Huize Partners with Hongkang Life Insurance to Launch “Jin Man Yi Zu No.3” – A Customized Whole Life Insurance Product
February 22 2023 - 4:05AM
Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ:
HUIZ), a leading digital insurance product and service platform for
new generation consumers in China, today announced its partnership
with Hongkang Life Insurance Co., Ltd. (“Hongkang Life Insurance”)
to launch “Jin Man Yi Zu No.3”, the latest whole life insurance
product offering in the “Jin Man Yi Zu” series, which offers an
option of converting the policy between single and joint insurance,
providing flexibility to meet customers’ pension planning needs.
“Jin Man Yi Zu No.3” is distinguished by three key product
highlights: (i) it offers both a guaranteed cash value and a death
benefit, and the in-force sum assured increases year by year in
accordance with the percentage stated in the insurance agreement;
(ii) the policy supports reduction of coverage and can be converted
between single and joint insurance under certain conditions,
providing greater flexibility; (iii) there are relaxed thresholds
for eligibility, such as a minimum annual premium of RMB1,000,
eligibility beginning from 30 days up to 60 years old, only one
health declaration required for a total premium not exceeding RMB5
million.
Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize,
said, “Despite the basic national pension increasing for 18
consecutive years, the net pension replacement rate in China has
been declining and in 2020 it fell below the international standard
of 55% presented in International Labor Organization Social
Security (Minimum Standards) Convention, according to Wind. The
government has been encouraging the public to purchase appropriate
commercial insurance products to tackle inadequate pensions for the
elderly. We believe ‘Jin Man Yi Zu No.3’ is a testament to our
capabilities in using customer insights to identify market
opportunities and to drive product innovation. The unique option to
convert the policy from single to joint insurance will not only
extend the coverage period of the policy but can also provide
protection for up to three generations of a family, so as to
realize the protection need and inheritance planning in a single
policy.”
About Hongkang Life Insurance Co., Ltd
Founded in 2012, Hongkang Life Insurance Co., Ltd. is a
nationwide life insurance company approved by the China Insurance
Regulatory Commission with a registered capital of RMB1 billion. It
recorded total assets of over RMB76 billion and served more than 7
million customers by the end of 2021.
For more information, please visit
https://www.hongkang-life.com.
About Huize Holding Limited
Huize Holding Limited is a leading digital insurance product and
service platform for new generation consumers in China. Targeting
the younger generation, Huize is dedicated to serving its insurance
clients for their life-long insurance needs. Leveraging its online
platform, Huize offers a wide variety of insurance products with a
focus on long-term life and health insurance products and empowers
its insurer partners to reach a large fragmented client base in the
insurance retail market efficiently and enhance their insurance
sales. Huize provides insurance clients with digitalized insurance
experience and services, including suitable product
recommendations, consulting service, intelligent underwriting, and
assistance in claim application and settlement, which significantly
improve transaction experience.
For more information, please visit http://ir.huize.com.
For investor and media inquiries, please
contact:
Investor RelationsHarriet HuInvestor Relations
Director+852 3180 9207investor@huize.com
Media Relationsmediacenter@huize.com
Christensen AdvisoryIn ChinaMs. Crystal
LaiPhone: +852 2117 0861Email: crystal.lai@christensencomms.com
In U.S.Ms. Linda BergkampPhone: +1-480-614-3004Email:
linda.bergkamp@christensencomms.com
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