Ping An Insurance cannot use credit cards to pay insurance premiums.

Ping An Life has completely stopped credit card payment on November 1, 2016. An internal announcement from China Pacific Insurance (Shanghai Branch) stated that the credit card charging function on the APP will be closed on October 20, 2016, and the credit card charging function on the self-managed POS machine will be closed on October 25, 2016.

On September 6, 2016, the China Insurance Regulatory Commission issued the "Notice of the China Insurance Regulatory Commission on Matters Concerning Further Improving the Actuarial System of Personal Insurance" (Insurance Regulatory Commission [2016] No. 76), in which Article 4 clearly stipulates , insurance companies are not allowed to accept credit cards from policyholders to pay life insurance premiums with cash value and to repay policy loans.

Extended information

A person from a large life insurance company told a reporter from Beiqing Daily that in life insurance contracts, insured customers often enjoy the option of "full surrender within the hesitation period". This service clause means that as long as the customer wants to regret it within the agreed time limit, the insurance company will return the full premium to the account designated by the customer. It is also a measure taken by the state to rectify systemic risks in insurance.

While credit cards facilitate insurance customers to pay, some insurance company agents use this channel to help customers cash out illegally. However, for cardholders, if they use high-value credit cards to cash out, they will be If the bank is confirmed to be suspected of cashing out, it will be blacklisted. Some industry insiders believe that this move may be a deleveraging measure by regulators to control the purchase scale of universal insurance.

ifeng.com--Why do insurance companies stop using credit cards to collect premiums