1. Surrender within the hesitation period: Consumers can get a full refund within the hesitation period. The insurance company will set a hesitation period of 10- 15 days to give consumers a cooling-off period and can return it unconditionally at any time.
2. Insurance collection at maturity: collection at maturity is equivalent to full surrender. When the insurance expires, the premium paid can be returned if there is a function of returning it when it expires.
3. If the cash value exceeds the premium paid, it can be refunded: when the cash value exceeds the premium paid, it will be fully surrendered. After the insurance exceeds the hesitation period, the normal surrender can only refund the cash value of the policy, and the cash value of some insurance will increase year by year.
4. There are irregularities in the sales process: if there are irregularities in the insurance process, you can surrender the insurance in full. It is necessary to have corresponding evidence to prove the illegal behavior of the salesman.
5. In the case of agent signature: In the case of agent signature, it may be necessary to completely surrender the insurance. Buying insurance requires the signature of the insured himself, and the signature on behalf of the insured is deemed invalid.
6. Non-telephone return visit caused by non-consumer responsibility: If there is no telephone return visit, you can ask for full surrender. The insurance company must call back, and the insured can ask for full surrender if he doesn't answer the phone.
There are four main reasons for considering applying for full exchange:
1. Buy the wrong product:
For example, Xiao Wang wants to buy a critical illness insurance for his children as a reserve, but because he didn't do enough homework to listen to the salesman, he bought a combination product of universal account and aggravated illness. This is a typical "wrong" case.
2. Too little insurance!
When buying insurance, many people only consider the rate of return or insist on lifelong protection. In this way, under the same budget, the amount of compensation you can get will not be too high.
Insurance accounts for most of the budget.
For ordinary families, they generally only spend about 10% of their annual income on insurance. In other words, they can use tens of thousands of dollars to provide parents and children with comprehensive high compensation, which requires careful calculation.
If you spend all your budget on children to buy critical illness life insurance because of impulsiveness, you may not be able to provide more necessary support for the economic pillar.
4. Insurance products are constantly updated.
Perhaps you have avoided the above three situations, but with the upgrading of insurance products, the insurance purchased many years ago may be outdated and lose competitiveness. This is not to say that the insurance bought at the beginning was not good, but that the market changed too fast.
To sum up, we do not encourage surrender, but we should carefully choose the products that suit us in the process of insurance. Similarly, you should also think twice when considering surrender, because you will also lose money.
Legal basis:
People's Republic of China (PRC) insurance law
Article 13
The applicant requests insurance, the insurer agrees to underwrite, and the insurance contract is established. The insurer shall issue an insurance policy or other insurance certificate to the applicant in time. An insurance policy or other insurance certificate shall specify the contents of the contract agreed by both parties. The parties may also agree to clarify the contents of the contract in other written forms. An insurance contract established according to law shall take effect upon its establishment. The applicant and the insurer may attach conditions or time limits to the validity of the contract.
Article 15
Unless otherwise stipulated in this Law or in the insurance contract, after the insurance contract is established, the applicant may terminate the contract, and the insurer may not terminate the contract.