Huize – Guolian Life partner to launch child critical illness insurance product

Chinese digital insurer Huize has announced a partnership with fellow CN insurer Guolian Life to launch a new product called “Xiao Tao Qi No.1,” a comprehensive and cost-effective critical illness insurance product customized for meeting children’s protection needs.

The new insurance product provides extensive coverage to a wide variety of illnesses from mild, moderate, to severe. With 183 diseases covered in total, “Xiao Tao Qi No.1” has three key product features that differentiate it from others in the same category.

• The first is optional hospitalization benefits of up to 30% of the insured amount, with daily benefits up to 0.1% of the insured amount. This applies to accidents or diseases suffered by policy beneficiaries in the aftermath of a diagnosed critical illness.
• The second is optional additional ICU hospitalization benefits of up to 30% of the insured amount. This can go up to 50 hospitalization days per policy year for diseases other than the severe, moderate, and mild illnesses specified in the policy contract.
• The third is other optional benefits including death and total disability benefits, supplemental medical care benefits, and multiple critical illnesses claims, plus extensive coverage for malignant tumors.

“Competitive edge in designing customer-centric products”

“Since launching the first customized critical illness insurance product for children in 2017, we have continued to co-develop comprehensive, cost-effective, and differentiated critical illness insurance products to meet children’s diverse protection needs,” Huize chairman and CEO Cunjun Ma said in a statement. “Since launching the first customized critical illness insurance product for children in 2017, we have continued to co-develop comprehensive, cost-effective, and differentiated critical illness insurance products to meet children’s diverse protection needs. Looking ahead, we will continue to drive product innovation as a way of meeting the lifetime insurance needs of our new generation consumers.”

Huize’s efforts to create new customized products for children suffering various illnesses is just one of many in the Asian market. Last November, global broker WTW revealed a partnership with UNICEF to provide sustainable disaster and climate change protections geared to meet the needs of vulnerable children.

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