In response to the increasing incidence of chronic and major diseases in China, which is affecting younger demographics, China Life Insurance has launched a new health insurance product to help improve the multi-level health security system. The company’s claims report shows a significant increase in medical claims over the past five years, with a 50% rise in 2024 compared to five years ago. This trend underscores the growing necessity for robust medical security.
Key Features of the New Health Insurance Product
Broad Coverage and Stable Protection:
This is the first long-term medical insurance product from China Life with a guaranteed renewal period of ten years. It offers comprehensive coverage for individuals aged over 28 days and under 60 years old, with the option to renew up to the age of 80. The product provides stable protection even if the insured’s health deteriorates or a claim is made during the renewal period.
Premium Medical Protection:
The annual limit for the insurance benefit is 4 million yuan, with 2 million yuan allocated for general medical expenses and another 2 million yuan for critical illness medical expenses. The annual limit for urgent drug expenses for specific critical diseases outside the hospital is 20,000 yuan, with a daily hospitalization benefit of 100 yuan (up to 90 days). The total limit for insurance benefits paid during the guaranteed renewal period is 8 million yuan.
Assistance with Out-of-Hospital Drug Expenses:
The product addresses the challenge of accessing and affording essential drugs for specific critical diseases by providing coverage for urgent drug expenses outside the hospital. The annual limit for this benefit is 20,000 yuan, with a total limit of 50,000 yuan during the guaranteed renewal period.
Considerate Payment Ratios:
The payment ratio for medical expense insurance benefits and urgent drug expenses is 100%. If the insured is covered by basic medical insurance or public medical care but does not use these benefits, the payment ratio is 60%. The annual deductible for medical expense insurance benefits is 10,000 yuan, while there is no deductible for urgent drug expenses.
Strategic Focus on Health Protection
China Life Insurance is committed to enhancing the health security system by continuously optimizing insurance protection services. The company aims to fully support the construction of “Healthy China” by managing and integrating resources in health management, elderly care, medical care, and nursing. This includes promoting the development of medical insurance, critical illness insurance, and long-term care insurance products, optimizing insurance liability and protection functions, and deeply cultivating the health niche market.
Conclusion
The launch of this new health insurance product by China Life Insurance reflects its dedication to addressing the growing health protection needs of the public. By providing comprehensive coverage, premium medical protection, and assistance with out-of-hospital drug expenses, the company aims to alleviate the economic burden of medical expenses on families and enhance the overall health security system. This initiative aligns with the “14th Five-Year Plan for Universal Medical Security,” which encourages the development of commercial health insurance to better meet the urgent needs of the people for medical care and support in old age.
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