Mortgage life insurance and collateral protection insurance 

Purpose

Mortgage life insurance helps mitigate the financial impact on your family in the event of your disability or premature demise by providing a tax-free compensation, whereas collateral protection insurance provides coverage for damage to your personal property used to secure the loan. These insurances are dual-interest insurance which protects the interest of both the lender and the borrower.

Collaborating insurance companies

• Mig Daatgal LLC

• Ard Daatgal JSC

Coverages

• Apartment and house financed by mortgage loan

• Borrower and co-borrower’s life and disability 

Insurance value and rate of premium

Insurance policy is effective when premium is paid and in force for one year.

Scope of coverage and risks

• Fire;

• Electrical faults;

• Water damage;

• Natural disasters;

• Vandalism;

• Borrower and co-borrower’s life;

• Borrower and co-borrower’s disability.

What to do when insurance incident occurs?

Inform the insurer within:

• 5 days if your insurer is MIG daatgal LLC (70003000,330130);

• 5 days if your insurer is Ard daatgal JSC (77200088).

Required documents has to be filed to the bank or insurer within 90 calendar days after the incident.

Required documents for insurance claims

• Insured’s request;

• Copy of insurance policy;

• Proof of damage act and cause of damage;

• If necessary, a report from a corresponding professional institution;

• Copy of death certificate, Examination report of cause of death (physician statement, death summary, test results, post-mortem examination, autopsy);

• Proof of disability (hospital and labor inspection commission act and other);

• Credit and collateral contracts;

• Bank description;