To implement the national strategy, China Life Insurance has vigorously developed inclusive insurance business

On the occasion of the 10th anniversary of the inclusion of inclusive finance in the national development strategy, the State Council's Implementation Opinions on Promoting the High-quality Development of Inclusive Finance was issued in October 2023, laying out a specific implementation path for building a high-level inclusive financial system and further promoting the high-quality development of inclusive finance in the next five years.

As the "head goose" of the life insurance industry, over the past ten years, Chinese Life Insurance Co., Ltd. (hereinafter referred to as "Chinese Life Insurance Company") has practiced the "people-centered" development thinking with practical actions, given full play to the advantages of the main insurance business, accelerated the development of inclusive financial business, met the diversified insurance needs of the people, and helped common prosperity. The company is fully committed to building a diversified inclusive insurance product supply system, developing exclusive inclusive products, continuously strengthening the empowerment of science and technology, and promoting outlets, personnel, resources and services to be more suitable for key inclusive financial service groups such as small and micro enterprises, farmers, urban low-income people, and the elderly.

Diversification of product supply

Inclusive services benefit more people

Chinese Life Insurance Company actively explores the construction of an inclusive insurance product system, 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, and women, and provides inclusive insurance products such as serious illness insurance, long-term care insurance, and urban customized insurance. The company attaches great importance to the insurance protection needs of diverse groups such as the elderly, women, and children, and gradually meets the insurance protection of different ages and specific groups by providing differentiated insurance products, and improves the coverage of the inclusive insurance product system.

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.

Vigorously develop inclusive insurance, so that more people can enjoy a high-quality inclusive life. Chinese Life Insurance Company actively promotes the serious illness insurance business of urban and rural residents, and has launched two exclusive products for serious illness insurance business, including "China Life Urban and Rural Residents' Serious Illness Group Medical Insurance (Type A)"; to meet the medical security needs of employees, residents and other people, it has developed a series of insurance products for a "better life"; it has helped the construction of a long-term care insurance system and developed group care insurance products; it has helped consolidate and expand the achievements of poverty alleviation and effectively connected with rural revitalization, and has been involved in "poverty alleviation insurance" and "poverty alleviation cadres" On the basis of such exclusive series of products, it has upgraded and developed a series of exclusive products such as "Rural Revitalization"; it has successively launched exclusive insurance product series for the elderly, such as "Sunset Red", "Sunset Insurance", "Silver Age Health", "Care for the Elderly" and "Silver Age Worry-free", etc., focusing on the healthy growth of students and children, and launching more than 40 short-term insurance products specially designed for students and children in the series of "Student Children" and "Happy Learning and Worry-free"; in terms of women's protection, "Women's Health" and "Care for Women" With a series of more than 10 products, it actively provides specific disease protection for women of appropriate age, and actively meets the insurance protection needs of new citizens and new business groups, and develops a series of products of "new business forms", "construction projects" and "migrant workers".

There are more than 200 serious illness insurance projects for urban and rural residents

It covers nearly 350 million urban and rural residents

As one of the first insurance companies to participate in the national serious illness insurance business, Chinese Life Insurance Company has always carefully deployed critical illness insurance as a strategic business since 2012, when six ministries and commissions jointly issued a document to implement the serious illness insurance system for urban and rural residents, and has become a major partner in the field of critical illness insurance in various places after more than ten years of intensive cultivation. The company effectively promotes critical illness insurance to benefit more people, reduces the medical burden of the people, and effectively contributes to the construction of a multi-level medical security system.

By the end of 2023, Chinese Life Insurance Company has more than 200 serious illness insurance projects, covering nearly 350 million urban and rural residents. Since the implementation of the critical illness insurance system, the company's critical illness insurance has paid out more than 100 million person-times, effectively reducing the burden of high medical expenses on the people. Among them, Qinghai Province took the lead in launching serious illness insurance in the country in 2012, and the Qinghai Branch of Chinese Life Insurance provided serious illness insurance services to nearly 2.3 million urban and rural residents in Hainan, Huangnan, Guoluo and Xining. In 2019, it successfully realized the integrated service of "basic medical insurance + serious illness medical insurance + medical assistance", making positive contributions to the province's comprehensive poverty alleviation and laying a solid foundation for rural revitalization.

Pilot long-term care insurance

More than 38 million people are covered

In another pilot long-term care insurance pilot for the disabled and inclusive, Chinese Life Insurance Company also actively played a "pathfinder" role. The establishment of a long-term care insurance system is a strategic measure for the in-depth implementation of the national strategy of actively responding to the aging of the population in the field of medical security, and it is also an important institutional arrangement to supplement the social security system.

Long-term care insurance plays a positive role in reducing the economic burden of disabled families, improving the quality of life of disabled people, promoting the development of the pension industry, and innovating the social security management model. Chinese Life Insurance Company pays great attention to the development of long-term care insurance, actively participates in the design and management services of policy-based long-term care insurance, and is one of the earliest commercial insurance institutions to respond to the national long-term care insurance policy and participate in the pilot system. By the end of 2023, the company has carried out more than 70 national and local pilot projects for long-term care insurance, covering more than 38 million people, and has successfully built pilot samples in Chengdu, Zhangjiagang, Guangzhou, Tianjin, Dongying, etc. Among them, the Chengdu project has taken the lead in the country to achieve urban-rural integration and all-age coverage, and has explored and formed the Chengdu model of basic nursing, professional nursing, assistive devices and other security methods. From the launch of the pilot of policy-based long-term care insurance in July 2017 to the end of 2023, Chengdu Branch has participated in 3 consecutive rounds of undertaking work, serving 12 districts (cities) and counties in the city, covering 52% of Chengdu, and providing warm and convenient whole-process services for more than 30,000 insured people, effectively alleviating the living pressure of disabled people and their families, and enhancing the sense of gain and happiness of the masses.

A total of more than 120 "Huimin Insurance" projects have been implemented

Assist in improving the multi-level insurance protection system

With the characteristics of "high protection, low premium, and low insurance threshold", the urban customized commercial medical insurance, commonly known as "Huimin Insurance", is in the ascendant. By the end of 2023, Chinese Life Insurance Company has implemented more than 120 "Huimin Insurance" projects.

The emergence and promotion of "Huimin Insurance" has effectively strengthened the connection between commercial insurance and basic medical insurance, and has become an important exploration to improve the multi-level medical security system with Chinese characteristics. A number of projects underwritten by Chinese Life Insurance Company such as Zhuhai Daai Wujiang, Guangzhou Suisui Kang, Hangzhou West Lake Yilian Insurance, Chengdu Huirong Insurance, Longjiang Huimin Insurance have become market benchmarks in multiple dimensions such as insurance rate, coverage and protection level. Among them, Zhuhai's "Great Love Without Borders" project has innovated a new model of "medical insurance social governance with government support, deep integration of medical insurance, commercial insurance and charitable assistance", which is a beneficial exploration of the government to introduce social forces to improve the medical security system, which has been actively concerned and highly recognized by local citizens and all walks of life, and has won 10 honors such as the national multi-level medical security excellent case selected by the People's Daily. In the past five years, Zhuhai's "Boundless Love" project has benefited a total of 97,000 people, and the maximum amount of compensation received by individuals has exceeded 1 million yuan.

Improve the risk protection net

Finding a way to protect specific groups

In the streets and alleys of the city and traffic arteries, the figures of "blue riders" and "yellow riders" are constantly shuttling back and forth, delivering hot meals to customers, and "city ferrymen" driving small cars and small trucks are constantly merging into the city traffic, bringing passengers or goods around the city. These riders and drivers who rely on Internet platforms to work have become the service objects of inclusive finance as new forms of employment.

Employees in the new form of employment cannot be included in the traditional work-related injury insurance system due to the nature of their work. However, the work of this specific group is mainly on the road, accidents are prone to occur frequently, and the need for protection against occupational injuries is very urgent. In order to explore and solve the social security problems of this specific group, the national level has started with the most urgent occupational injury protection, and since July 2022, the first batch of pilot projects for occupational injury protection for employees in new employment forms has been launched in seven provinces and cities, including Beijing, Shanghai, and Chongqing. As of the end of July 2023, Chinese Life Insurance Company has undertaken projects in 5 pilot provinces, and is generally in the leading position in the industry.

Taking the Chongqing pilot as an example, the online platforms participating in the pilot pay occupational injury insurance fees according to a certain amount of "per order", and freight drivers, food delivery riders, etc., report the case and apply for compensation after the accident, covering medical, disability, death and other agreed protection responsibilities.

Focus on older age groups

The pension insurance business has achieved rapid development

The implementation of the personal pension system will help promote the construction of a multi-level and multi-pillar old-age security system, which can enrich the pension choices of the public, meet the growing needs of the people for diversified old-age security, and allow individual pension participants to increase a pension accumulation on the basis of the first and second pillars of old-age security, so as to further improve the level of old-age income and old-age living security of the insured.

Chinese Life Insurance Company actively explores the establishment of communication and cooperation mechanisms with regulatory agencies, relevant government departments, industry associations and peer companies, actively promotes the implementation of the personal pension system, completes system protection, risk control management, product design, system support, policy advocacy, sales training and other work, and becomes one of the first insurance institutions in the country to dock with the Ministry of Human Resources and Social Security and complete the test, making full preparations for the landing of the personal pension business.

On November 25, 2022, the personal pension system was launched. The Ministry of Human Resources and Social Security, the Ministry of Finance, and the State Administration of Taxation issued a notice clarifying that the personal pension system will be implemented in 36 pilot cities and regions, including Beijing, Tianjin, Shijiazhuang and Xiong'an New Area in Hebei Province, and Jincheng City in Shanxi. Eligible people in the pioneer cities can voluntarily participate in the personal pension business. On November 26, Chinese Life Insurance Company took the lead in issuing personal pension products from 36 provincial branches, covering all pilot regions.

Chinese Life Insurance Company's pension business has achieved rapid development, and the scale of personal pension business has been effectively improved, with a cumulative business scale of more than 900 million yuan by the end of 2023. The company has accumulated insurance business reserves with strong pension attributes of 1.8 trillion yuan. In 2023, more than 160 million people will be covered for the elderly and other groups.

Supporting micro and helping farmers

Inclusive insurance coverage is wider and more accessible

Small and micro enterprises are the capillaries of the smooth operation of the national economy, and they are also the important "main force" to stimulate employment and entrepreneurship, and they are also the key service objects of inclusive finance.

Chinese Life Insurance Company actively accelerates the supply-side reform of insurance business for small and micro enterprises, and gives full play to the functions of insurance risk protection and risk reduction management. In the early stage, the company has launched a customized product for small, medium and micro enterprise customers, "Employee Welfare Insurance" accident insurance combination product, and actively launched a new model of full-process online order issuance, creating a fast, complete and efficient group single insurance experience, so that small and medium-sized enterprises can enjoy fast and convenient full-chain online insurance services, and realize the single-day insurance of small groups. In 2023, "Employee Welfare Insurance" will cover more than 60,000 small and micro enterprises.

We will continue to enrich agriculture-related insurance products and improve the level of insurance protection for agriculture-related populations. Chinese Life Insurance Company has formed a relatively complete exclusive insurance product system for rural revitalization, and in 2023, agriculture-related insurance will provide risk protection of 30.7 trillion yuan for about 280 million rural people in the country.

With the development of inclusive finance in the country for ten years, the products and services of inclusive insurance of Chinese Life Insurance Company are still extending and expanding to more fields and groups. Chinese Life Insurance Company said that it will always adhere to its duty to serve the real economy, adhere to the "people-centered" development thinking, continue to promote the high-quality development of inclusive insurance in accordance with the implementation opinions on the high-quality development of inclusive finance, and strive to do a good job in the "big article" of inclusive finance, so as to contribute the wisdom and strength of China Life to solidly promote common prosperity and realize Chinese-style modernization.