☆ Description
Personal insurance is a service where ICBC provides insurance products for personal customers on behalf of insurance companies (insurer). Main products include personal life insurance and personal property insurance.
Insurance products sold in the bank generally have both investment and insurance protection functions. Investment in insurance not only gets the insurance protection, but also becomes a necessary part in family finance nowadays. Bank is an important channel to sell insurance besides insurance agency. ICBC works with many insurance companies to offer different life insurance plans. Some insurance products can also be used as pledge for loan. Your idle funds can become working funds.

☆ Targets
You can buy insurance products from ICBC with your ID document, passbook of ICBC all-in-one current account or ICBC Money Link Card (or ICBC Elite Club Card).

☆ Insurance Products
ICBC sells products on behalf of many insurance companies. The products include accident insurance, critical illness insurance, term insurance, annuity insurance, family property insurance. Please visit ICBC outlets or click "Insurance" in ICBC website.

☆ Features
1. Complete range of products, protection against all types of risks;
2. Many insurance company options;
3. Hassle-free application process, supporting many application channels including internet banking and self-service terminals;
4. All-round services, dedicated customer manager ready to serve;
5. Secure insurance purchase channel, premium is directly and fully transferred to insurance company's account;
6. Many insurance product options in internet banking and self-service terminals, convenient selection and purchase.

☆ Application Conditions
For purchase over the counter, identity document and passbook of ICBC all-in-one current deposit or ICBC Money Link Card (or Elite Club Card) are required; for purchase through ICBC internet banking, you have to register for our internet banking; for purchase through self-service terminals, ICBC Moneylink Card (or ICBC Elite Club Card) is required.

☆ Procedures
Please read carefully the Instructions on Buying ICBC Personal Insurance Products and insurance product materials before making the purchase.

☆ Service Channels and Time
9:00-17:00 at all ICBC outlets every day, including national and public holidays. You can also purchase the product through ICBC internet banking and self-service terminals at 0:00-21:00 every day.

☆ Operating Instructions
1. For purchase over the counter, please present your ID card, passbook of ICBC all-in-one current deposit or ICBC Money Link Card (or Elite Club Card) and fill in the Insurance Policy required by the insurance company.
2. If you are a registered customer of ICBC personal internet banking, please log on to ICBC website to buy the insurance or check the insurance policy.
3. For purchase through ICBC self-service terminals, please use ICBC Money Link Card (or ICBC Elite Club Card).

☆ FAQ
1. What should I know when buying participating insurance?
If you purchase participating insurance, please note that the dividend is determined by the business performance of the insurance company. The insurance company will distribute some dividend to you only when its business performance is better than the expectation. The insurance company may distribute nothing to you if its business performance is worse than the expectation. Please do not equate or compare the dividend insurance with other financial products (such as T-bond, bank deposit).

2. What should I know when buying universal insurance product?
If you purchase universal insurance, please note that you are advised to develop a detailed understanding of the fees charged for universal insurance, including initial fees, mortality risk premium, policy management fees, commissions, surrender charges etc. The return on investment of universal insurance products is uncertain, and you have to bear a part of investment risks. Future returns in the product brochure or in the letter on estimation of insurable interest are purely descriptive. The return on investment higher than the minimum guaranteed interest rate is uncertain.

3. What should I know when buying unit-linked insurance?
If you purchase unit-linked insurance, please note that you are advised to develop a detailed understanding of the fees charged for unit-linked insurance, including initial fees, bid/offer spread, mortality risk premium, policy management fees, asset management fees, commissions, surrender charges etc. The return on investment of unit-linked insurance products is uncertain, and you have to bear all investment risks. Future returns in the product brochure or in the letter on estimation of insurable interest are purely descriptive. You may suffer profits or loss during your investment.

4. What should I pay attention to when filling in the application form?
The application form is an important part of the insurance contract and also an important source of information for insurance company to check against your details, decide the benefit to be paid and make the compensation. Here is the checklist:
(1) Please fill in the name, gender, age, profession, address, phone number of the applicant, the insured and the beneficiary to the best of knowledge; the name and ID card number must be the same as those on the ID card or residence booklet. Please fill in the address in full and you are advised to use a commonly use address so that the insurance company may contact you in a timely manner.
(2) Fill in the name of the insurance product you wish to buy, the insured sum and other information correctly.
(3) The applicant and the insured person should answer all the questions on the form truthfully and present details in the "Remarks" or provide relevant written materials.
(4) Check again after the form is completed. Once every detail is confirmed, please sign on the space provided. If necessary, the insured person is also required to sign when the benefit is given due to death of the insured. The applicant and the insured person cannot sign on any blank or uncompleted application form.

5. What is the obligation of disclosure? What will happen in the case of misrepresentation?
Before entering into any agreement, the insurer should explain to the applicant all the provisions and request full details on the insured person. The applicant should state out clearly to the insurance company all the material facts that he/she knows about the insured person. All the main questions are listed on the form. The applicant should read the instructions and answer all questions in full detail.
In case of any willful act to withhold the truth or misrepresent or misrepresent due to negligence that can affect the insurer's decision to approve the underwriting or increase the premium rate, the insurance company can terminate the contract according to law, as stated in the contract.

☆ Terms and Definitions
1. What is insurance contract?
The insurance contract is an agreement between the applicant and insurance company, stating out the rights and obligations of each party.

2. Who is the insurer?
The insurer is the insurance company that enters into agreement with the applicant and assumes compensation liability or provides insurance coverage.

3. Who is the applicant?
The applicant is the person who enters into agreement with insurance company and pays the premium as stated.

4. Who is the insured?
The insured is the person covered by an insurance contract. The applicant and the insured can be the same person if the applicant buys insurance for himself/herself.

5. Who is the beneficiary?
The beneficiary is the person designated by the insured or applicant to have the claim right to insurance compensation. The applicant and the insured can be the beneficiary.

6. What is insurance liability?
The insurance liability refers to the insurance company's responsibility for economic compensation or insurance benefit payment in the event of insurance accident. The liability of life insurance includes compensation upon death, survival, disability, sickness or medical services.

7. What is liability exemption?
The liability exemption means the insurance company is exempted from the liability for the accidents specified in the insurance company, for example when the insured has died or was disabled as a result of intentionally committing a crime.

8. What is the duration of insurance?
The duration of insurance refers to the period from the starting to the ending of insurance liability as specified in the insurance contract.

9. What is premium?
The premium refers to the amount paid by the applicant to buy the insurance. Premium amount is related to the liability coverage, period of insurance, insured amount and also the age, sex, health and profession of the insured.

10. What is insured amount?
The insured amount refers to the maximum liability coverage in the event of accidents, as agreed between the applicant and insurance company in the contract.

11. What is cash value?
The cash value refers to the value of a permanent life insurance policy, usually the amount that can be refunded by the insurance company to the applicant when the policy is surrendered.

12. What is life insurance?
The life insurance is a type of insurance that can provide lifetime protection whereby the payment of the stated benefit is conditional upon the survival or death of the insured during the insurance period. Some life insurance includes the liability to pay stated benefit upon full disability of the insured. It includes term life insurance, whole life insurance, endowment insurance and annuity insurance, depending on the liability coverage.

13. What is health insurance?
The health insurance is the insurance where the stated benefits will be paid out if losses occurred due to health. It includes sickness insurance, medical insurance, disability income insurance and health care insurance.

14. What is participating insurance?
The participating insurance is a type of life insurance whereby the insurance company pays back the assumed net earnings to the policy holder in the form of dividends at a certain percentage, as a result of the good performance of the company. It has following features:
(1) Policy holder can receive dividends. Besides providing basic coverage, the insurance company shares the good performance of the company with the customers by distributing dividends.
(2) Dividends can be paid in cash or increased coverage. In the former case, net earnings are paid back to the policy holder in the form of cash which can be collected directly or used for offsetting premium, earning interest, or paying up the policy. In the latter case, dividends are in the form of increased coverage each year during the whole insurance period.
(3) Dividends distribution is not guaranteed, depending on the performance of the insurance company.

15. What is universal insurance?
The universal insurance is a type of life insurance with protection coverage and guaranteed-return investment account. It has following features:
(1) Flexible payment and transparent charges. In general, once the first premium is paid, the remaining premium can be paid in any amount and at any time. Moreover, the insurance company announces all the fees it collects to the applicant.
(2) Highly flexible and adjustable insured amount. The account can be withdrawn any time under the terms of the contract. In general, the applicant can increase or lower the insured amount according to the contract.
(3) Interest rate is fixed at the minimum and investment return is settled in regular periods. The universal insurance guarantees the minimum return on the investment and the policy holder can share with the insurance company any investment return above the minimum guaranteed return.

16. What is unit-linked insurance?
The unit-linked insurance is a type of life insurance with the protection coverage and at least one investment account having some asset value. It has following features:
(1) In general, once the first premium is paid, the remaining premium can be paid in any amount and at any time. Moreover, the insurance company announces all the fees it collects to the applicant.
(2) Highly flexible, with the funds in the account being freely converted. Since this type of insurance carries many investment accounts with different strategies and targets. The applicant is free to put the premium used for investment to different accounts on his/her own preference and make adjustments on the account funds in a proportion stated and agreed in the contract. The account can be withdrawn any time under the terms of the contract.
(3) Usually no minimum guaranteed interest rate provided. As the return on the investment is reflected by the price fluctuation of the investment accounts (announced no later than a week by the insurance company in the current practice), there can be negative return under bad investment or because of stock market fluctuation.

17. What is application form?
The application form is a written offer that the applicant completes when requesting to enter an agreement with the insurance company.

18. What is an insurance policy?
The insurance policy is a written document issued by an insurance company, stating out all the contractual details, including insured amount, premium and others.

19. What are insurance terms and conditions?
The insurance terms and conditions refer to the statements contained in the insurance contract, stating out all the rights and obligations of the contract parties including insurance liability, liability exemption, premium payment, insurance claim application, contract termination, dispute resolution.

20. What is rider (or annotations)?
The rider (or annotations) is a supplementary agreement of the contract to modify the conditions, usually appending to the original contract.

21. What is cooling-off period? How to calculate the surrender value when the insurance contract is cancelled during this period?
There is generally a cooling-off period in the permanent life insurance product, which commences within 15 days after the applicant receives and signs the policy. During this period, the applicant can re-consider if the insurance product is appropriate and may cancel the contract if not. The insurance company shall refund all premiums, except the costs of no more than RMB 10. As stated in the contract, the insurance company will not provide coverage for any accidental events happened within the cooling-off period once the contract is cancelled by the applicant.

22. What is policy loan? What is the purpose?
As a special feature under permanent life insurance, the policy loan is a loan from the insurance company to the policy holder after the contract has been in force for a certain period. The loan is secured by the cash value of policy.
The policy holder with a demand for short-term financing will find this loan helpful to solve his/her financial problems. The policy contract and protection coverage will remain intact. Besides, the insurance company will collect the interest from the borrower in order to guarantee and increase the stated cash value of the policy.