China Life Insurance (Group) Company is a large state-owned financial and insurance company headquartered in Beijing. It is one of the world's top 500 companies and one of the top 500 Chinese brands. The company's predecessor was the People's Insurance Company of China founded in 1949. In 1996, it was established as China Life Insurance Co., Ltd. and in 1999 it was renamed China Life Insurance Company.
In 2003, with the approval of the State Council and the approval of the China Insurance Regulatory Commission, the original China Life Insurance Company was restructured into China Life Insurance (Group) Company. Its business scope comprehensively covers life insurance, property insurance, pension insurance (enterprise annuity), assets management, alternative investments, overseas business, e-commerce and other fields, and has invested in a number of banks, securities companies and other financial and non-financial institutions through capital operations[1].
China Life Insurance (Group) Company and its subsidiaries constitute the largest state-owned financial and insurance group in my country. In 2013, the total premium income reached 386.8 billion yuan, the domestic life insurance business market share was 31.6%, and the total assets reached 2.4071 billion yuan. It is one of the largest institutional investors in my country's capital market. It has been selected into the Fortune Global 500 for 12 consecutive years, ranking 94th; it has been selected into the World's Top 500 Brands for 7 consecutive years, ranking 237th; and it has been selected into the China Brand Value Research Institute's Top 500 Chinese Brands, ranking 15th. [2] After being listed simultaneously in New York and Hong Kong in December 2003, the affiliated life insurance company returned to the domestic A-share market in January 2007, becoming the "No. 1 insurance stock" in the mainland capital market and the world's first company in New York. It is an insurance company listed in three places, Hong Kong and Shanghai, and has become the world's largest listed life insurance company by market value[3].
The group company has a strong leadership team. Yang Mingsheng is the party secretary and chairman of the company. The team members include Miao Jianmin, Chen Fanlei, Zhang Xiangxian, Wang Sidong, Cui Lanqin, Liu Huimin, Bai Tao, and Liu Jiade[4] .
Taikang Jin Mancang Two-Full Dividend Insurance Fold
Protection + financial management, up to 4 times accidental death protection. The minimum standard of 500 yuan allows ordinary families to manage finances. Its policy has a dividend function. However, the policy loan function was not mentioned.
《Comments》The benefits of this product are average. The 4 times coverage for accidental death is a bright spot; it starts at RMB 500, taking the road of civilianization.
Ping An Jinyu Mantang Universal Endowment Insurance Folding
Single payment type, starting from 10,000, can be purchased by people aged 3-65, and the coverage is until the age of 70. The policy is convertible into an annuity.
Insurance - 2 times compensation for ordinary accidental death and 3 times compensation for traffic accident death.
Financial management-Guaranteed annual interest rate is 1.75%, the interest rate is announced monthly and the interest is compounded monthly.
"Comments" The insurance coverage is average; the highlight is that the insurance period is until the insured is 70 years old, and if the premiums are paid for 5 years at the age of 50, it can be converted into an annuity for retirement purposes; the guaranteed rate of return is 1.75% Not too high.
Yingda Yuanbao Type B Dividend Endowment Insurance Folding
The single payment type starts from 10,000, and can be purchased by people aged 30 days to 65 years old. The insurance period is 5 years. Provides up to 4 times accidental death protection. Policy loans are 80% of the cash value balance.
"Dianping" The five-year guaranteed income is 8.4% + dividends; the 4 times compensation for accidental death and the policy loan function are its highlights.
China Life Hongtai Dividend Insurance Fold
Single payment or annual payment, starting from 1,000, available for people aged 30 days to 75 years old, protection period 5, 10, 15, 20 years (covered up to age 80). You can apply for policy surrender when you are in urgent need of cash. The single payment type guarantees a 5-year return of 3.5-4.8% (depending on age) + compound interest dividends.
"Dianping" There is almost no guarantee at all; the income is definitely low; you can only surrender the policy when you are in urgent need of cash; the only bright spot is that the insurance age is relaxed to 75 years old.
Radio and Television Risheng Jinyu Good Marriage Dividend Insurance Fold
Single payment type starts from 20,000, people aged 30 days to 65 can buy it, and the insurance period is 5 or 10 years. Provides 2 times accidental death protection. The minimum guaranteed annual income is 2.5%. Withdraw 2.5% every year as a special account for outpatient and emergency services. Policy loans are 80% of the cash value balance.
The guarantee of "Dianping" is average; the minimum return of 2.5% and outpatient and emergency accounts are its highlights.
With the rapid changes in the financial environment, investment tools are no longer limited to foreign currency deposits, stocks, funds and related derivative financial products. Among them, investment insurance is one of the most popular investment tools. Many banks are selling investment insurance. In addition, at the beginning of this year, the Insurance Department stipulated that the predetermined interest rate of all traditional insurance policies must be lowered to 2.5%. From next year, it will be lowered to less than 2%. As a result, the premiums have increased relatively much, and the market is short-term. As a result, the demand for multi-year savings policies has dropped significantly, and investment insurance has gradually become more accepted by people for various reasons.
The impression that insurance generally gives people is nothing more than the function of personal protection and savings, and has nothing to do with investment. The biggest difference between investment insurance and traditional insurance is that the former transfers investment options and risks. To the customer, the insurance company invests the premium and promises the customer a guaranteed interest rate, and the customer does not need to bear any risk for the investment profit or loss of the insurance company.
Investment-type insurance products were first produced in the Netherlands in 1956. It originated from consumers’ desire to have investment opportunities in their life insurance policies. It was followed by the United Kingdom in 1961, the United States in 1976, and Japan in 1986. Mainland China and Mainland China issued their first investment insurance policies in 1999, while Taiwan, China issued its first investment insurance policy in 2000. In terms of market share, Australia is almost 100%, Canada is over 60%, the United Kingdom and Sweden are also over 40%, and in Asia, Hong Kong and parts of Southeast Asia have also exceeded 50%. On the other hand, the market share of domestic investment products is less than 5%. Judging from foreign developments, there is no doubt that they will become the mainstream of the domestic insurance market in the future.
Extended reading: How to buy insurance, which one is better, and step-by-step instructions to avoid these "pitfalls" of insurance