Trap 1 lied about deposits and insurance.
Time deposit insurance has become a common tactic in bancassurance sales. Recently, many media reported that the deposit originally handled by some consumers has now become the insurance policies of various insurance companies, which is surprising.
Why did the bank staff clearly say that the time deposit would get an insurance, and how did it finally become an insurance policy? Usually, when the sales staff of bancassurance learn that customers are going to handle deposit business, they claim that they are currently launching deposit products with higher returns, and they can also give insurance policies and even gifts. Because everyone has a high degree of trust in the bank, they signed it without thinking, which eventually led to the bitter fruit of changing deposits into insurance policies, among which the elderly and women were misled the most.
It should be reminded that there is no starting point limit for bank deposits. According to the unified national regulations, the interest rate can only rise by 10%. Unlike insurance policies, certificates of deposit only have interest due, not to mention dividends and insurance. Be vigilant when you go to the bank to deposit money and are asked to sign the insurance policy.
Trap 2 insurance financial management concept
In the misleading behavior of bancassurance sales, there is also a common phenomenon that the concept of insurance is vague. Salespeople often sell to customers through financial management and deliberately avoid mentioning the word insurance. Recently, Ms. Zhang went to a bank outlet to buy wealth management products. The staff strongly recommended a life wealth management 1 annuity insurance with a starting point of 20,000 yuan, saying that the income in the first two years was maximized and the annualized rate of return was as high as 5.2%. The starting point is lower than general wealth management products, and the income is higher. After reading the product manual carefully, Ms. Zhang found that the words Life Life were written on it. When asked if it was an insurance product, the salesperson said that it was a wealth management product jointly launched by banks and insurance companies, not a pure insurance product. According to the reporter, this is actually a one-time annuity insurance (universal). The insurance period is life-long, and the initial insurance cost is 1.5%, that is, only 9850 yuan out of 10000 yuan goes into personal account. If the handling fee of 5% and 4% is charged respectively in the first two years, the product yield shows a minimum of 2.5% in the first five years. The product manual demonstrates the low, medium and high yield, which is not as fixed as the salesperson said.
Trap 3 tampering with insurance information to prevent surrender
Banks do not exclude insurance sales, one of the main reasons is that banks can earn a lot of commission fees from it. A person engaged in bank insurance sales told reporters that according to the market situation, every time a bank sells a policy, the insurance company needs to pay about 7% of the intermediate business expenses to the bank. It does not rule out that some banks deliberately mislead sales for their own interests, or even tamper with insurance information to prevent insurance companies from paying a return visit to customers.
The interest relationship between banks and insurance companies may become the deep-seated reason for misleading sales. The generous commission encourages bancassurance salesmen to operate illegally for the benefit, and their bosses often keep a tacit attitude towards this kind of behavior. The insured is out of trust in the bank and is easily misled by the sales staff. However, in the subsequent disputes, due to the difficulty in obtaining evidence, most insured customers were unable to safeguard their rights and interests. Therefore, insurance experts suggest that investors should carefully read the terms of the contract when buying, and don't easily believe the one-sided words of the sales staff.
Trap 4 uses exaggerated income as bait.
It is understandable for investors to pursue high returns, but it has also become a major incentive for misleading insurance sales. According to the circular of the China Insurance Regulatory Commission, promising high income or not telling the income truthfully has become one of the main complaints. Especially in recent years, the yield of investment insurance products is generally low, which makes the problem of promises and exaggerations in sales more prominent. Some marketers grasp investors' psychology of pursuing high returns and play the banner of high returns in the process of recommending products, which has also become a trap in sales. The high yield usually claimed here is often the predetermined maximum output or cumulative output of product demonstration.
Insurance products usually cover the guarantee function, the expected income is generally not high, and the dividend is uncertain. Consumers should not be fooled by the promised high returns. For example, the poster of an insurance product says that the yield is as high as 10%, but it is actually the cumulative yield of the product for five years, and its annualized rate of return is much lower than the one-year deposit interest rate. If consumers don't know the income of the products, they may wish to be cautious and ask the sales staff to make a written explanation of the income and the way to collect it, or record their own income commitments, so that if the income gap of the products is large in the future, it can be used as evidence of complaints.
Trap 5 insurance liability hides mystery.
The primary function of buying insurance is protection, and every policyholder wants comprehensive protection. In the process of sales promotion, insurance salesmen often deliberately exaggerate the scope of insurance liability and protection, thus misleading consumers.
In addition to the sales staff blindly exaggerating the scope of protection, insurance companies do not rule out the suspicion of misleading consumers when designing products, and the division of insurance liability is very detailed, but the actual scope of protection is very narrow. For example, a lady bought the lump-sum deposit and withdrawal investment-linked insurance of China Merchants Cigna, and fell ill and died a few years later. Her children thought they could get the promised death insurance of 654.38+10,000 yuan, but only got the compensation of 35,000 yuan, far lower than the 50,000 yuan they had originally insured.
After careful reading of the clauses, it is found that only accidental death can guarantee a maximum of 654.38+10,000 yuan during the insurance period, while non-accidental death can only obtain the personal account value at that time. However, in the clause of "Non-accidental Death Insurance", it is stated that "during the validity period of this contract, if the insured dies for reasons other than accidents, the Company will pay the personal account value to the beneficiary of the death insurance according to the investment unit price on the latest evaluation date on the completion date of the claim review", which is actually not the case. However, this product liability exemption does not clearly point out that non-accidental death is not covered. Some analysts believe that this product has planted the seeds of misleading sales at the beginning of design. If the applicant is unprofessional and does not look carefully, it is difficult to find the mystery. This product has been discontinued at present.
It should be pointed out that no product on the market can really do everything. Therefore, when applying for insurance, we should carefully understand the scope of liability of insurance products, and the most important thing is the exemption clause. We should try our best to find out any questions in doubt before deciding whether to take out insurance.
Trap 6 insurance period is also a mystery.
In consumer complaints about bancassurance sales, it is not difficult to find that salespeople are also thinking about the insurance period. In order to insure customers, many bancassurance salesmen don't easily tell them that they need to pay for several years continuously when signing the bill, especially some sales promotion behaviors under the guise of financial management. Consumers often know the truth only when they are told to continue to pay premiums.
One of the most common misleading is that products that are paid in advance are paid in batches. Consumers will only find out that they have been cheated when they are told to pay next year, but they will lose a lot when they surrender. There are also some consumers who report that some salespeople say that products are flexible and can be withdrawn at any time, but this is not the case. Only some insurance products can provide a certain percentage of interest-bearing loans.
The other is to hide the insurance period, because most investors want to get income as soon as possible, so they tend to choose short-term products. In order to meet the needs of investors, such as a product that has paid advertising fees for five or ten years and received survival money at maturity, the salesperson said that the insurance period is five years or even shorter. Many policyholders thought that they would withdraw the survival money when the insurance expired, but they were told that they needed to continue to pay. If they insist on taking it out, they will voluntarily surrender their insurance, which will trigger consumer complaints.
Therefore, when purchasing bancassurance products, the insured must first find out the payment time and expiration time in the contract. These are two concepts, and the expiration time is the time to start collecting money.