Official website, who went to the CIRC to check the announcement, found that a document was misread.
In September last year, the No.76 document issued by the China Insurance Regulatory Commission put forward several new requirements for the design of insurance products, which was then formally implemented on April 1 this year.
In addition to the requirements, this notice also clarifies that several insurance products that do not meet the requirements of the CIRC will also be discontinued before April this year 1.
It is this word "stop selling" that began to be misunderstood by insurance salesmen, such as:
"There will be no sales of returned products in the future. If you don't buy it, it will be gone."
"If an agent recommends you to buy insurance, please don't refuse, because you may never buy these insurances again."
……
Even the official WeChat account, some insurance companies, spread erroneous interpretations in a partial way. The screenshot of the file inside also deliberately erased the important content, and only circled the message "Stop selling":
In fact, the purpose of this is to stimulate you to buy, routine, routine!
Today, Bian Xiao simply takes you to correctly interpret the No.76 insurance document released last year:
Not all refundable health insurance and commercial endowment insurance should be discontinued, and the following unqualified insurance products should be delisted.
1. If the guarantee level is not up to standard, the sales shall be stopped.
The specific content of the file is shown in the screenshot above. It means that raising the lower limit of the ratio of the insured amount to the premium is equivalent to improving the degree of protection and increasing the leverage ratio, which is beneficial to the beneficiaries in essence. Therefore, insurance products that do not meet this standard must be discontinued before April 1, not all types of products. In other words, it is better to stop selling those products with low cost performance.
2. The assessment interest rate of the universal insurance liability reserve is higher than the annual compound interest of 3%, and the sales will be stopped if the conditions are not met.
Many bancassurance products purchased by investors in banks are packaged in this universal insurance. The yields given by such products are not low, ranging from 6%+ at every turn, and even promise a guaranteed interest rate of 3.5%. High returns and high risks behind them. Therefore, in order to improve the safety of customers' funds and prevent financial risks, the China Insurance Regulatory Commission has restricted the interest rate ceiling of universal insurance in Document No.76. Therefore, those who do not meet the requirements before April 1 will stop selling.
3. Provide insurance for policy loans, and stop selling if the loan ratio is too high.
Some savings-oriented policies can mortgage loans. Previously, the loan ratio can reach more than 80% of the cash value of the policy, while the loan ratio of many products is as high as 90%, and it is said that some even exceed 95%. After April 1, the loan ratio of all policies should not be higher than 80%, and violators should stop selling.
For example, the cash value of the policy is 1 10,000. You can borrow 900,000 or even 950,000 yuan before April 1, and only 800,000 yuan at most in the future, which is equivalent to a decrease in capital turnover. Therefore, for this kind of products, Bian Xiao believes that if you take a fancy to the function of policy fund turnover, you can buy it when the loan ratio is high now, otherwise there is no need to buy this kind of insurance before the suspension for more loans.
Bian Xiao felt that the discontinued products were not as "value-added" and "perfect" as advertised. Don't blindly follow the propaganda of "stop selling" When buying insurance, you must choose the insurance products that suit you from the aspects of premium and protection level according to your own insurance needs.
For the insurance products that have been purchased to stop selling, the insured can also rest assured that the insurance company will fulfill the terms in accordance with the contents of the contract. In other words, the rights and interests of the insured will not be affected by the suspension of product sales.