Banks are pushing life insurance products (bancassurance) for profits in the context of low credit growth. — nld.com.vn Banks are pushing the sale of life insurance products (bancassurance) in the context of low credit growth since the beginning of this year due to the impacts of the COVID-19 pandemic. Bancassurance has become popular in recent years when banks and insurance companies increased cooperation to tap the potential of the profitable and low-risk business segment. Le Nam from Hoang Mai District, Ha Noi, said that when depositing cash at a bank, he was told about a deposit package with more attractive interest rates if combined with life insurance. The deposit interest rate could be 0.5-1 per cent per year higher, depending on the value of life insurance he chose. Similarly, Thanh Trang from Dong Da District, who was seeking a home loan, was also told she could be get a lower lending rate by up to one per cent if she bought it together with a bancassurance product. According to expert in finance and banking Nguyen Tri Hieu, it was necessary for customers to clearly understand about bancassurance terms to avoid disputes. Bank staff must also be trained to provide accurate… Read full this story
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