Insurance products are losing their luster amid rising interest rates as policy holders look to the higher investment returns available from bank deposits, the Shanghai Daily reported. China’s central bank raised interest rates for the third time this year on July 21 and sharply cut the interest tax on bank savings from 20% to 5% to fight inflation and ward off overheating in the economy. The one-year benchmark deposit rates rose from 3.06% to 3.33%. The latest interest rate rise, the fifth ...