On May 31st, Pan China Insurance Services teamed up with Great Wall Life Insurance, Swiss Re, and Pan China Puyi Home Office to launch a customized insurance product - "Huacheng Chuanjia" fixed life insurance.
Huacheng Chuanjia incorporates smoking behavior into pricing considerations and innovatively combines online video collection with non-invasive saliva testing. Consumers do not need to go to physical examination institutions or nurses for on-site physical examinations, achieving the freedom of testing methods in time and space.
Industry insiders say that with the decrease in predetermined interest rates, the savings function of insurance has weakened, and the protection function is becoming increasingly prominent. In this context, the attractiveness of traditional savings based insurance such as increased lifetime life insurance and annuity insurance has weakened, while fixed life insurance has gained further market recognition due to its unique dual function - it can not only transfer risks for customers but also assist in wealth inheritance.
Specifically, "Huacheng Chuanjia" fixed life insurance has the following highlights. One is the three tier premium, with precise pricing. Based on whether the insured smokes, the rates are subdivided into non-smoking rate, mixed rate, and smoking rate. The three levels of rates increase step by step, achieving precise pricing. Through friendly selection of non-smoking premium and insurance companies, as well as simple underwriting policies provided by reinsurance companies, customers can enjoy high-quality assurance services with higher cost-effectiveness.
The second is saliva testing, which is fast and safe. Huacheng Chuanjia integrates online testing into the insurance process, simplifying the insurance procedures and medical examination process, making it more time-saving and worry free for consumers to purchase insurance. In addition, the product integrates health management into the terms and prices of lifelong life insurance. For customers who are initially identified as "mixed rate" or "smoking rate", there is still an opportunity to reconsider the rate at the time of renewal, and they can renew their insurance at the "non-smoking rate". If smoking customers can successfully quit smoking, prices can be reduced by 10% or more, encouraging customers to self regulate and care for their health.