Savings insurance is a combination of insurance function and savings function designed by insurance companies. For example, endowment assurance, endowment insurance and education fund insurance, which are common at present, have the function of saving besides the basic guarantee function. If there is no accident during the insurance period, the insurance company will return a sum of money to the insurance beneficiary at the agreed time.
In view of this situation, it is necessary to read the contents of the insurance contract clearly, and some clauses need to be specifically consulted. Return-type insurance is the cash value returned, and the cash value is definitely less than the premium paid.
Extended data:
Cash value is an insurance term, which refers to the surrender amount of life insurance policies. In life insurance with a long insurance period, due to the adoption of the system of wholesale premium or balanced pure premium, a certain amount of liability reserve has been accumulated under the policy. When the insured requests to surrender, the insurer deducts a certain refund premium from the liability reserve, and the balance is returned to the insured or the insured as surrender premium (also called "cancellation fee").
In a long-term life insurance contract, the insurer usually needs to deposit a certain amount of liability reserve in order to fulfill its contractual responsibilities. When the insured requests to cancel the contract or surrender for any reason within the insurance validity period, the insurer shall return the balance of the deposited liability reserve minus the cancellation deduction to the insured, that is, the cancellation fee, that is, the cash value of the policy at the time of surrender.
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