Bancassurance products are a type of insurance company products, and insurance company products are not just bancassurance products.
Bank insurance is the sale of insurance through bank counters or financial management centers, using various bank card businesses or bank consumer credit businesses as carriers. Due to similarities in specific operations, insurance business conducted through postal channels is also often referred to as bancassurance.
The operating entities of bancassurance products are still insurance companies, not banks. As an agency, banks are only responsible for sales, while after-sales, claims and other services are provided by insurance companies.
Differences:
1. The biggest difference between bank products and insurance companies is that bancassurance products mainly absorb deposits, supplemented by protection. Insurance companies put protection first, and only on this basis can they have savings functions.
2. The insurance sold by banks is generally life insurance that only covers life and death. It is also more inclined to investment, and the payment tends to be paid in single payment (all at once). Insurance companies offer both guaranteed and investment insurance, and premiums are relatively flexible.
3. The insurance sold by banks is savings and dividend insurance with a relatively simple design that is easy for consumers to understand. However, the common health insurance, long-term life insurance and other products of insurance companies require careful study of the terms and are difficult to buy in banks. Seen on the counter.
4. The insurance products sold through bancassurance channels are essentially the same as ordinary insurance products. However, due to different customer groups, the products will have some differences in functional design. Although they are all insurance, insurance products through the bancassurance channel can only be sold through banks, and agents of insurance companies are not allowed to sell them.
But whether you buy insurance from an insurance company or a bank, the terminal underwriting the insurance product belongs to the insurance company, which has no impact on consumers. The only difference is the purchasing channel. Bancassurance is generally life insurance, which focuses more on savings and prefers single payment. The protection is lower, such as health insurance and long-term life insurance, which are not available in general bancassurance. The products are simple and cannot be selected according to customer needs. Insurance companies offer both guaranteed and investment insurance, and premiums are relatively flexible. When buying insurance, you need to start from the actual situation of your own family. First protect and then manage finances. You cannot choose blindly. It is not too late to make a choice after carefully reading the protection content and terms.