Insurance package may not be cost-effective

This year is the "Year of Innovation" proposed by the China Insurance Regulatory Commission, and many insurance companies have launched specific and innovative new concepts. Recently, there has been a trend of "packaged combination" in the new insurance market. First, AIA launched the new "Rose Life" female insurance, and Jinsheng launched "all-round" savings and investment-linked insurance, and then Ping An's latest launch. "Universal Health Insurance". The name of each product is very loud and "tempting". In fact, what are the functions and prices of these products? Let us do a careful analysis.

"Universal Health": There is always something it can't do

At the end of March this year, Ping An Life launched the "Smart Life (Universal) + Critical Illness Insurance Plan" nationwide. The concept of "universal" resounds all over the market.

Product features: both the flexibility of universal insurance and the protection of health insurance.

After the boom in 2005, the universal insurance market in 2006 seemed to be much calmer. One of the important reasons is that universal insurance has a congenital deficiency-the protection function is weak. Compared with traditional life insurance and term life insurance, universal insurance has more investment, but it is mainly classified into personal investment accounts, and the protection is not strong.

Ping An's "Healthy Universal" plan adds an early payment of critical illness insurance to the original Zhifu Life Universal Life Insurance. The plan includes early payment of 28 major diseases for men and 30 major diseases for women, and can provide policyholders with dual protection of health insurance and whole life insurance. The insured can choose and adjust the basic insured amount of the universal main insurance according to his needs at different life stages without changing the regular premium (the regular premium must be greater than or equal to 5,000 yuan), and additionally pay critical illness insurance in advance. The basic sum assured, so that you can invest and protect flexibly and appropriately.

Financial Reminder: There is no free lunch in the world, and security requires costs.

At first glance, such a "healthy all-purpose" plan looks good. But consumers need to know that all the previous universal insurance plans of all companies can add consumer-type critical illness insurance according to the individual needs of the insured. Of course, the one is that consumers take the initiative to add health insurance after universal insurance, and the insured needs to pay a certain premium cost clearly.

In this new plan, Ping An's products are said to "have health protection in themselves." So, does the policyholder need to pay a certain premium cost? The answer is yes, because there is no such thing as a free lunch.

In this insurance plan, the premium cost of the newly added "Early Payment Critical Illness Insurance" coverage is directly deducted from the customer's policy value. The so-called "no more extra premiums" is just that the policyholder does not need to pay a sum of money after the universal insurance premium in form, but it will actually be deducted from the insurance account.

So, is there any difference between the "early payment of critical illness insurance" in this product and the traditional additional regular critical illness insurance rates? Take a 30-year-old man as an example, choose 100,000 yuan of major illness insurance as an example, "Healthy Universal" needs to deduct 169 yuan every year, and the general additional regular major disease insurance at this age requires an annual premium of about 250 yuan. rate is relatively low.

But there's a reason it's cheap. After purchasing the universal insurance, the insured chooses to add a one-year critical illness insurance or regular critical illness insurance. The customer finally gets two payments, that is, the critical illness insurance premium and the death benefit in the universal insurance will not be included. any conflict.

According to the design of the "Healthy Universal" plan, after the "critical illness insurance premium" is paid in advance, the additional insurance contract is terminated, and the basic insurance amount of the main insurance contract is reduced by an equal amount of the critical illness insurance payment. When the amount is reduced to zero, only the policy account value of the main insurance contract will be paid, and the main insurance contract will be terminated at the same time. After all, customers can only take out a part of the total main insurance coverage in advance, and then leave a part to continue as death protection, instead of two full protection funds.

"All-round" Insurance: Not So Comprehensive

In mid-March, Jinsheng Insurance launched its latest masterpiece and the first domestic trinity insurance product - "all-round" savings and investment insurance series.

Product features: Savings and investments are guaranteed in a trinity, and the ratio of survival benefits is greatly increased.

Jinsheng Company said that the "all-round" savings and investment insurance series is characterized by "full". It is the first insurance product launched in the mainland that integrates savings, investment and life protection. Like traditional endowment insurance, it has the function of life protection, can guarantee the payment of certain survival funds and maturity funds, and has an investment function account with value-added potential. Seek peace of mind. Moreover, according to different payment methods, this product pays 8% to 10% of the insurance amount every 3 years, and the proportion of survival benefits is relatively high.

Financial Reminder: The premium payment is high, and the survival cash will be forcibly injected into the investment account.

Applicants should note that the main insurance in this combination insurance provides similar coverage to other traditional endowment participating insurances, and also includes death benefits, survival benefits, maturity benefits and dividend benefits. The biggest difference is that portfolios provide investment accounts with the potential to grow. However, with the same insured amount of 100,000 yuan, a 30-year-old man insures this combination and pays more than 6,000 yuan in premiums than a general endowment insurance, because it must make you pay a considerable amount in order to make the investment linked account "move". ".

In addition, the prerequisite for citizens to obtain the investment account is to purchase a dividend and endowment insurance. Participating endowment insurance itself is a relatively expensive type of insurance, mainly for saving functions and weak protection functions. Therefore, it is difficult to say how meaningful it is to use endowment insurance as the main insurance. In this way, this product can only be purchased by the very wealthy.

In addition, the terms of this product are different from ordinary endowment participating insurance. Its high percentage of survival cash is not directly returned to the customer, but directly forced into the additional investment-linked account. Although it is said that there is no redemption spread, investors can withdraw some of the investment units to withdraw the survival cash, but since this type of investment-linked account is not capital-guaranteed, the value of the account may decrease or increase, and the actual income may be negative, and the survival cash risk of damage.

The product terms also stipulate that if there is an annual dividend, it will also be injected into the investment account, and its value is also at risk of decline. The survival funds of ordinary endowment participating insurance will be distributed directly to the policyholders. If there is an annual dividend distribution, it is usually distributed to the policyholders in cash. Consumers who are unfamiliar with insurance may lose the meaning of buying this kind of regular return endowment insurance (generally intending to recover a sum of money every three to five years).

Rose Life: Beauty Needs Costs

Since March, AIA has started to sell the newly developed women's health insurance "Rose Life", which has been widely sold on the basis of the "March 8th" Women's Day.

Product features: It is the first comprehensive female insurance product on the market that covers life insurance, accident and health insurance.

Different from various types of female insurance in the past, the new product no longer covers the risks of female fertility, special cancer or cosmetic surgery alone, but integrates whole life insurance, accident insurance, and health insurance. The coverage is quite comprehensive.

Financial Reminder: Comprehensive protection for women can actually be split on demand.

Actually, this product is covered by a main insurance contract of "AIA Rose Life Endowment Insurance" and two "AIA Additional Rose Life Insurance for Cancer Prevention" and "AIA Additional Rose Life Accidental Plastic Surgery Compensation Medical Insurance" additional insurance contracts. To choose a comprehensive plan, it is necessary to pay a considerable premium cost. For example, if a 30-year-old woman chooses the main contract of 50,000 yuan, the two supplementary contracts are both 5,000 yuan, and chooses to pay in 20 years, she needs to pay 4,408 yuan for the first year's premium. And Jinsheng "Shengshi Jiaren" female participating insurance plan B (30-year-old healthy female insurance) 50,000 yuan insured, 20 years to pay, only need to pay 2,802 yuan per year, the difference in protection benefits is not big.

In addition, this product consists of a main contract and two additional contracts. In fact, not all female friends need it, and not everyone can afford it, so it can still be purchased separately, instead of blindly pursuing "comprehensive" Assure".