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

Rhea-AI Summary

Huize Holding Limited (NASDAQ: HUIZ) has partnered with Hongkang Life Insurance to launch the whole life insurance product 'Jin Man Yi Zu No.3'. This product features options for single and joint insurance conversion, enhancing flexibility for pension planning. Key highlights include a guaranteed cash value, increasing death benefits, and relaxed eligibility thresholds. The launch aims to address the declining net pension replacement rate in China, encouraging the purchase of commercial insurance as a solution for inadequate pensions. Huize emphasizes its strength in innovation and customer insights to meet market demands.

Positive

• Launch of 'Jin Man Yi Zu No.3' enhances product portfolio.
• Provides flexible insurance options beneficial for customers’ pension planning.
• Addresses market demand due to declining pension replacement rates.

Negative

• None.

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.

For more information, please visit https://www.hongkang-life.com.

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.

For more information, please visit http://ir.huize.com.

For investor and media inquiries, please contact:

Investor Relations
Harriet Hu
Investor Relations Director
+852 3180 9207
investor@huize.com

Media Relations
mediacenter@huize.com

Christensen Advisory
In China
Ms. Crystal Lai
Phone: +852 2117 0861
Email: crystal.lai@christensencomms.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

FAQ

What is the new insurance product launched by HUIZ?

Huize has launched 'Jin Man Yi Zu No.3', a whole life insurance product.

What are the key features of 'Jin Man Yi Zu No.3'?

It offers a guaranteed cash value, increasing death benefits, and flexible conversion between single and joint insurance.

Why is Huize launching this new product?

The launch addresses the decline in the net pension replacement rate in China, encouraging the purchase of insurance for better pension coverage.

How does 'Jin Man Yi Zu No.3' benefit customers?

It provides flexibility in policy management and supports pension planning with reduced coverage options.

When was 'Jin Man Yi Zu No.3' announced?

The product was announced on February 22, 2023.