There are many products underwritten by Xinhua Life Insurance, and those with payment of 65,438+00 years generally belong to annuity insurance and critical illness insurance. For example, the C3 payment period of health-free critical illness insurance can be divided into 5 years, 65,438+00 years, 20 years and 30 years, and the guarantee period is lifelong. Once the surrender fails.
How to calculate the refund premium?
From the actuarial point of view, there are at least eight factors that an insurance company needs to collect the surrender money from the insured who cancels the contract to make up for the losses that may be brought to the insurance company by the customer's surrender.
1, procedure fee Whether it is the signing process or the payment process of surrender premium, the insurance company will spend a certain amount of manpower and material resources, and there will be some extra expenses, so it is necessary to charge the defaulting policyholder a handling fee.
2. Commission cost Generally speaking, in the first year or a few years before the insured buys the policy, the insurance company pays all or most of the commission to the agent. Once the insured surrenders midway, the commission paid will not be recovered, and the loss of the insurance company's commission will be borne by the defaulting insured.
3. Insurance Deduction If an insurance accident agreed in the insurance contract occurs between the entry into force of the insurance contract and surrender, the insurance company shall be liable for compensation or payment of insurance benefits, that is to say, the insurance company has provided risk protection for a period of time before surrender, so the premium of the insured needs to be considered. These premiums need to be deducted from the surrender premium when surrendering.
4. After the discount insurance company collects the insurance premium, it should carry out investment management and investment matching with the liabilities. And any investment has a preset investment period based on insurance and premium income, and the length of the investment period corresponds to the expected income. The discount of the investment market caused by the insurance company's early withdrawal of funds from the capital market or money market will also be borne by the customers who surrender.
5. Interest rate adjustment In addition to a part of the insurance premiums charged by insurance companies for investment according to the regulations of the regulatory authorities, a large part of them are deposited in banks. If the applicant surrenders, it is equivalent to the depositor withdrawing the bank's time deposit in advance, and the bank can only bear interest at the current interest rate. Similarly, the insurance company will not be able to pay the surrender premium to the customers who surrender according to the original predetermined interest rate.
Pay attention to the following points when handling surrender:
1. The applicant for surrender is the insured. If the insured applies for surrender, he must obtain the written consent of the insured, and the insured clearly indicates who will receive the surrender money.
2. If the applicant applies for surrender, and the contract has been in effect for two years, the insurance company will refund the cash value of the policy after receiving the application for surrender; If the payment is less than two years, after the insurer collects the insurance premium from the beginning of the insurance liability to the end of the insurance liability, the rest will be returned to the applicant.
3 for surrender, surrender shall provide the following documents:
(1) Applicant's application. If the insured requests to surrender, it shall provide the certificate that the applicant agrees to surrender in writing;
(2) a valid insurance contract and the last payment certificate;
(3) the identity certificate of the insured;
(4) If entrusting others, provide the applicant's power of attorney and the client's ID card.
In order to safeguard the interests of the insurer or the insured, the applicant or the insured cannot go through the formalities of surrender in the following circumstances:
(1) Insurance policy for medical compensation for disability;
(2) An insurance policy that has reached its duration (the applicant has completed the payment obligation to prevent the applicant from harming the interests of the insured for his own benefit).