To protect a better life, China Life Insurance is committed to making inclusive insurance benefit a wider range of people

In 2013, the Third Plenary Session of the 18th Central Committee of the Communist Party of China (CPC) officially proposed the "development of inclusive finance". Over the past decade, great progress has been made in the development of inclusive finance, the concept of inclusive finance has gradually taken root in the hearts of the people, the multi-level supply pattern of inclusive finance has been gradually established, inclusive financial products and services have been continuously optimized, and the policies and systems supporting the development of inclusive finance have become more sound, which has played an important role in serving national strategies, local development and people's production and life.

As the "head goose" of the life insurance industry, Chinese Life Insurance Co., Ltd. (hereinafter referred to as "Chinese Life Insurance Company") has always been mindful of the "great of the country", adheres to the development idea of "people-centered", actively serves the national development strategy, participates in the construction of a multi-level medical security system with basic medical security as the main body and supplemented by other forms of supplementary insurance and commercial health insurance, actively promotes the development of commercial pension insurance, participates in the construction of the third pillar of the pension insurance system, and promotes the sustainable development of the pension insurance system.

Actively explore the construction of an inclusive insurance product system, Chinese Life Insurance Company promotes the high-quality development of inclusive insurance from the supply side, designs an inclusive inclusive insurance product system covering people of multiple ages, covers specific groups and businesses such as rural revitalization, the elderly population, students and children, women, etc., and provides inclusive insurance products such as serious illness insurance, long-term care insurance, and urban customized insurance. Attaching great importance to the insurance protection needs of diverse groups such as the elderly, women and children, Chinese Life Insurance Company gradually meets the insurance protection needs of different ages and specific groups by providing differentiated insurance products, and improves the coverage of inclusive insurance products.

In the past ten years, Chinese Life Insurance Company has developed more than 800 new products, covering a wide range of individual customers, corporate customers and strategic customer groups, and has now formed a diversified product system covering disease protection, death insurance, medical insurance, accidental injury protection, old-age protection and specific groups and specific regions, effectively meeting the personalized, diversified and escalating insurance needs of the broad masses of people.

Protecting more people's "better life"

Continue to increase the supply of people's livelihood protection products, Chinese Life Insurance Company takes realizing, safeguarding and developing the fundamental interests of the broadest masses of the people as the fundamental requirement, actively participates in improving the construction of a multi-level social security system, continues to provide insurance products with strong people's livelihood protection attributes, and builds a strong risk prevention and control dam for the people.

Actively promoting the development of serious illness insurance business for urban and rural residents, and preventing the risk of the people "becoming poor due to illness and returning to poverty due to illness", Chinese Life Insurance Company has further done a good job in connecting and supplementing basic medical insurance, and launched two exclusive products for serious illness business, including "National Life Urban and Rural Residents' Serious Illness Group Medical Insurance (Type A)", to provide urban and rural residents with reimbursement of large out-of-pocket medical expenses.

Continue to enrich the supply of products in the social security system. In order to better meet the medical security needs of employees, residents and other groups, Chinese Life Insurance Company has developed a series of insurance products called "Better Life" to provide effective medical expense compensation for urban and rural residents and urban employees. According to the specific needs of different cities, we have developed a variety of city-customized health insurance products such as "Boundless Love", "Worry-free Medical Care" and "Shenzhen Exclusive", so as to provide local residents with health protection such as medical treatment, nursing care or critical illness.

To help the construction of the long-term care insurance system, Chinese Life Insurance Company has developed group care insurance products to provide nursing protection for disabled people caused by old age, illness and other reasons, reducing the financial burden of disabled families.

Make the beautiful countryside more attractive

Comprehensively promoting rural revitalization is an important task for building an agricultural power in the new era, and it is necessary to allocate more financial resources to the "three rural" fields to better meet its diversified and multi-level financial needs. Actively responding to the requirements of the national key work of rural revitalization, Chinese Life Insurance Company has continuously invested in diversified insurance products to help rural revitalization, improve the insurance protection level of agriculture-related population, and make beautiful villages richer, more harmonious and more attractive.

With the successful conclusion of the poverty alleviation battle in 2020, in order to help consolidate and expand the achievements of poverty alleviation and effectively connect with rural revitalization, Chinese Life Insurance Company has upgraded and developed the "Rural Revitalization" series of exclusive products on the basis of exclusive products such as "Poverty Alleviation Insurance" and "Poverty Alleviation Cadres". The "Rural Revitalization" series of exclusive products are highly targeted, designed and developed around the risk characteristics of rural revitalization people and relevant personnel working in accordance with rural revitalization policies, and provide a full range of insurance protection liabilities such as accidental injury, illness, medical treatment, and death.

In 2023, Chinese Life Insurance Company's agriculture-related insurance will provide risk protection of 30.7 trillion yuan for about 280 million rural people in China.

Helping the elderly to "rely on their old age"

Continuously improve the level of risk protection for the elderly. As one of the earliest companies to carry out old-age insurance, Chinese Life Insurance Company has successively launched a series of exclusive insurance products for the elderly, such as "Sunset Red", "Sunset Insurance", "Silver Age Health", "Care for the Elderly" and "Silver Age Worry-free". This series of insurance products combines the risk characteristics and actual financial situation of the elderly, takes the accident risk protection with high protection leverage as the starting point, and tailors a full range of insurance protection covering disease death, accidental death, accidental disability, accidental fracture, medical expense compensation, hospitalization allowance, specific diseases and other comprehensive insurance protection for the majority of the elderly group through flexible and optional insurance liability combinations. In addition, Chinese Life Insurance Company has continuously raised the upper age limit for insurance products, with the maximum age of some medical insurance companies up to 80 years old and the renewal age up to 100 years old.

In 2021, in order to implement the important deployment of the Party Central Committee and the State Council on standardizing the development of the third pillar of pension insurance, and better serve the construction of a multi-level and multi-pillar pension insurance system, Chinese Life Insurance Company designed and developed the "China Life Xinxiangbao Exclusive Commercial Pension Insurance". The product has clear and transparent fees, flexible payment methods, multiple portfolio accounts, different portfolio accounts provide different minimum guaranteed interest rates and settlement interest rates for customers to choose and configure according to their own risk preferences, a wide range of protection, pension liability, death insurance liability, additional disability care insurance liability, additional special withdrawal rights due to critical illness or specific accidental disability. In 2023, the company will also upgrade and develop the "China Life Xinxiangbao Exclusive Commercial Pension Insurance (2024 Edition)" to meet the pension security needs of a wider range of age groups.

In 2023, in order to support the construction of the third pillar old-age security system and promote the development of personal pension business, Chinese Life Insurance Company designed and developed the "China Life Xinmin Bao Insurance". The insurance liability of the product includes death or total disability insurance benefits, accidental death or total disability additional insurance benefits, passenger transportation accidental death or total disability additional insurance benefits, major natural disasters accidental death or total disability additional insurance benefits, and maturity insurance benefits, to meet the diversified pension security needs of urban and rural residents. On the basis of "Xin Minbao", the company has also developed "China Life Xin Yi Bao Insurance", which further enriches the payment method and insurance period options.

Caring for the well-being of children and women

Actively provide diversified products for students and children, including accidents, disabilities, on-campus medical treatment, infectious disease diagnosis and other protection needs, covering life, education, medical care and other fields. Chinese Life Insurance Company currently has more than 40 short-term insurance products specially designed for students and children, such as "Student Children" and "Happy Learning and Worry-free", with rich responsibilities and flexible combinations. In terms of women's protection, the company has more than 10 products in the "Women's Health" and "Caring for Women" series, which actively provide specific disease protection for women of appropriate age, and improve women's awareness of health risk prevention and insurance protection. In terms of family planning protection, Chinese Life Insurance Company has launched a series of products such as "family planning" and "maternal and infant health", actively providing insurance protection for family planning families, pregnant women, infants and young children who give birth normally.

Let the "two new" people feel at ease

Chinese Life Insurance Company actively explores the insurance protection needs of new citizens and new business groups, innovates product supply, broadens the service radius, provides more insurance services for new citizens and new business groups, and enhances the ability of the "two new" groups to resist risks.

Focusing on typical new business practitioners such as express delivery riders and ride-hailing drivers, Chinese Life Insurance Company has developed a series of "new business formats" to cover insurance protection within the scope of liability for ordinary accidents, riding accidents, motor vehicle accidents, fractures and sudden death. Focusing on construction engineering practitioners, we have developed a series of "construction engineering" products, covering all kinds of accidental death and accidental disability insurance at the construction site and in the designated living area of the construction. Focusing on rural and urban migrant workers, we have developed a series of "migrant workers" products to provide insurance coverage for accidental death, accidental disability, accidental medical treatment, hospitalization allowance, sudden death and so on.

At present, the mainland has embarked on a new journey of building a modern socialist country in an all-round way, and has put forward higher requirements for inclusive finance. Chinese Life Insurance Company said that it will actively promote the development of inclusive insurance in accordance with the relevant requirements of the State Council's "Implementation Opinions on Promoting the High-quality Development of Inclusive Finance", continue to enrich the insurance product system with inclusive nature, and escort people's better life with richer and more diversified product supply. (Yu Jianglian, Liu Hui)