrower. Mortgage life insurance rates are in the range of 0.1-2% of the loan amount (the percentage greatly depends on the age and term of insurance, the higher they are, the higher the percentage). If the income of another person was taken into account when applying for a mortgage loan, then he will also have to be insured.

When applying for a mortgage, an insurance policy must be issued for the collateral object - the purchased home. Insurance is issued for the entire loan repayment and covers the following set of risks of property damage:

• fire in the building;
• explosion of steam boilers;
• damage resulting from terrorist acts;
• natural disasters: flood, hurricane or other natural disasters;
• flooding as a result of the release of groundwater.

To calculate the cost of mortgage insurance you need to consider:

• insurance validity period;
• all insurance risks that will be specified in the contract;
• data on the condition of the building;
• the number of requests from the borrower to the insurance company.

The technical condition of the collateral is assessed based on the following data:

• the area of ​​the apartment and the period of its operation;
• insurance valuation of the apartment at its market value by an independent appraiser;
• fire safety of the finish and the likelihood of damage to the apartment and the property in it in the event of a fire.

Using the mortgage insurance calculator on the VTB Insurance Company website, you can make a calculation. To do this you need to specify:

• payment plan;
• housing costs;
• interest rate;
• validity period of the loan agreement;
• increase in debt balance;
• IC rate as a percentage;
• date of the first payment.

By activating the “Calculate” button, you can see a table that will indicate how much insurance costs and the payment schedule.

Endowment life insurance

NSZ - allows you to profitably invest your savings and insure your health in case of an unforeseen situation. The NSJ policy is not just an account in which the client’s funds are stored, it also acts as insurance and in the event of health problems (each type of policy has its own insured events), the client will receive financial compensation without changing the amount of personal funds.

Endowment insurance is profitable and convenient, and VTB Life Insurance offers ten different programs in this category.

For growth

Children grow quickly and soon after birth they will need money to start their own family, go to college, or solve other life problems. The policyholder (close relative) takes out a policy for a minor child (under 17 years of age). Throughout the entire period, a person contributes certain amounts (you can also make a one-time contribution), which the child can then receive upon reaching adulthood.

The contract must be drawn up so that its term ends before the insured person turns 23 years old. The advantage of this program from VTB Life Insurance is that the company will pay compensation for the treatment of a child if he is diagnosed with group I or II disability, falls ill with one of the critical diseases, or dies for any reason.

The life insurance function here is included free of charge, and therefore such a policy will not only be an excellent savings account, but will allow you to be prepared in case of unforeseen circumstances.

Personal plan

An insurance policy will allow a person to receive benefits from the company if they are injured, become critically ill, or become disabled.

If a person becomes unable to work, VTB Insurance will remove his obligation to make insurance payments, but the amount of the insurance payment will remain unchanged. A person can take out this insurance policy for a period of up to 30 years.

Close people

The program was created so that a person can simultaneously insure himself and his loved ones (one person). VTB Life Insurance will pay compensation in the event of:

• Determination of group I or II disability for the insured person or policyholder.
• Injury to the insured.
• Establishing a diagnosis of a critical illness for the insured person.
• Death of the policyholder.

Under this agreement, a person can receive his money and profits from endowment insurance at the end of the policy period (from 5 to 30 years).

Reserve Fund

For a period of 7 to 20 years, a person can purchase a life insurance policy, which will allow him to receive payments from the company in the event of the death of the insured person, or the determination of disability for him or the policyholder.

A person can make insurance contributions at equal intervals and receive payments in full upon the occurrence of an insured event immediately after the first payment. Every year, a VTB Life Insurance client receives income from participation in the insurance company’s profit program.

Savings fund

The conditions here are quite standard and a person can independently choose one of the schemes for making payments under the policy - a lump sum, or equal payments with a deferment. The company will make payments in the event of loss of life, disability or serious illness of the insured person. This is the simplest and long-known program, and therefore it is in great demand among VTB Life Insurance clients.

Family capital

Saving money at the present time is simply necessary, since unforeseen situations can seriously throw you out of your financial rut.

This insurance policy will allow the family to receive payments if their breadwinner (the policyholder, who is also the insured person) loses the opportunity to work and earn a living (they will also no longer need to pay for the policy), or dies prematurely due to various circumstances. The insurance premium for this program is 25,000 rubles.

Property

700,000 rubles is the fee for issuing an insurance policy, which will allow you to receive a large amount at the end of the term (from 5 years, and then at the client’s choice). VTB Life Insurance will also pay compensation if the life of the insured person is taken.

Confident start

The program is very similar to the NSZh policy “For growth”, but here the insurance premium starts from 3,000 rubles, and the client can sign a contract for a period of up to 20 years for his child.

Upon reaching adulthood, the child will be able to withdraw the invested funds along with the accrued profit, and if he dies prematurely, all contributions will be returned to the policyholder.

A Reliable Outlook

By investing from 3,000 rubles, a person can receive a profitable product, because at the end of the term the company will pay out an amount greater than the client initially invested. Everyone also chooses the investment method independently, and the company pays insurance premiums one-time, annually or monthly. Additionally, insurance against the risk of loss of life is included.

For life

There is a wide variety of insurance premium amounts and a life-long policy is issued. The client will be able to receive payments depending on the size of the investment; there is also additional insurance in case of an accident or loss of life in another way.

Insurance rules

Each program has its own restrictions and conditions specified in the contract.

Absolutely all types have one feature: those events that occurred before the entry into force or before the policy was issued are not compensated. Extension of contracts is available and you will need to notify the insurance company about this and pay the required amount.

Calculation of the cost of the policy

It is impossible to name the exact cost of any of the VTB Life Insurance products, since this amount is influenced by many parameters:

• Gender and age of the client.
• Health status.
• Employment and ability to work.
• The amount of the insurance premium paid.
• Insurance program.
• Number of options in the program.

The price of the policy can start from 3 thousand rubles and have absolutely no upper limit, since everything here depends on the wishes of VTB Life Insurance clients.

Documents required to issue a policy

When concluding a mortgage insurance contract with VTB Insurance, you will need the following:

• identification document of the borrower (passport), if several people are included in the agreement, the passports of each of them will be required;
• a certificate from a medical institution on a bank form stating that the policyholder does not have serious illnesses and his legal capacity is not limited;
• documents confirming the right of ownership of property (certificate of ownership);
• a certificate confirming the absence of debts on taxes and other payments;
• additional documents may also be required at the request of the bank or insurer.

Calculator

You can calculate the cost of an insurance policy using an online calculator. It is necessary for preliminary calculation of data, and to use it you need to go to the official website of VTB Life Insurance in the “Buy a policy” section. The calculation rules are reminiscent of standard loan calculators, where you need to enter specified parameters, and the system itself will show how much a life insurance policy will cost.

Procedure for obtaining an insurance policy

To purchase a life insurance policy or life insurance policy from VTB Life Insurance, you must:

1. Write an application to purchase a policy at the company’s office.
2. Submit documents - passport, SNILS, health certificate. The insurance company may request additional papers if necessary.
3. Conclude an insurance contract.
4. Make the first (or entire) amount of the insurance premium.

Only after this action is the policy activated and the person will be able to receive payments according to the terms of the contract upon the occurrence of an insured event. If a person has questions, then before registration he can call the hotline to clarify the points of interest.

VTB Life Insurance has an Internet banking function and a personal account is available to all clients, only mandatory registration according to the data received from the insurance company. Using your account, you can monitor the status of your insurance and consult with specialists

Is it possible to get my money back from insurance?

Termination of an insurance contract is an important point that is of interest specifically to VTB borrowers, since they often take out insurance more under duress than at will.

You can terminate the insurance contract on a loan and return the premium only within the first 10 days, and this is stipulated by the terms of the contract. Just keep in mind that when the insurance is terminated, the bank can quickly raise mortgage interest rates, which will significantly worsen the borrower’s situation.