To ensure that the public has access to insurance products that are simple and provide excellent value for the price, thus raising the level of insurance protection throughout society as a whole, the FSC asked the Taiwan Depository & Clearing Corporation (TDCC) to draw up plans for a Retirement Planning Platform that will promote insurance protections, facilitate retirement investing, and serve the public interest. In addition, the FSC also hired FundRich Securities to set up (within the Retirement Planning Platform) the Online Platform for Protection-Type Insurance Products. Scheduled to begin operating on 1 July 2021, the Online Platform for Protection-Type Insurance Products will provide the public with more channels for buying protection-type insurance products.
In the future, Taiwan citizens will be able to log on to the Retirement Planning Platform, click into the special insurance section, and use the Retirement Planning Platform to calculate where they have insufficient insurance protection, and learn about different types of protection-type insurance products and the scope of coverage. The Online Platform for Protection-Type Insurance Products will work as follows:
1.The Online Platform for Protection-Type Insurance Products will provide an easy, simple way of selecting and purchasing insurance products online. It will present links to insurance company websites, and members of the public will be able to use the Platform to identify the types of insurance they are interested in. Then they can link from there to an insurance company website and complete the online purchase of an insurance product. If a person needs any further information or services, the insurance company can provide it.
2.Initially, the Platform will facilitate the selection of the following three types of insurance products: (a) the main contract of conventional term life insurance products; (b) micro-whole-life insurance; and (c) the main contract of critical illness health insurance products. Any insurance product that meets the requirements of the "Directions Regarding Insurance Lines and Product Specifications for the Online Platform for Protection-Type Insurance Products" can be sold via an insurance company website. To ensure that insurance premiums are relatively inexpensive, the FSC has set a relatively low cap on the anticipated expense loading factor for products on the Platform.