Is the automatic deduction time in Xinhua Life Insurance consistent with the insurance policy?

The effective time of an insurance contract is not based on the time of insurance payment and the time of the insurance contract. Usually, after the insurance contract is signed, the specific effective time shall be subject to the insurance contract signed by both parties.

If the insurance company agrees to underwrite, even if the insured fails to pay the insurance premium in time, the insurance contract is still established; The insured paid the insurance premium, but the insurance company refused to underwrite it, and the insurance contract was still not established. The payment of insurance premium is not necessarily related to the establishment of insurance contract.

However, for different types of insurance, the effective time of insurance is different. The effective date of some insurance policies is after the signing of the application form and relevant insurance information, and the premium will not take effect until it is received. For example, if you insure products with accident insurance, the insurance will take effect at 0: 00 the next day after deducting the insurance premium; If the products insured for death or serious illness are insured, the insurance premium will be deducted at 0: 00 the next day.

The establishment of an insurance contract is a matter of fact, but its entry into force is a matter of law. According to Article 14 of the Insurance Law: "After the insurance contract is established, the insured shall pay the insurance premium according to the agreement; The insurer began to bear the insurance liability according to the agreed time. "