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If a commercial bank sells on an insurance product with the period of more than one year on an agreed basis, it shall specify in the insurance contract the cooling-off period of 15 natural days and the rights of policyholder during such cooling-off period. The cooling-off period shall be counted from the date when the policyholder receives the insurance policy and signs the receipt of insurance policy in a written form. During the cooling-off period, the policy holder can seriously think about whether the product he/she purchased is appropriate. If the product the policy holder purchased does not meet his/her demand, the policy holder can rescind the contract. In this case, the insurer will deduct no more than RMB10 from the paid premium as the contract production fee. If the policy holder rescinds the contract during the cooling-off period, the insurer will assume no insurance liability for the accident happening during such period.
What should be noticed when purchasing the personal insurance?
1. You should read through the clauses in the insurance policy and make sure that you can understand these clauses well, and carefully inspect whether the insurance contract is complete. In addition to the insurance policy, the insurance contract shall also include the insurance clauses, list of cash value, customer protection declaration form, premium payment voucher, list of insurance rate and other documents.
2. Keep the insurance policy properly: You should keep the insurance policy in a safe and reliable place and write down the name of insurer, to facilitate the application for loss registration and re-issuance in case of being lost or damaged. The insurance policy is the main voucher proving that you have purchased the life insurance. The insured or the beneficiary can ask the insurer to compensate the loss pursuant to relevant provisions of the insurance policy when the subject matter of insurance incurs the loss. You must submit the insurance policy when you apply for modify the contract or other services.
3. You should tell the beneficiary about the purchase of insurance.
4. You should pay the renewal premium on time.
5. Perform the obligation of notification: After an insured peril happens or the domicile changes, you should timely notify the life insurance company.
6. Do not cancel the insurance easily: If it is hard for you to pay the premium during the period of insurance, you can preemptively consider other methods.
7. Check the insurance policy on a regular basis: Subject to your insurance demand, paying ability, inflation and other factors, you should check whether the life insurance product you purchased still satisfies your demand, and consider increasing or decreasing the amount of insurance, where necessary.
8. Know about the ways of complaint: You may make a complaint, in case of any dissatisfaction, to the life insurance company, insurance association or China Insurance Regulatory Commission, as the case may be.