Taiping Life in Central China's Henan Province has launched a new policy that guarantees compensation of up to RMB300,000 in case of HIV infection.
According to the policy offered by the Henan Provincial Branch of China Taiping Life Insurance Co, policyholders will pay an annual premium of RMB12.9 to secure a RMB10,000 payout if they are infected with HIV during the year.
Each policyholder can pay up to RMB387 in annual premiums for a total insured amount of RMB300,000.
Taiping Life was authorized by the China Insurance Regulatory Commission in early October to launch the HIV insurance programme nationwide, said Peng Dahua, an executive with the company's Henan branch.
Peng's company chose Henan Province for the new product because it is one of the areas of the country worst affected by HIV and AIDS, he added. According to health department statistics, 25,036 people were confirmed HIV-positive and 11,815 developed AIDS by 2004.
Taiping Life Insurance Co., Ltd. was initially founded in Shanghai in 1929. As a life insurance company with a long and glorious history in the development of the domestic life insurance industry, Taiping Life was once an insurer with the strongest strength, the largest scale and the most market share. In 1956, due to the adjustment of national policy, Taiping ceased its domestic operation and specialized in overseas business.
With the consent of the State Council and the approval of CIRC, Taiping Life Insurance Company fully resumed its domestic life insurance business as the sixth national life insurance company in China on November 30, 2001. The Head Office of Taiping Life resides in Shanghai with registered capital of RMB1 billion.
Taiping Life is jointly invested by China Insurance (Holdings) Company Ltd., China Insurance International Holdings and Fortis Group.
