广州农村商业银行股份有限公司-Product Introduction

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Product Introduction

发布时间:2021-03-01

Agency insurance business refers to the insurance product sales service of our bank as a sales agent and insurance business-related services, provided by our bank, for customers. Agency insurance products are issued and managed by the insurance companies cooperated with our bank. Our bank, as an agency, does not assume product investment, redemption and risk management responsibilities.
According to the requirements of the China Banking and Insurance Regulatory Commission, our bank has obtained the License for Insurance and Insurance Agency Business. Allowable agency insurance types include motor vehicle insurance, business property insurance, family property insurance, cargo transportation insurance, ship insurance, engineering insurance, agricultural insurance, liability insurance, life insurance, annuity insurance, health insurance, accident insurance, credit insurance and guarantee insurance.

Product information
The main types of insurance agency products at our bank are as follows:

Insurance type		Insurance description
Health insurance	Sickness insurance	Sickness insurance refers to insurance that takes sickness as a condition for payment of insurance benefits. The insurance amount of this insurance policy is usually relatively large. The payment method is generally to pay the insurance benefits in one lump sum immediately after the diagnosis of special diseases. Such insurance includes major illness insurance, malignant tumor insurance, etc.
	Medical insurance	Medical insurance refers to the insurance that takes the agreed medical expenses as a condition for payment of insurance benefits. Such insurance protects medical expenses. Medical expenses include various expenses for patients’ treatment, such as medical expenses, surgical expenses, hospitalization expenses, nursing care expenses, and hospital equipment expenses.
	Nursing care insurance	Nursing care insurance refers to health insurance that provides compensation for nursing service expenses for insured persons who need long-term care due to age, illness or disability.
Whole life insurance		Whole life insurance provides a life-long death guarantee for the insured, generally during the lifetime or at 100 years old of the insured. No matter when the insured dies (before the 100th birthday), the insurance company must pay the insurance money. Therefore, whole life insurance has the nature of savings, and its insurance amount is higher among insurances. The insurance has a cash value, and some insurance companies provide insurance policy loan services.
Endowment insurance		Endowment insurance is also called “insurance for the insured dies within the insurance period agreed in the insurance contract, or survives at the expiration of the insurance period” or “insurance as savings”. No matter when the insured dies within the insurance period or survives at the expiration of the insurance period, the insurance company must pay the insurance money. The endowment insurance provides a retirement fund for the elderly and living expenses for the family dependents of the deceased. In particular cases, it can be used as an investment tool, semi-compulsive savings tool, or a guarantee for personal lending.
Annuity insurance		Annuity insurance refers to the insurance that requires the insurance company to pay a certain amount of insurance benefit in a certain cycle during the period agreed or the life of the insured. Its main purpose is to ensure the income of the insured. Pure annuity insurance does not cover the mortality risk of the insured generally, only for the insured’s loss in income due to longevity.

*Details shall be subject to the announcement list of agency insurance products of the branches.

Service channel
This service can be handled through bank branches and online banking.
Tips
1. Strategies of buying personal insurance products
(1) Insuring order among family members
Priority is given to insuring the family’s economic pillars. The general family’s insuring order is husband, wife, children, and the elderly.
(2) Order to buy insurance products
Priorities should be given to security insurance products such as critical illness insurance, medical insurance, accident insurance, life insurance. Annuity insurance products should be considered secondly, such as endowment annuity and education insurance. Finally, investment insurance products can be considered. In case of general economic conditions, consumer insurance products can be allocated first, followed by savings insurance products.
(3) Double Ten principle
It is recommended that families pay 10% of their annual income for insurance and set the risk insurance amount as 10 times their annual income. The specific amount can be float-adjusted according to family economic status floating.
2. Strategies of buying property insurance products
Property insurance should be purchased as needed and the insured property should be subject to objective and fair appraisal. The insurance amount of the property insurance cannot exceed its insurance value. If exceeded, the excess part is invalid.

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