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

• Khaan Daatgal LLC

• Tenger 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 (75756000);

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

• 5 days if your insurer is Khaan daatgal LLC (70000808);

• 5 days if your insurer is Tenger daatgal JSC (18001889);

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;