On August 26th, reports emerged detailing an incident where an elderly individual invested 750,000 yuan in what was believed to be wealth management products between 2020 and 2024, only to discover the funds had been used to purchase insurance policies. The reports directly implicate the branch of Ping An Bank Co.,Ltd. located at Jiefangbei.
According to the report, the elderly client's son provided a personal life insurance contract issued by China Ping An Life Insurance Company, which indicates the policies were purchased on three separate occasions—December 29, 2020, October 24, 2022, and February 29, 2024. The elderly individual served as both the policyholder and the insured party in each transaction. The initial purchase involved annual payments of 50,000 yuan over three years, totaling 150,000 yuan, while the second and third purchases each amounted to 300,000 yuan, bringing the cumulative total to 750,000 yuan.
In response to these allegations, our financial desk reached out to the Jiefangbei branch of Ping An Bank Co.,Ltd. A staff member stated, "We are not aware of this matter." The representative further clarified, "When clients purchase wealth management products, the bank implements a 'dual recording' procedure involving both audio and video. Moreover, insurance is distinctly different from wealth management. Clients should thoroughly inquire before making any purchase, as much of the content circulating online is taken out of context and should not be trusted."
In related coverage, the elderly individual reportedly sought to withdraw funds for medical treatment but was denied due to the insurance nature of the policies. The bank has maintained that contracts were signed and the "dual recording" process was followed, asserting full compliance with procedural requirements.
Comments