The Document
Click to open the Tencent Doc.
This file is the coverage plan mentioned on the phone. I think it’s very necessary for me to figure out how good each item really is — such a good insurance product, why does it still need to call me to offer its service?
Some Term Explanations
- Savings insurance, consumption insurance
Consumption-type insurance: the premium is consumption in nature and will not be refunded. If a risk event occurs, the insurance company bears the insurance liability and pays; if no event occurs, the premium is not returned either.
Savings-type insurance: also called return-type insurance — if no risk event occurs within the agreed period, the premium is returned, and in most cases the returned money is even higher than the premium.
- Critical illness insurance, accident insurance, medical insurance, life insurance
Critical illness insurance: run by insurance companies, covering specific major diseases such as malignant tumors, acute myocardial infarction, sequelae of stroke, etc.
Accidental injury insurance: one of the personal insurance businesses — personal insurance that pays insurance benefits on the condition that the insured dies or is disabled due to accidental injury
Medical insurance: generally refers to basic medical insurance — a social insurance system established to compensate workers for economic losses caused by disease risk
Life insurance: a kind of personal insurance, abbreviated as life insurance — personal insurance taking the insured’s lifespan as the subject, with the insured’s survival or death as the payment condition
A Few Features
Let me look at the features of a few products:
Pay for Ten Years, Covered for Thirty
This is the first product feature. I can well understand it, because it is indeed attractive — calling it the most attractive is normal too. From the renewal perspective, this product is good.
Living or deceased, 123% of accumulated premiums returned
The young lady also emphasized this — maybe comparing with other insurance. I really can’t see what’s so worth emphasizing about 123%.
Suppose I have 10,000 yuan deposited in a bank at 3% annual interest; after one year I have $(1+3%) \times 1W$. Assuming the interest rate doesn’t change much, after 30 years I’d have $(1+3%) ^ {30} \times 1W = 2.42W$. A 3% annual rate is actually quite low, and yet it more than doubles. If you want to invest, you might as well put the money in the bank.
Accidental injury paid at 1x, 2x, 5x, 10x
The least substantial feature. For accidental injury, if something happens the person is largely gone; renewal isn’t difficult, and any consumption-type accident insurance you pick has almost the same payout.
It can absolutely be bought separately.
Long-term accidental injury medical care: 100% payout of medical expenses meeting the supplementary contract
This feature must be viewed together with another feature:
The four types of accident coverage are mutually independent and do not affect each other: (when the accumulated payment of one or more items of the same type of accidental death benefit or accidental disability benefit reaches the accidental death insurance liability of that type of accidental injury, this supplementary contract terminates).
So after the accident insurance pays out, it terminates — my reading comprehension isn’t wrong, right?
- After going through these features, I actually don’t plan to keep considering it — but I don’t know the price yet, hence the next part.
The Price Part
The coverage plan doesn’t mention price, so I looked online for related products. Taikang’s official site does have it:
Taikang Xiangyun Kangshun Plan C insurance product
By the year, one year costs over 9000 — actually quite expensive. Think about how much my monthly salary is; forget it, I’m not that precious.
I didn’t packet-capture the web page either; maybe tweaking the request parameters would bring unexpected gains.
Summary
Not paying attention to the insurance business before was too careless of me. Taking these two days to catch up is only right. The content above is just my understanding; if there are any problems, feel free to point them out in the comments below, or contact me by email.
My current insurance plan: consider one accident insurance, one critical illness insurance; just buy medical insurance, in consumption-type form. Given my age and income, a savings insurance costing nearly 10,000 a year is unaffordable and unnecessary — buying later also means being covered later by a few years, I guess.
If the young lady has finished reading this blog, then you don’t need to call me anymore. I don’t think I’ll consider this insurance business. Thank you for your time.
Postscript
In the postscript, I want to remind everyone about why my private information was leaked.
On the phone, the young lady asked me what my occupation is. At that point I was already unhappy — don’t you already know my name, phone number, and date of birth? More thoroughly still, my ID number and workplace seem about known too. So I asked her where she got this information of mine.
From her I learned that my personal information was leaked in February by a financial app. Thinking back to this February, when I signed up for broadband service, the salesman required me to register the BestPay app. Where it leaked from is pretty much clear. Please cherish your personal privacy.
Thinking that we live in such a transparent era — it’s truly moving.