This kind of company should not survive long. Deceiving employees is tantamount to deceiving one's own family, which is divided. How can this family be peaceful, and how can outside customers choose a company without credibility? People's eyes are sharp. Social security is another item stipulated by the state. Team incentive treasure fully mobilizes the enthusiasm of cadres and employees.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.