A woman from Pujiang, Jinhua, Zhejiang Province bought an insurance policy for her son and daughter 10 years ago. Over the past decade, she has paid a total of 230,000 yuan in insurance premiums. However, when the 10-year term came to an end, she was informed by the insurance company that she would have to wait another 60 years before she could withdraw the money. This news made it to the top searches on Baidu on December 4.
According to a report from 1818 Huanghaiyan under Zhejiang Radio and Television Group on December 3, Ms. Zhang from Pujiang, Jinhua, purchased the “Xintai Hengfu Tong Universal Insurance (Dividend Type)” from Xintai Life Insurance Company for her son and daughter in July 2011.
Ms. Zhang stated that the insurance salesperson, Ms. Hua, had assured her that as long as she paid premiums continuously for ten years, she would be able to withdraw the principal and interest in one lump sum when her children entered university.
However, after Ms. Zhang paid over 230,000 yuan in total premiums, she found that the insurance policy showed a duration of 73 years, meaning she would only be able to claim the insurance money in 2084, which is 60 years away from the present.
Due to urgent financial needs for her family members’ illnesses, Ms. Zhang tried to contact the insurance company to resolve the issue. However, the insurance salesperson, Ms. Hua, had fallen into a vegetative state due to illness and could not provide any explanation or evidence.
On the other hand, Xintai Life Insurance claimed that Ms. Zhang had confirmed the relevant terms through a telephone callback at the time of application, so they could not support the request for a full refund.
Despite unsuccessful mediation attempts, Ms. Zhang hoped to seek help by exposing the situation through the media.
After the incident was publicized by the media, it attracted the attention and discussion of hundreds of netizens.
Some netizens believe that it is clearly the responsibility of the insurance company, yet they are shifting the blame to someone who cannot speak. This tactic is disgusting and shows a complete lack of respect for consumer rights.
Others think that the insurance company is playing with words, turning a 10-year payment into a 73-year waiting period, which is more deceitful than a bank’s fixed-term deposit.
However, there are also netizens who support the insurance company.
User “67370616ZCH” stated: “The salesperson said that after paying for 10 years, you can withdraw the money returned every two years and the dividends from these years together for your children’s university education. You can also withdraw for their marriage and your retirement. The money can be used by your children in the future. Even when you reach 80 years old, there will be another payment. But it didn’t say you can withdraw the entire amount after 10 years. The dividend insurance guarantees your financial security and ensures you have money to spend for a lifetime.”
On the other hand, user “andy3148” commented: “By 2084, even if you’re still alive, the insurance company is most likely to have gone bankrupt.”
Some netizens advised everyone to carefully review insurance contracts and details when purchasing insurance policies.