08.07.2025, 12:13
Sber has changed the approach to life insurance for mortgage borrowers
Source: OREANDA-NEWS
OREANDA-NEWS Sber is reviewing its approach to life insurance for mortgage borrowers. The Bank introduces new, transparent requirements for insurance services so that insurance protection becomes not a formality, but a real support for a person in a difficult moment.
The essence of the changes lies in respect for the client and his life circumstances, the bank notes. Insurance should work when a person really needs support. Companies that will insure mortgage borrowers of the Savings Bank must make payments on the risk of death within five working days after receiving the documents. And if the payment amount does not exceed 5 million rubles — according to a reduced package of documents.
Protection now extends not only to those risks that may arise after the policy is issued, but also those that result from existing illnesses and accidents. This means that the insurance company cannot refuse a client based on a previous diagnosis.
The new requirements also take into account the specifics of different categories of borrowers. The insurance policy is now available to customers under the age of 75, as well as people with disabilities — for the risks of deterioration or death. Exceptions to insurance coverage are minimal and relate only to cases that are directly causally related to alcohol, narcotic or toxic poisoning.
In addition, the insurance coverage area should cover the Donetsk and Lugansk People's Republics, Kherson and Zaporizhia regions. This is an important decision that ensures equal protection conditions for all Sberbank customers, regardless of their region of residence.
Current policies can be extended under the same conditions until August 31, 2025. And starting from September 1, all insurance contracts must comply with the updated requirements of the bank.
"We are introducing a new human—centered standard for mortgage insurance: now it must really protect people - quickly, honestly and to the point. Payments within five days, coverage of pre—existing illnesses, insurance for the elderly and people with disabilities, and a minimum of exceptions are all aimed at one thing: that in a difficult situation, the client receives help, and not rejection for a formal reason. We are confident that the insurance market will support these principles, and Sberbank customers will be able to choose products that really work in their interests. The Bank has already started the procedure of checking applications from insurance companies. We are confident that all companies that want to work with Sberbank mortgage borrowers will be able to offer our clients the highest level of protection and transparent conditions," said Ruslan Westerovsky, Senior Vice President and Head of Wealth Management at Sberbank.
The essence of the changes lies in respect for the client and his life circumstances, the bank notes. Insurance should work when a person really needs support. Companies that will insure mortgage borrowers of the Savings Bank must make payments on the risk of death within five working days after receiving the documents. And if the payment amount does not exceed 5 million rubles — according to a reduced package of documents.
Protection now extends not only to those risks that may arise after the policy is issued, but also those that result from existing illnesses and accidents. This means that the insurance company cannot refuse a client based on a previous diagnosis.
The new requirements also take into account the specifics of different categories of borrowers. The insurance policy is now available to customers under the age of 75, as well as people with disabilities — for the risks of deterioration or death. Exceptions to insurance coverage are minimal and relate only to cases that are directly causally related to alcohol, narcotic or toxic poisoning.
In addition, the insurance coverage area should cover the Donetsk and Lugansk People's Republics, Kherson and Zaporizhia regions. This is an important decision that ensures equal protection conditions for all Sberbank customers, regardless of their region of residence.
Current policies can be extended under the same conditions until August 31, 2025. And starting from September 1, all insurance contracts must comply with the updated requirements of the bank.
"We are introducing a new human—centered standard for mortgage insurance: now it must really protect people - quickly, honestly and to the point. Payments within five days, coverage of pre—existing illnesses, insurance for the elderly and people with disabilities, and a minimum of exceptions are all aimed at one thing: that in a difficult situation, the client receives help, and not rejection for a formal reason. We are confident that the insurance market will support these principles, and Sberbank customers will be able to choose products that really work in their interests. The Bank has already started the procedure of checking applications from insurance companies. We are confident that all companies that want to work with Sberbank mortgage borrowers will be able to offer our clients the highest level of protection and transparent conditions," said Ruslan Westerovsky, Senior Vice President and Head of Wealth Management at Sberbank.
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