Not afraid of ten thousand, just in case, many people will always buy one or two insurance in their life. However, for friends who have bought insurance, they may not buy more duplicate insurance, but more financial management. Then many people in insurance companies will add financial services to insurance sales, making friends who don't understand the market mistakenly think they are financial management. Recently, in view of this phenomenon, the CIRC has issued new regulations. Let's have a look.
In this notice, there are very strict restrictions on two categories of products. Among them, the two all risks insurance and annuity insurance shall not be returned within 5 years, and the annual payment or partial payment proportion shall not exceed 20% of the premiums already paid. In addition, the notice also makes it clear that universal insurance and continuous investment insurance shall not exist in the form of additional insurance. For products that do not meet the requirements, rectification shall be completed before October 1, 2017. This series of new regulations is also known in the industry as strengthening the measures of "insurance surname insurance", especially requiring enterprises to complete self inspection and rectification by October 1, 2018 at the latest. This means that the previous round of large-scale delisting of insurance products has been completed. Insurance products will also undergo great changes from today.
For example, the annuity insurance products designed by many companies can return the first survival payment after the first payment, and even some products can return an annuity of up to 30% of the premium in the first year of the contract. Some experts said that the annuity dividend insurance with the scale of offset premium of many insurance enterprises is basically in the form of main insurance annuity + additional universal account. This kind of product can quickly expand the market share, but the guarantee attribute is not high, and the return period of the product is short and the amount is large, which is easy to cause business risk. Therefore, the current provision is that the annuity insurance shall not be returned within 5 years, and the annual payment or partial payment proportion shall not exceed 20% of the paid premium.
"Investors go to the bank to buy financial products, but the money can't be raised when the product expires. When they ask, they know that they originally bought insurance.". In recent years, this kind of change from deposit to insurance and financial management to insurance can be said to occur frequently. The depositor bought an insurance, and the investor clearly wanted to buy bank financial management, but the bank staff strongly recommended higher income insurance financial management.
At present, according to the requirements of the notice, when developing and designing insurance products, insurance product naming, product instructions and relevant product publicity materials shall not include statements such as "financial management" and "investment plan". The name of insurance products shall be clear and highlight the liability characteristics of insurance products. Where an insurance company sells a combination of products, it shall clearly inform consumers in the product sales and product publicity materials that it is an 'insurance product combination' or an 'insurance product plan'.
Another provision in the notice is also quite eye-catching: when determining the premium rate of life insurance products, insurance companies are encouraged to distinguish the health status and smoking status of the insured and make differential pricing. So does this mean that the premium for smokers will be higher? In this regard, some people in the industry believe that the health status and smoking of the applicant are the factors that will be considered in product pricing. There has always been such a problem in the personal health status form filled in before insurance. To evaluate the rate of smokers, we should not only rely on the questionnaire survey, but also increase the relevant physical examination process. At present, from the aspects of personnel, cost, system and products of insurance companies, it is not realistic to start implementing such fine differentiated pricing immediately. However, many insurers still suggest that differential pricing is an industry trend according to the health status of policyholders. Smokers should maintain healthy living habits and quit smoking as soon as possible.