For some time now, under the supervision of the China Insurance Regulatory Commission, the major insurance companies have committed to the view the Bank to pay insurance product development, but to allow insurance companies embarrassment, the bank refused to pay a view to selling products.
Recently, banks and insurance products in the period to pay fees on the differences became increasingly obvious that insurance companies make in the bank's deputy in an awkward position. Commercial banks have publicly stated that unless the insurance company to pay the guarantee period of insurance products each year to the bank's wholesale and agent fees to pay the same insurance products that may pay-agent period of insurance products. For such conditions, insurance companies may find it difficult to meet.
The differences for the simple reason that wholesale products to pay fees to pay almost period of the fee-based products 300-500 percent. In addition, wholesale products to pay a one-time fee to be charged, the period of payment will be phased resumption of products, which increased the risk of bank performance.
This shows once again the dispute Bancassurance in the bank's strong position.
Dunjiaoxiangqi pay conversion
So far in September in Tianjin, Shandong and other places the lives of Life spate of foreign insurance companies collectively surrender, it is "hard" requiring the company to transition from pay period to pay a wholesale conversion.
The industry believes that the current Bank of security channels, there are two problems: First, the products wholesale business to pay a high proportion of long-term period to pay the proportion of business, the business structure is unreasonable. Second, some of the fees will be competitive banking channels as the primary means of a vicious raise fees to promote the industry as a whole the increase in the level of fees.
China Insurance Regulatory Commission urged the Bank of security products to the payment period of transition, not with the banks, if the payment period be changed, the bank will not only failed to collect high fees. Period of payment products and increased risk of the bank's performance.
At present, the silver market insurance fee competition is quite fierce, although generally less than 3% of the company have reached 3.5% -3.7%. As early as 2006 entered into "banks, the postal insurance agent self-discipline", clearly ordinary dividends and the Type wholesale life insurance products to pay fees shall not exceed the premiums of 2.5% -3%, universal-life insurance products wholesale payment Fee should not exceed 3.2 percent, and so on. However, the actual situation has already surpassed the standard, life insurance agent fees of 8% at every turn.
This is because the bank insurance as insurance companies have been rapidly developing business of the size of the "short cut", in particular, the new company, while stepping stone "of the high fees." Bank dealers in the process, many insurance companies in order to get a seat on the account, open one after another to sell the bank "satisfied" with the number, so vicious competition, fees on the rise all the way. It is the insurance companies "friendly gestures", led to the bank in Bancassurance in a position of strength.
In October of this year, in order to reduce the fees, called Shanghai Bao Jianju Shanghai's insurance market on 10 major life insurance companies and 7 Chanxiangongsi "number one" meeting. At the meeting revealed an important message that the middle class life insurance company plans to concerted action, the Bank of security channels for the insurance industry initiative. In addition, according to professional sources, insurance companies should be absorbing active bank shares, after the convergence of the interests of both sides, this problem can be solved.
Insiders speculated that the Bank of these measures will bring the Bank's insurance premium income down, so reduce the pressure on the performance of the cases, the insurance company will have a variety of promotions, premiums will also decline. Statistics show that 1-June, premium income of life insurance companies grew 64.4 percent year-on-year, the bank insurance increased 153.8 percent; in July the development of faster, the company's total life insurance premiums increased by 66.7 percent, the bank insurance premiums More income up to 244,370,000,000 yuan, up 159.6 percent.
High-speed growth of the market, benefited from the channels on speeding the development of the Bank of security. 7 As of the end of the banking business of life insurance accounted for 50.7 percent higher than the same period last year, up 18 percentage points. This further led to the first 7 months China's life insurance industry in the past 10 years to create the largest year-on-year increase. Several insurance companies from listing published by the Center Daily News can be found that the bank insurance sales growth are far more than other channels. According to the studies indicate that the bank sales channel for insurance premium growth of more than 140 percent, the Bank is expected to post sales channels by 2007 accounted for 35% to 50%.
Silver short-term insurance products have been suspended
Silver for the control of security premium income growth, the China Insurance Regulatory Commission to the insurance company's first request is to risk everything settled down interest rates.
We can see that most of the insurance settlement of the interest rates in August were down 5.5 percent below September's universal insurance settlement for further interest rate decline across the board, from March 7 to a high of 6 percent down to 4% -5% in the vicinity, Clearing the lowest interest rate of only 3.65 percent.
Why regulatory norms Bancassurance, the first universal norms clearing interest rate risk? First of all, a universal risk insurance often has a medical accident compensation, accident disability, accident death and other security projects. The Bank of security features to protect the universal insurance will be reduced even more prominent feature of their investment. Agents will often deliberately exaggerated the rate of return, the easy way out would be a panacea to the security risk at the end of two additional floating proceeds with the bank's savings rate so one-sided comparison, so that consumers into believing that all insurance directly to the bank's higher than the rate of return .
Second, the agents rarely mentioned or risk everything to avoid the two accounts and fees. Only when the insurance company will be a variety of expenses (including the payment of commission agents and insurance companies operating costs, and so on) after adjusting for one by one, the rest of the premium investors to enter the "personal accounts." Note that the investment accounts of policy holders in cash to pay the processing fees. Insurance companies will be based on the amount of insurance on a regular basis from the investment accounts to deduct the cost of a certain degree of protection, then the income is discounted.
It is understood that "a dangerous version of" universal insurance premiums paid in, the insured is to pay an annual premium, how much to pay premiums are not fixed, and a number of "silver version of security" universal insurance required to pay wholesale. If the surrender half-way, receive only cash value, especially before the 2045 surrender, even the total amount of the premium also does not hold back.
Some do not meet the requirements of the Bank were to stop selling insurance products. For example, People's Insurance Company of health insurance, "often without any worry," the land of a short-term insurance-management products, "home at ease financial-family property insurance," Sunshine and Life "sunny."
These products are "short-duration, high interest rates," there have been commitments in the current period were significantly deviated from the proceeds of insurance funds the actual return on investment, especially in the capital market downturn, these products is the essence of the "赔本赚吆喝." "Sunny", for example, the sale of an insurance policy, count the cost of insurance policies, and the cost of the initial fee, part of the total cost might be 5.5 percent, coupled with last year's 9.4 percent rate and to ensure that the accumulated dividends, and its policies Comprehensive certainly cost more than 7.45%. "Industry, and the optimistic assumption that the current insurance funds from the investment earnings on average of 5%, then this calculation, the sale of sunshine every life a" sunny "policy, it may be a loss of about 2%.
Pay period in the mid-stream and who better to pay in the end?
Bancassurance from the dispute, the market can not be affected, reporters visited a number of ordinary citizens, they are not concerned about the payment but worried about the safety of assets. Asked whether it will buy Bank of security products, they Baitou again and again, "money is tight, probably the most effective is to let go of money, or to keep up this insurance in order to see things in a few years do not yield tangible benefits."
Our financial experts believe that these factors cause people to hold the money in the hands of a closer. At present, public investment for the gradual formation of two extremes, either blind investment, which in addition to insurance, and never thought of themselves in the past, such as red wine, such as alpaca, in fact, is to do a good job in financial planning.
The period of payment of financial planning for the biggest advantage is to reduce the burden on short-term cash flow, easy-to-be in the low-income families to accept. Moreover, the staging of payment is based on the terms of the contract amount and the date of payment of premium, are not subject to external economic environment, the extra money could be used as other investment, liquidity will not be killed.
Secondly, the main insurance companies to provide insurance at the same time, but also provides a range of practical comparison of the additional insurance as a supplement. However, additional insurance must be bundled with the main risk to buy, and payment must be the main risk period to buy. If you take a phased approach to pay, additional insurance can be purchased with pay during the same period, if the approach taken by barge to pay, one-time termination fee act, can no longer buy new insurance surcharge.
Third, the premium exemption refers to the insured to pay at the time Qiwei Man Chu Xian, in full compensation, while the remaining premiums will be waived, the enjoyment of the rights and interests of the premium exemption, the original premium paid is usually not refundable The. In this case, the premium paid in the mid-stream and to pay premium for a period of markedly different. For example, customers spent several million one-time payment to buy a 100,000 yuan of insurance cover major illness insurance, three years after the tragic suffering from a major contract the disease, according to the insurance companies dictate how the insured amount of 100,000 yuan compensation, not Refund the premiums paid. If you choose to pay the way for 20 years, the annual toll of about 3,000, that is, in the former Chuxian only less than 10,000 yuan to pay the premium, the same amount of insurance available to 100,000 yuan of insurance money.
Judging from the current market, financial experts believe that if the banks can not promote products that pay period, a large sum of money to come up with a one-time members of the public will not mind at ease. Especially in the bank to cut interest rates after the Bank of the public the impression that insurance protection products will definitely be affected, and dividends and universal risk insurance on their own with an uncertainty.
Ping An Life Insurance from the Oct. 6 release in September of universal insurance settlement rate, which banks universal personal risk in settlement of interest rate decreased 0.25 percentage points from August's 5.50 percent down to 5.25 percent, has been behind Lump-sum one-year bank of the interest.
Of course, in the mid-stream to pay premium for a lot of advantages, such as the payment of the total cheaper, more convenient to have a one-time payment for specific groups of people.
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