Huize Partners with Huagui Life to Launch “Da Mai Ding Hai Zhu”- A Customized Term Life Insurance Product

Rhea-AI Summary

Huize Holding Limited (NASDAQ: HUIZ) announced a partnership with Huagui Life Insurance to launch a new term life insurance product, “Da Mai Ding Hai Zhu”, aimed at younger consumers in China. This product features basic coverage of up to RMB3 million and additional benefits for major accidents and natural disasters. It also offers care benefits of up to RMB1.5 million for parents and enhanced flexibility for those with pre-existing conditions. Huize aims to address the growing mortality protection gap among youth, leveraging its digital platform to enhance customer experience.

Positive

• Launch of 'Da Mai Ding Hai Zhu', targeting a significant market gap in life insurance for youth.
• Basic coverage of up to RMB3 million, with additional benefits, enhances product appeal.
• Increased care benefits for parents attracting a broader client base.
• Flexible health declaration process catering to consumers with pre-existing conditions.

Negative

• None.

SHENZHEN, China, Nov. 05, 2021 (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 that it has partnered with Huagui Life Insurance Company Limited (“Huagui Life”) to launch “Da Mai Ding Hai Zhu”, a customized term life insurance product designed to meet the protection needs of the younger generation.

There are three key product highlights of “Da Mai Ding Hai Zhu”: (i) basic coverage of up to RMB3 million with additional benefits of up to RMB6 million for major traffic accidents and events triggered by natural disasters; (ii) care benefits of up to RMB1.5 million for either parent, and special care benefits for death before 45 years old; and (iii) increased flexibility in health declaration process, lowering the threshold for consumers with pre-existing conditions.

Mr. Cunjun Ma, Founder, Chairman and Chief Executive Officer of Huize, commented, “Given the huge mortality protection gap and increasing insurance awareness among the younger generation, we foresee substantial room for the development of life insurance products in China, especially since young consumers are now expressing more interest in term life protection plans. The launch of “Da Mai Ding Hai Zhu” with Huagui Life not only reflects our new product innovation initiative in the term life insurance segment, but also demonstrates our industry-leading competitive edge in co-developing customized products with our insurer partners to create value for our customers. With the elevation of common prosperity in China, we will shoulder social responsibilities by providing affordable insurance products with greater protection, which is also in line with our mission to meet the lifelong insurance needs of new generation consumers.”

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.

About Huagui Life Insurance Company Limited

Founded in 2017, Huagui Life Insurance Company Limited is a national life insurance company headquartered in Guizhou province. Huagui Life strives to provide customers with comprehensive and innovative insurance products including life insurance, annuity insurance, health insurance, accident insurance and participating insurance.

For more information, please visit  https://www.huaguilife.cn/.

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

In China
Ms. Constance Zhang
Phone: +86 138-1645-1798
E-mail: czhang@christensenir.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

FAQ

What is the new insurance product launched by Huize Holding Limited?

Huize Holding Limited has launched 'Da Mai Ding Hai Zhu', a customized term life insurance product in partnership with Huagui Life Insurance.

What are the key features of 'Da Mai Ding Hai Zhu'?

The product offers basic coverage of up to RMB3 million, additional benefits of up to RMB6 million for major accidents, care benefits for parents, and a flexible health declaration process.

Who is the target audience for Huize's new insurance product?

The target audience is the younger generation in China, who are increasingly interested in term life protection plans.

How does Huize Holding Limited enhance the digital insurance experience?

Huize provides a variety of insurance products, suitable recommendations, consulting services, intelligent underwriting, and assistance with claims, improving the transaction experience for customers.

When was 'Da Mai Ding Hai Zhu' launched?

'Da Mai Ding Hai Zhu' was launched on November 5, 2021.