Why did a woman spend 700 million to buy insurance but wait 99 years to withdraw?

GĐXH - The woman asked for help from the police but could not help because she was the one in the wrong.

Buy insurance but wait 99 years to withdraw

Ms. Truong spent a large sum of money to buy insurance for her two sons.

Ms. Zhang is from Guiyang City, Guizhou Province, China. During her youth, she traveled everywhere to earn money. At the age of 35, this woman returned to her hometown to start a business and became successful.

In 2016, during a meeting, a friend told her about a local insurance company that had launched an insurance program. Just deposit money and you will receive a significant interest every year. At the same time, this insurance package can be considered a reserve fund for her children in case of an unfortunate accident.

As soon as she heard this, Ms. Truong was very interested. With the introduction of her friend, she had a meeting with the insurance company staff. "Our company's insurance offers a 15-year product with an annual premium of 20,000 yuan/person (about 70 million VND)," the staff introduced.

After hearing this information, she estimated that she would have to pay up to 600,000 NDT (about 2 billion VND) if she bought it for her two sons for 15 years. As soon as she had some doubts about such a large amount of money, the insurance salesman quickly explained: "The insurance is valid for 15 years, but you only need to pay for 5 consecutive years to receive the money."

Hearing that, Mrs. Truong felt more secure. In addition, her friend tried to explain the benefits of the insurance package, without reading the contract carefully, the woman signed and bought two insurance packages.

Every year, on June 15, she pays an insurance premium of 40,000 yuan (about 140 million VND) for her two sons. In 5 years, she has paid a total of 200,000 yuan (about 700 million VND).

When Mrs. Truong was 68 years old, her two sons were getting married. She wanted to give them a small amount of money as capital to build a new life. At that moment, she immediately thought of the insurance policy that had reached its 5-year term. The woman decided to withdraw all of it to divide among her children.

That day, she woke up early to go to the insurance company to withdraw money. However, when she met the staff and asked to withdraw money, this person said something that stunned her: "Because you do not meet the conditions, you cannot withdraw the entire principal and interest now."

On the spot, Ms. Truong turned the issue around by saying that at the time of signing the contract, the company staff said that the money could be withdrawn after 5 years. The company staff also explained that as beneficiaries of this insurance package, her two sons could only withdraw the money if they were over 99 years old.

At that time, Ms. Truong’s son was only in his early 30s. If he could withdraw all the money at the age of 99, it was estimated that her son would have to wait nearly 70 years. Moreover, she did not know whether her son would live to that age.

Extremely angry about this, the woman yelled at the insurance company staff. At the same time, she thought the company had cheated her.

Police say insurance is not wrong

As soon as she left, she went to the local police station to report the incident in order to seek justice. She gave the police officer a copy of the entire insurance contract. After reading each clause in the contract, the police officer confirmed that the insurance company was not at fault. The mistake was that she had not read and understood the terms of the contract carefully.

Accordingly, the contract clearly stated that after paying insurance continuously for 4 years, starting from the 5th year, the 2 sons could only receive 30% of the basic insurance amount each year until they were 99 years old. After 99 years old, her son would receive the entire insurance package money back. The police officer also explained that there was nothing wrong with the regulations of this form of insurance. Its terms were all within the scope of the law.

When she heard this, her anger gradually subsided. However, she was still quite indignant and complained to the policeman. Because this was not at all what she had in mind.

It can be seen that Ms. Truong misunderstood when she thought that insurance was a normal form of savings. And the sales staff was unprofessional when they did not explain clearly to the buyer.

After the story was posted on social media, many people said they were in the same situation. Therefore, experts have given advice: You can buy insurance but you should read the terms carefully before signing.

Source: https://giadinh.suckhoedoisong.vn/vi-sao-nguoi-phu-nu-bo-700-trieu-dong-mua-bao-hiem-nhung-cho-99-nam-moi-duoc-rut-canh-sat-vao-cuoc-phat-hien-su-that-khong-ngo-17224102108141707.htm