New China Life Insurance Co Ltd announced on Monday that it will launch a tailor-made insurance plan to help people, especially the middle-aged and seniors, lower risks from cardiovascular and cerebrovascular diseases, which have become top killers for the Chinese, according to data.
The product, the first of its kind in the insurance sector, will fill the current protection gap in the market, as it targets diseases with high incidence, specifically related to the heart and brain.
The Beijing-based underwriter said that the new insurance plan aims to better answer the call from the general public for healthier living and diversified protection.
Data from the 2017 China Cardiovascular Disease Report indicated that cardiovascular and cerebrovascular diseases were the No.1 killer for Chinese last year, overtaking tumors and other illnesses and leading to over 1 million deaths every year.
The number of people suffering from such diseases hit 290 million in 2017, and more than three quarters of survivors were left with disabilities of varying degrees, the report noted.
China became the worldâ€™s second largest market for health care industries in 2013, and last year the sectorâ€™s size reached over 6 trillion yuan, which is projected to contribute to over 10 percent of the countryâ€™s GDP by 2020, according to Gong Xingfeng, chief actuary of New China Life.
The insurer said that they push such product innovations as top regulators are promoting more protection-oriented insurance plans while strengthening risk management among the booming sector.
The company added that they will offer a richer product mix and more comprehensive services in the future to better cater to their customersâ€™ needs.