Taobao insurance was forced to surrender, why?

I always heard that I was forced to buy insurance by insurance companies before, but I didn't hear that I would be forced to surrender. Surrender means that when the insurance contract is not fully performed, the applicant applies to the insured, and the insurer agrees to terminate the legal relationship between the two parties as defined in the contract, and the insurer returns the cash value of the insurance policy according to the Insurance Law of People's Republic of China (PRC) and this contract. Compulsory surrender of insurance companies will not happen so easily, but a miss Li bought insurance on Taobao but was forced to surrender by insurance companies. What's going on here?

Case playback

"The contract is for life, but I don't want to surrender but I am forced to surrender."

In June last year, Miss Li (pseudonym) bought five products of Peking University Founder Life Poly whole life insurance (Universal Life Insurance) with expected annualized income of 6.5% on Taobao. However, this year, Miss Li's mobile phone suddenly received a short message: "Dear customer, your insurance products in Zhaocaibao will take effect for one year. According to the authorization requirements when you apply for insurance, we will withdraw the full value of the policy account one year after the policy takes effect. The funds will be transferred to your Yu 'ebao account within 2 working days at the latest after withdrawal, so please pay attention. "After that, Miss Li's life-long universal insurance products were returned with interest on the grounds that financial management expired.

A few days ago, the reporter consulted Miss Li's electronic insurance policy, hoping to find hidden information about the insurance company's surrender. It turns out that there is no mention anywhere that she bought a one-year insurance product. In this "Poly whole life insurance (Universal) Electronic Insurance Policy", at least four items show that it is a product with a term of more than one year, except that Article 3 explicitly mentions that "the insurance period of this contract is life-long".

There are indications that this is a separate surrender of an insurance company. Miss Li told the reporter that after receiving the above message, she immediately called the customer service phone of Founder Life Insurance of Peking University. At that time, the customer service replied that the product had not expired. If you don't want to return it, you can keep it. But less than half an hour later, Miss Li received another call from Shanghai. The other party claimed to be the backstage of Founder Life Insurance. The information given by the customer service just now is wrong. This is a one-year product and must be surrendered. No matter how Miss Li argued, the other party just repeatedly stressed that this is a one-year product, and the principal and interest will be refunded to Miss Li's account after the expiration.

Miss Li said: "When I asked the other party whether the rights and obligations of both the insured and the insurance company were based on electronic insurance policies, the other party refused to answer."

By the beginning of June this year, Miss Li found that her Yu 'ebao account had received the above-mentioned 5325 yuan universal insurance with interest on time, with an annualized rate of return of 6.5%. However, Miss Li said that she did not want to surrender.

The response of the insurance company

"The product has been discontinued and the warranty cannot be renewed"

Recently, the reporter called Peking University Founder Life Insurance as an ordinary customer to understand the relevant situation. A staff member of the company said that this product of Poly Lai was sold out within two days last year, and it has been discontinued for a long time, so the contract can only be terminated if the warranty cannot be renewed. Subsequently, the reporter searched on Taobao and found that Peking University Founder Life Insurance Poly Life Insurance had indeed been removed.

The reporter asked other insurance companies whether a life-long universal insurance product can be split and sold year after year. The staff of a large life insurance company in the industry told reporters that there are generally no special circumstances in which insurance companies will not unilaterally surrender their insurance. "Unless customers conceal the facts or have contractual exclusions, such as some health insurance products, they will surrender their insurance in some cases." In addition, the suspension of sales is not a reason for not renewing the insurance.

The regulatory authorities said

"Forced surrender is illegal"

The relevant regulatory authorities in Guangdong Province believe that the compulsory surrender of Peking University Founder Life Insurance is illegal, and Miss Li Can complains to Peking University Founder Life Insurance Company or to the local regulatory authorities.

According to the surrender procedure stipulated in the Insurance Law, consumers must apply to and negotiate with insurance companies before surrendering.

Journalist investigation

"There is a surrender trap in the online sales platform"

Then, will Miss Li's gratuitous surrender be related to the online sales platform? The reporter found that the platform for Miss Li to buy products-"Zhaocaibao" is a wealth management platform under Taobao, which mainly sells low-risk wealth management products with fixed term and stable income, including universal insurance. At present, the products on the platform mainly include three categories: SME loans, fund products and insurance products. Recently, the reporter saw that many universal insurance products sold on "Lucky Treasure" have added an additional agreement of "Lucky Treasure" after the sales agreement. For example, Fude Life Life's universal insurance of E-financial annuity insurance has an agreement of "receiving (surrender) authorization": "I apply for Fude Life Life to transfer all the funds in the universal insurance account when the contract takes effect 1 year." In other words, consumers who buy this product should also surrender their insurance after one year.

It is worth noting that the above authorization is not a necessary condition for purchase payment, that is to say, even if the consumer does not see this authorization, it is authorized by default. The biggest consequence of this authorization is that the life insurance contract has completely become a one-year contract, and consumers can only enjoy the financial benefits and protection of this product within one year. This authorization of Zhaocaibao has actually revised the original policy contract.

In addition, the reporter found that the "Special Statement of Lucky Treasure Customers" also restricted the behavior of consumers. These constraints include "the declarant voluntarily waives the right to surrender, proposes to surrender and surrender internally during the policy freezing period, and waives the right of automatic renewal"; "The declarant authorizes the Lucky Treasure Platform to handle the specific disposal of policies, policy interests and insurance interests, and the instructions for Lucky Treasure are deemed to be made by the declarant"; "If the applicant's behavior conflicts with the instructions of Lucky Treasure Platform, the applicant agrees that the instructions of Lucky Treasure Platform shall prevail." When consumers buy insurance products, it is not easy to find this statement, and they can directly complete the payment purchase without the consent of consumers, which is easy to cause consumers to be "authorized and declared".

Insiders' comments

"The third-party platform has no right to change the contract"

Does the third-party platform have the right to modify the insurance contract? In this regard, some industry veterans told reporters that although this new sales model needs to be studied by the regulatory authorities, the policy contract purchased by consumers is a contractual relationship with insurance companies, and third-party platforms have no right to change it.

"Consumers' insurance contracts are signed with insurance companies. Lucky Treasure on the third-party platform is only responsible for consignment, which belongs to another contractual relationship and cannot affect the contractual agreement between consumers and insurance companies. The products of insurance companies are reported to China Banking and Insurance Regulatory Commission, and these third-party clauses obviously modify the original contract. The modified product is obviously not a backup contract in insurance supervision. " The person said that if the insurance company knows this modification, there is obviously a problem; If the insurance company doesn't know, there is something wrong with the practice of the treasure platform. How to characterize, supervise and deal with this new situation needs to be studied and decided by the regulatory authorities.