Is "no reason to surrender" possible?

In the business hall of an insurance company. A customer said: "Hello, Miss, I purchased an insurance policy with your company six months ago, and now I want to cancel the policy. My surrender certificate number is 0000xy."

"Please wait, I Let me check it for you." The service staff took the insurance policy from the customer, entered the information into the computer, and after 1 minute, said to the customer: "Sir, you have successfully surrendered the policy. This is the total premium you paid 3,800 yuan. The amount will be returned to you, please keep it."

"Thank you. Goodbye." The customer took the banknote and left satisfied.

You probably haven't seen such a scene before, have you? How can I go to the insurance company to surrender the policy and get the full premium back? Where is it so easy? Is it a scene in a small theater play? Still kidding?

Indeed, judging from the current situation, submitting a surrender is not only prone to disputes, but also may suffer a large cost loss. However, within this year, the above scenario will likely become a reality in Shanghai.

Surrender: It once made policyholders feel so distressed

In the past, for the insured, surrender was an unspeakable pain in the heart, and it was a dilemma.

In November 2004, Ms. Yu signed a universal insurance policy for herself at a well-known agent, and paid the annual premium of 10,000 yuan to the head of state on the spot.

The agent told her at the time: "This insurance has an annual guaranteed return of 1.75%, no interest tax deduction, and it is convenient to enter and exit. You can withdraw cash whenever you want, just like bank savings. And it also has a guarantee function, which is better than a bank. Savings must be worth it."

In September 2005, Ms. Yu was in urgent need of money and thought that the universal insurance could be "cash at any time", so she was ready to withdraw money from it. Unexpectedly, I didn't know if I didn't read it. When I saw it, I was shocked. The staff told her that there was still 4,128 yuan in the policy account at this time, and asked her how much she wanted to withdraw?

"What's the matter? I paid 10,000 yuan, and it became more than 4,000 yuan within a year?" Ms. Yu was stunned. The staff taught her to look carefully at the policy's cash value table and told her there was nothing wrong with the calculation. Ms. Yu was very unconvinced. Called the insurance company's customer service consultation, but the calculation results are still the same. Moreover, if Ms. Yu chooses to surrender at this time, she can only get back more than 4,000 yuan.

"The agent didn't tell me the handling fee or the cash value when I sold it. Why did it end up like this?!"

Similar to Ms. Yu's experience, It happens all around us time and time again. When policyholders discover that marketers have misled the sale and opt to surrender their policies, they find the results unacceptable. So much so that policyholders and insurance companies are in a "fight" situation.

This has long been a source of tension between consumers and insurers.

The world-renowned consulting firm McKinsey once said in a survey report released at the end of October 2005 that in 2004, the policy surrender rate of China's life insurance industry increased significantly, the surrender rate was as high as 10%, and the surrender amount reached 10%. 30.156 billion yuan, an increase of 57% over 2003. The US life insurance industry's surrender rate over the same period was only 2%. As for the reasons for surrender, McKinsey reported that about 20% of surrenderers cited "feeling cheated" as the reason for surrender.

"No reason to surrender insurance": Realizing a fair dream for policyholders

It is precisely because of this situation that in order to promote the more standardized, healthy and sustainable development of the insurance industry, Shanghai Insurance Regulatory Bureau has made various efforts , including the pilot program of the "no reason to surrender" system that is currently being brewed.

Ma Xueping, deputy director of the Shanghai Insurance Regulatory Bureau in charge of life insurance, once told reporters that the so-called "no reason to surrender" means that if the insurance agent did not meet the industry service standards when selling insurance to the insured, such as suspected false Or misleading descriptions and publicity, promising to give the policyholder, the insured or the beneficiary other benefits other than those stipulated in the insurance contract, or there is no risk warning, then no matter how long the policy is, 2 years, 3 years, or even 10 years Years, the policyholder can request a surrender. The insurance company must refund 100% of all premiums already paid by the policyholder.

“Just like in European and American countries, you buy things in shopping malls or supermarkets. If you are not satisfied with the purchase, you can unconditionally request a return within a certain period of time. We plan this unreasonable surrender, also to fully protect the policyholders. interests, reflecting fairness." Ma Xueping told reporters frankly.

The scope of the pilot is only for investment-type insurance.

It is not that the regulatory authorities have not considered the interests of insurance companies. For example, the question raised by insurance company personnel, "If the risk occurs and the claim is paid, and the risk does not occur requires a full refund, is this fair to the insurance company?" This question is actually in the "no reason to surrender" operation framework. It has been considered.

The regulatory authority told reporters that considering the actual development of the whole industry, it is currently planned to conduct pilot projects in the three investment-type insurance fields of investment-linked insurance, universal insurance and participating insurance, but not including accident insurance, general insurance Pure protection products such as life insurance and medical health insurance.

“Because of pure protection products, the China Insurance Regulatory Commission requires a higher proportion of reserves for insurance companies, and insurance companies pay higher protection costs for these products. If there is no reason to surrender the insurance in full, the insurance company will The company has a greater impact. As for investment insurance, due to lower protection costs and higher wealth management components,

the operating cost paid by insurance companies for this type of insurance is relatively lower. Moreover, according to the current market reaction, the sales staff's Misleading is also mainly concentrated on investment-type insurance products, and the policyholders’ strong feedback is also investment-type products, so we consider piloting investment-type insurance products first, so as not to cause too much shock to the development of insurance companies in the short term.”