Huize Partners with Hongkang Life Insurance to Launch “Jin Man Yi Zu No.3” – A Customized Whole Life Insurance Product

Feb 22, 2023

SHENZHEN, China, Feb. 22, 2023 (GLOBE NEWSWIRE) -- 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.

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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.

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