Chinese insurer launches marriage insurance

Policy guarantees a payout of US$1,600 if the sweethearts marry each other within three to ten years

Insurance News

By Gabriel Olano

China Taiping Insurance Holdings, an insurer in China, has offered an insurance product for couples, promising a payout of around US$1,600 if the applicant marries their sweetheart within three to ten years.
The policy, which costs US$90, requires both prospective spouses to submit certification of non-marriage before it is activated. If the couple marry each other within the time frame, then the payout is made.
Reactions to the new product were varied, with some saying it was a smart marketing move. The insurer refused to reveal how many policies of this type they have sold.
"For those who have just fallen in love, it may take three years before they tie the knot, but there are abundant variables that influence a relationship in three years. For those who are in a stable relationship, they won't wait three years before getting married," Cai Mengsha, a 29-year-old Shanghai resident told The China Daily. He believes that China Taiping Insurance set the three- to ten-year bracket after making complicated calculations in order to avoid losing money.
Data shows that relationships in China’s big cities like Shanghai are becoming increasingly fragile. Almost 53,000 people divorced in Shanghai in 2014-second in the country after Beijing-and 41,000 of those were below age 40. On average, men in Shanghai get married at 34.5 years old, while women tie the knot at 32.

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