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The era of scheduled interest rate reductions for life insurance products has officially commenced, marking the first time such a decrease will be implemented. Specifically, the maximum scheduled interest rates for ordinary and participating insurance products will drop to 2.0% and 1.75%, respectively, while the maximum guaranteed minimum interest rate for universal insurance products will decrease to 1.0%. By August 31, all insurance products exceeding these interest rate thresholds will be withdrawn from the market. In response to this shift, numerous insurance companies are proactively transitioning their product offerings to align with the new landscape. Following the reduction in scheduled interest rates, participating insurance products are anticipated to emerge as the cornerstone of insurance companies' sales strategies.
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