Many people are puzzled by the explosive growth of mainland customers buying insurance policies in Hong Kong. What prompted mainlanders to travel to Wan Li to buy insurance policies? What is the truth behind the increase in the amount of insurance policies for inland customers? And is everyone going to Hong Kong to buy a port insurance for their families?
Today, I will talk to you briefly. I hope that after reading this article, you can look at Hong Kong insurance and mainland insurance more rationally.
Face up to the insurance differences between the two places
The development of the insurance industry in the two places is different, and the differences in insurance are inevitable. From the perspective of insurance products, the main difference is in critical illness insurance and savings dividend insurance. Below I will use examples to analyze the difference between the two:
Critical illness insurance: Hong Kong has more advantages.
1. With the same insurance coverage, the premium of critical illness insurance in Hong Kong is lower.
If we take Hong Kong's Type A critical illness insurance and the Mainland's Type B life health insurance 1 10,000 as examples, they are insured according to 7-year-old children. The former insured amount is 1 ten thousand yuan, and the annual payment is 13504.4 yuan. The insured amount of the latter is only 200,000 yuan, and the annual payment is 10846.23 yuan, and the payment is 20 years.
Obviously, the payment for critical illness insurance in Hong Kong is lower.
There are many reasons why the prices of insurance products in the two places are different. Policy pricing needs to consider many factors such as predetermined interest rate, life table, expense rate and profit rate. Generally speaking, the predetermined interest rate of mainland insurance products is higher than that of Hong Kong companies, but the predetermined rate of return may also be higher than that of Hong Kong companies. In addition, there are differences in life tables between Hong Kong and the Mainland, and Hong Kong has wider investment channels for insurance funds, which will also affect the determination of premiums.
Second, of course, apart from the most sensitive price factor, the scope of protection is also an important reason why mainland residents flock to Hong Kong for insurance.
At present, Chinese mainland's products for serious diseases guarantee that most diseases are fatal, but do not guarantee early serious diseases (such as cancer in situ, if found early, the cure rate will be higher). In other words, when the domestic insurance protection regulations come into effect, it may often mean that the life of the insured has been seriously threatened. Hong Kong's critical illness insurance not only covers more kinds of critical illness, but also generally covers minor illnesses and individual childhood diseases, and also compensates for the early symptoms of critical illness.
It is worth mentioning that most serious illness insurance in China adopts the first serious illness compensation insurance 100% compensation method. In other words, once the insured company determines the conditions for triggering serious illness compensation, the insurance company will refund the main insurance amount to the insured in one lump sum. However, the medical process of some serious diseases is very long and repetitive, and one-time compensation may cover the cost of the first serious illness, but the subsequent treatment process is not covered.
On the contrary, most of Hong Kong's critical illness insurance products admit multiple payments, and set the maximum payment amount to several times (300%-700%) of the guarantee contract. In other words, the theoretical coverage of Hong Kong's seriously ill products may far exceed the actual premium paid by the insured.
3. Apart from the safeguard clauses, the biggest difference between Hong Kong and the Mainland is that the critical illness insurance products in Hong Kong have dividends.
If the insured buys a critical illness insurance product in Hong Kong at the age of 20, the insured amount will increase year by year in order to resist inflation; In contrast, the insured's critical illness insurance products purchased in the mainland always have a coverage of 1 10,000 yuan.
Savings dividend insurance: short-term benefits and long-term benefits
Hong Kong Insurance assumes that an 8-year-old boy buys child savings insurance, and the total premium is about RMB470,000. The insurance coverage of the two policies issued by Company C in Hong Kong and Company D in the Mainland is US$ 50,000 (equivalent to RMB 307,600, price 1 US$ = 6 1523, the same below) and RMB198,600 respectively. The education fund or guaranteed cash received each year will be returned by Hong Kong Company C after five years until life; Mainland d company has returned to the age of 17 since the year of insurance.
Which of these two ways is more cost-effective, is closely related to the expectations and working and living conditions of the insured.
By the end of the policy year of 13, that is, after the insured reaches the age of 2 1 1, the accumulated cash received by Hong Kong C policy 13 is USD 23,500 (equivalent to RMB144,580).
The mainland D policy is 252,654.38+0.6 million yuan, with a gap of nearly 1 times.
Judging from the amount of cash received at this stage, the mainland policy has completely won.
If the insured wants the education fund to play its role as soon as possible, it is more appropriate to choose this policy in the mainland.
If the insured wants to leave a long-term and effective reserve fund for their children, the policy design in Hong Kong is more suitable for their needs.
Assume that the insured of policy C in Hong Kong surrenders at the age of 30, and the total cash value of the policy is $274,000.
Together with the $49,000 already received, the total amount is $323,000 (equivalent to RMB 6,543.8+0.987 million).
Since the insurance policy of Company D in the Mainland no longer pays the education premium after the age of 265,438+0, it can receive the maturity insurance premium of 465,000 yuan until the age of 45, and the previous premium of 2,526,543,380+0.6 million yuan, the amount of * * * is 7,654,380+0.7 million yuan.
At this stage, Hong Kong's policy rate of return is much higher.
Therefore, on the whole, Hong Kong and the Mainland still have their own advantages in saving dividend insurance. How to choose depends on the needs of customers.
Insurance differences between the two places
One: The cash value of most policies in Hong Kong is zero in the first two years, while the cash value of mainland insurance plans is rarely zero in the first two years. For example, the retirement insurance plan mentioned above has a cash value of 34,300 yuan in the first year.
Two: Insurance protection in Hong Kong is life-long, while the protection period of savings insurance schemes in the Mainland is very long. For example, children's growth insurance is more common to protect 22, 25, 30 and 45 years old, and there are few products to protect 60 and 80 years old.
Third, the surrender expenditure of insurance products in Hong Kong is significantly higher than that of mainland products, which can provide customers with more protection and survival benefits.
Fourth, the insurance coverage of policies in Hong Kong is relatively high, and policies with a million yuan are more common. For example, a critical illness insurance in Hong Kong has a medical deductible of 650,000 US dollars, while a critical illness insurance in the Mainland has a medical deductible of 900,000 RMB, which is even lower for children and adults over 50 years old.
Five: Compared with critical illness insurance policy, savings insurance is more sensitive to exchange rate changes. Most insurance policies in Hong Kong are denominated in US dollars or Hong Kong dollars, and mainland customers have to bear exchange rate risks when purchasing insurance in Hong Kong.
Sixth, the signing process is relatively complicated and cumbersome. For example, "face-to-face signing" must go to the insurance company to talk and ask.
Seven, the most important point is that you must go to Hong Kong to sign the bill when you buy insurance in Hong Kong.
Conclusion:
From the product point of view, Hong Kong's insurance products have obvious advantages in critical illness insurance: a wide range of disease protection, the same insurance premium is lower, and some products also have higher dividends. For customers, it is a good choice to buy critical illness insurance in Hong Kong. Shanghai Kistler replied, but if it is just general hospitalization insurance, consumer health insurance is recommended to be bought in the mainland market, which is not expensive and cost-effective. In the aspect of saving dividend insurance, Hong Kong insurance prefers long-term income and protection, while mainland insurance has better short-term income. For customers who intend to study abroad, emigrate or avoid taxes with large insurance policies, Hong Kong Deposit Insurance can be the first choice, which underwrites USD /HKD policies and makes global claims.