Sberbank life insurance, a Sberbank subsidiary, has rolled out insurance against salary cuts for borrowers taking out general purpose loans at Sber. The all-new insurance option can be activated on SberBank Online when applying for a loan.

When taking out a personal loan, borrowers can also add a life insurance policy on top of that. Sberbank life insurance offers an online builder allowing policy takers to choose risks in any combination: life and health protection, insurance against job loss, and one against salary cuts.

This new option allows policy takers to receive compensation should their salary be reduced by over 15%. Payments will be made for the next six months to cover 60-100% of the installments you are supposed to pay on your personal loan, depending on the paycheck cut.

Having faced the challenges the pandemic brought along, many companies had to optimize their labor practices by streamlining salaries and staff. Even those whose employers took no optimization steps faced concerns regarding how stable their income was. This is why we have added some pressing risks to our insurance policies designed for general purpose loan borrowers. These are job loss insurance and the all-new salary cut insurance, both popular among our customers. Fifteen per cent of those taking out a life insurance policy add job loss risks to it. By the way, we have paid out RUB 20 mn to those who have lost their jobs year-to-date. At the pilot stage, salary cut risks were added by over 3,000 clients.

Natalya Alymova

Senior Vice President and Head of Wealth Management, Sberbank

General purpose loan borrowers are entitled to insurance payouts depending on the term of insurance, insured value, and the set of risks you choose: the more bundles you buy, the less one bundle is priced. The size of the loan and your insurance value will be displayed on SberBank Online when you apply for a loan.

Life and Health risks are available to customers aged 18 to 65, Job Loss and Salary Cut risks are available to women between 18 and 55 years of age and men aged 18-60.

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Sberbank of Russia published this content on 26 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2021 12:27:06 UTC.