Huize Partners with China Pacific Life Insurance (HK) to Launch “Jin Man Yi Zu Multi-Currency”– A Customized Whole Life Insurance Product for the Hong Kong Market
SHENZHEN, China, Aug. 11, 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 that its wholly owned subsidiary Huize Hong Kong Insurance Broker Limited has partnered with China Pacific Life Insurance (H.K.) Company Limited to launch “Jin Man Yi Zu Multi-Currency”, an increasing whole life insurance product customized to meet the retirement planning and savings needs of insurance customers in Hong Kong.
“Jin Man Yi Zu Multi-Currency” has a number of unique features that will appeal to Hong Kong insurance customers: (i) policyholders with over USD300,000 of accumulated total premiums are eligible for residency in elderly care communities in 11 cities in Mainland China; (ii) the policy has both protection and savings elements, with insurance amount increasing by 2% each year and compounded annually until policy termination; (iii) the policy currency can be converted between Renminbi, Hong Kong dollars and US dollars starting from the 3rd policy anniversary date; (iv) unlimited changes of insured and policy succession option; and (v) other benefits including terminal dividend lock-in, regular cash value withdrawals, and a policy split option.
Mr. Cunjun Ma, Chairman and Chief Executive Officer of Huize, commented, “We are pleased to extend the partnership with China Pacific Insurance to Hong Kong with the launch of an innovative new product to facilitate 'underwriting in Hong Kong and retirement in the Mainland'. With this expanded partnership, we will explore further opportunities to provide cross-boundary insurance services in the GBA and develop market-leading products that address the growing demand among Hong Kong insurance customers for health protection, wealth management, and retirement planning.”
About China Pacific Life Insurance (H.K.) Company Limited
China Pacific Life Insurance (H.K.) Company Limited ("CPIC Life (HK)") is a wholly owned subsidiary of China Pacific Life Insurance Co., Ltd (“CPIC Life”). CPIC Life is a subsidiary of China Pacific Insurance (Group) Co., Ltd. ("China Pacific Insurance", stock code: 2601.HK, 601601.SH, CPIC.LSE), and is one of the three major domestic life insurance companies (according to the original premium income). CPIC Life (HK) is committed to providing customers with comprehensive life insurance and wealth management products to meet the customers' needs at different stages of life.
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.
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