China Fund News Chenxi
Do you remember what insurance policies you have? The latest "artifact" is here!
On December 15, the official website of the State Administration of Financial Supervision and Administration showed that the State Administration of Financial Supervision and Administration guided the launch of a life insurance "sleep policy"
The "one-stop" information inquiry service is free and open to the majority of financial consumers.
Through the information query platform, consumers can query their "sleep policy" information in a "one-stop" manner, realizing the "two-way rush" between insurance companies and consumers, and the "granular return" of policy rights. By paying attention to and understanding the status of their own policies, consumers can further update their policy information, optimize their insurance allocation, and make up for their lack of protection.
After testing it in person, the fund found that the query service is more convenient, and the function of "sleep policy" has been placed in the first place of the commonly used services of the "Jinshitong" APP. After clicking to enter, the system can check whether there is a relevant "sleep policy" under your name that needs to be processed.
Let's see the details -
Life insurance "sleep policy" can be searched "one-stop".
First of all, let's take a look at the notice of the General Administration -
In order to do a good job in the "key small things" related to the vital interests of the people and practice the people's nature of financial work, the State Administration of Financial Supervision organized and carried out the special work of cleaning up the "sleep policy" of life insurance, and guided the construction of a unified one-stop information query platform for the industry's "sleep policy", so as to provide convenient services for the majority of insurance consumers to inquire about the "sleep policy" and improve the quality and efficiency of the special work of cleaning up the "sleep policy".
The "Sleep Policy" information query platform is built and maintained by China Banking and Insurance Information Technology Management Co., Ltd., as a convenient, safe and efficient public portal for information inquiry, which is open to financial consumers free of charge. At present, the query function has been officially launched on December 13, 2023.
Consumers can directly download the "Jinshitong" APP, and after real-name authentication, they can query the relevant information of their "sleep policy" as the policyholder and the insured in the "Sleep Policy" module under the "Common Services" item on the APP homepage, and get in touch with the insurance company to which the "sleep policy" belongs through the "Contact Insurance Company" button.
After downloading the "Golden Affair" APP and registering, it was found that the function of "sleep policy" has been ranked first among commonly used services, and the view setting of "sleep policy inquiry function online" has also been arranged at the banner on the home page. After clicking to enter, the system can check whether there is a relevant "sleep policy" under your name that needs to be processed. If so, you can contact the insurance company to which the "Sleep Policy" belongs through the "Contact Insurance Company" button.
In addition to querying "sleep policies", the app can also query detailed information such as life insurance, car insurance, and investment insurance under your name in one stop, and can query the policy information of "as an insured" and "as an insured" at the same time, which can further help insurance consumers to carry out "policy review" on a regular basis.
Carry out special work to clean up the "sleep policy" of life insurance
What is a "sleep policy"? According to the "Kinstong" APP, the "sleep policy" of this service refers to a life insurance policy that has not been claimed for a long time with insurance money or cash value, including:
• Compensation for unpaid insurance policies: life insurance policies that have not been paid for more than one year from the date of closure of the claim.
• Policies with unpaid premiums at maturity: Life insurance policies that are payable with unpaid premiums at maturity and are more than zero and have been paid for one year.
• Policies with Suspension or Termination of Contract: Life insurance policies that have not yet been received by the customer and have not yet received a cash value greater than zero and have been completed for one year.
In practice, "sleep policies" are not uncommon, especially for those that have been insured for a longer period of time. However, for consumers, the "sleeping policy" may mean the interruption of insurance protection and the loss of capital income, and there is a certain risk.
The first is the risk of interruption of insurance protection. Failure to pay premiums on time as agreed in the insurance contract may result in the suspension of the policy, which may result in the inability to settle the claim. At the same time, for most insurance products on the market, the insurance company has the right to terminate the contract after the policy has been suspended for more than 2 years, and the insured will lose the insurance protection. In addition, the main policy can apply to the insurance company for reinstatement of the policy within 2 years, but the policy rider may not be able to be restored or added due to old age, physical health and other reasons.
The second is the risk of loss of capital returns. If the insured fails to receive the insurance compensation or pay the insurance money at maturity according to the time agreed in the insurance contract, and the insurance contract does not stipulate the investment rules of the fund account, the uncollected funds will remain in the insurance company's account and will not accrue interest over time.
As early as 2014, the former China Insurance Regulatory Commission carried out a one-year special work to clean up invalid life insurance policies, and a total of 18,579,300 life insurance lapsed policies were found in the whole industry. As of the end of July 2015, a total of 18,570,500 expired policies had been cleared in the industry, involving a cash value of 35.07 billion yuan, and the policy clearance coverage rate reached 99.95%.
In September this year, the State Administration of Financial Supervision focused on the special action of "doing practical things for the people", and organized insurance companies to carry out special work to clean up the "sleep policy" of life insurance.
The clean-up of the "sleep policy" of life insurance will last for one year from October 2023 to September 2024. Each life insurance company will remind relevant customers of the "sleeping policy" generated during the period from 1 January 2013 to 30 June 2023, so that consumers can know the policy rights and collect it independently.
Since then, the local regulatory bureaus have successively issued notices, requiring insurance companies in their jurisdictions to attach great importance to the special work of cleaning up "sleep insurance policies", efficiently promote the investigation work, use core business systems to carry out big data screening, continuously improve the relevant systems and information systems for the management of customer information authenticity, clarify service specifications such as reminders and notifications of insurance rights and interests, establish and improve the working mechanism for the regular cleaning of "sleep policies", and prevent the rolling addition of "sleep policies".
The State Administration of Financial Supervision said that in the next step, the State Administration of Financial Supervision will guide the banking and insurance companies to continuously improve the functions of the platform, establish a long-term mechanism, continue to provide and optimize the "sleep policy" inquiry service, and at the same time promote the financial industry to improve the sense of active service and the convenience of financial services, effectively protect the people's "money bags", and continuously enhance the sense of gain and satisfaction of financial consumers.
Editor: Captain
Review: Muyu