Before you sign at a bank counter, check whether what you are holding is a deposit or insurance

High value
Evidence B
Saves money
Free
Takes minutes
No willpower

In plain words

Banks may sell insurance on behalf of insurers, but must not describe it as a deposit. The cover of an insurance contract must print "insurance contract" and the insurer's name in large type, and must not carry the words "deposit" or "savings." If the cover shows an insurer, the money is not a deposit, and canceling after the cooling-off period costs you money. People over 65 who buy at a bank can in principle buy only products with a fixed return.

Cost: Free. Spend two more minutes on the contract cover before signing.
What you get: The rules state that banks may not mix insurance with savings deposits, funds or bank wealth management products when selling. They may not simply compare insurance returns with deposits, and may not present uncertain returns as guaranteed returns. Insurance documents and promotional materials may not use the bank's name and logo, and may not include words such as "deposit," "savings" or "jointly launched with the bank." The cover of the insurance policy must print "insurance contract" in type no smaller than size 72, and the insurer's name in type no smaller than Chinese size No. 2 (二号). For 3 kinds of buyers, in principle only products with fixed policy benefits may be sold: policyholders over 65; policyholders over 60 buying a regular-premium product; and those whose declared annual income is below the local per-capita disposable income. The policies of these 3 kinds of buyers must also go to the insurer for manual underwriting, and may not be issued automatically at the branch. Insurer staff may not sell insurance inside bank branches. Insurance of one year or more sold by banks has a 15-day cooling-off period, and canceling after it carries a loss (national, since October 2019)
Notes: Rated B because the rules are written clearly, but there is no official figure for how much people who were misled lost. This is most likely to be met by older family members depositing money at a bank, so when you go with them, take a look at the cover. If already signed, cancel within 15 days under §5.41 (cooling-off period). For how to complain if you feel misled, see §5.43 (agent-assisted cancellation). The beneficiaries of this item are you and the older people in your family.
Evidence grade: B : Supported by research but without a precise number, or based on small or single studies.
Sources: 中国银保监会办公厅 (2019). 商业银行代理保险业务管理办法（银保监办发〔2019〕179 号，第三十、三十一、三十二、三十六、四十二、四十九条）. https://www.gov.cn/zhengce/zhengceku/2019-12/03/content_5457853.htm

Translated from the Chinese original. Original book, section 5, tip 42. This section is about money and spending. It is general information, not financial or investment advice. Content may be out of date and rules differ by place. When you actually deal with an agency, a doctor or a court, follow what local officials, doctors and lawyers tell you. Disclaimer