Before signing at the bank counter, check whether it’s a deposit or insurance
Banks may sell insurance on behalf of insurers, but they must not present it as a deposit. The contract cover must clearly state “Insurance Contract” and the insurer’s name in large print; terms like “deposit” or “savings” are strictly prohibited. If the insurer’s name appears on the cover, the money is not a deposit, and cancelling after the cooling-off period will result in losses. In principle, people aged 65 and older, people aged 60 and older buying regular-premium policies, and people whose annual income is below local per-capita disposable income may buy only products with defined returns at banks.
No cost at all. Just spend a couple of extra minutes readi…
Regulations explicitly forbid banks from bundling insurance with savings deposits, mutual funds, or other bank…
No cost at all. Just spend a couple of extra minutes reading the contract cover.
Regulations explicitly forbid banks from bundling insurance with savings deposits, mutual funds, or other bank wealth products. They may not directly compare insurance returns to deposit yields, nor claim uncertain returns as guaranteed. Insurance documents and promotional materials must not use the bank’s name or logo, nor contain phrases such as “deposit,” “savings,” or “jointly offered by the bank.” The contract cover must display “Insurance Contract” in font size no smaller than 72 points and the insurer’s name in font size no smaller than 2 points. For three specific groups of customers, only insurance products with guaranteed benefits may be sold: applicants aged over 65; applicants aged over 60 purchasing installment-payment plans; and applicants whose annual income is below the local per capita disposable income. Policies for these groups must be manually underwritten by insurers rather than issued automatically at bank branches. Insurance agents are prohibited from selling insurance inside bank premises. For any insurance policy sold by a bank with a term longer than one year, a 15-day cooling-off period applies; cancelling after this period incurs financial losses. (Nationwide, effective October 2019)
中国银保监会办公厅 (2019). 商业银行代理保险业务管理办法（银保监办发〔2019〕179 号，第三十、三十一、三十二、三十六、四十二、四十九条）. https://www.gov.cn/zhengce/zhengceku/2019-12/03/content_5457853.htm
Open source linkRated B because the rules are clear, but no official figure shows how much misled people lost. Elderly relatives commonly encounter this while depositing at banks; check the cover when accompanying them. If already signed, cancel within 15 days under item 41 of this section, the cooling-off period. If staff recommend an investment product, find it in the bank’s own app or website before buying; see item 51 on unauthorized private sales. Complaints about misleading sales are covered in item 43, on policy-cancellation agents. The beneficiaries are you and elderly relatives.