It's a trap! what you should avoid when you buy medical insurance

2018-06-15

Recently there are many “Million medical insurance” got popular in China. It’s a consumer medical insurance. With one or two hundred yuan premium each year, policy holder would have more than a million medical coverage, and it’s medical underwriting-free! People  could buy it easily online.

It seems very attractive. Especially for those who just begin to work and can’t afford a lifetime medical insurance. As a short-term supplementary insurance, it is truly appealing.

However, CBRC (China Banking Regulatory Commission) pointed that such Million medical insurances are exaggerated in file No.19.

After ZhongAn online launched their first Million medical insurance, most mainly health insurance company are following their steps and publish their own Million medical insurance. There are nearly 30 Million medical insurance now.

Actuary, product manager of insChain, Eric said that A million yuan coverage is just a marketing gimmick. Most Million medical insurances require policy-holder to see doctor in general clinic of public hospital. Medical fee is very difficult to reach million even there is severe illness.

The premium of medical insurance raise with the age, and people almost can’t buy such products once they got any severe illness. For those one-year consumer insurance, warranty renewal is the decisive element about buy such product.

According to file of CIRC (Chinese insurance Regulatory Commission), warranty renewal means that after former insurance period, insurance company must renew the policy with former policy and clause if the policy holder apply for renewal.

It means that insurance company could not refuse to underwrite for product obsolete or Classify illness that have already been claimed as past symptoms to exclude responsibility. At the same time, insurance company could not adjust the price rate. Policy holder could renew the policy with former premium.

Although the cost of trial and error is not expensive, people should not rely on such product. Many insurance company blur their words on their advisement, mix “warranty renewal”, ” continuous renewal”, ”renewal-able” together and confusing people. After reading their clauses carefully, we could find that there is no Million medical insurances promise that it could be renewed forever.


Nowadays, such consumer internet insurances are getting popular, and the process of purchasing are more simplified. We should check their clauses more carefully and avoid unnecessary loss.

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