Core Viewpoint - Huize Holding Limited has launched a new customized participating whole life insurance product named "Fu Man Jia" in partnership with Aviva-COFCO Life Insurance Co., Ltd, aimed at meeting the growing demand for high-return insurance products in China [1][3]. Product Features - "Fu Man Jia" offers stable value growth with a guaranteed compound return of 2.5% and additional non-guaranteed annual dividends [2]. - The product has a low entry threshold, available to customers from 30 days after birth to 70 years old, with flexible dividend payout options including cash payment, dividends on deposit, premium reduction, or purchasing paid-up additional insurance [2]. - Premium payment terms are flexible, allowing for a single upfront payment or annual payments ranging from 3 to 15 years [2]. Market Context - The demand for high-return participating insurance products has been robust following regulatory updates in the previous year, prompting the launch of "Fu Man Jia" to provide customers with more choices for future planning [3]. - Aviva-COFCO has demonstrated strong investment performance, with a 3-year average portfolio return of 5.93% and a portfolio return of 6.42% in 2023, enhancing the credibility of the partnership [3]. Company Overview - Huize Holding Limited is a leading insurance technology platform in China, connecting consumers, insurance carriers, and distribution partners through data-driven and AI-powered solutions [4]. - The company targets mass affluent consumers and offers a comprehensive range of insurance products and services, leveraging AI and data analytics to enhance the insurance service chain [4].
Huize Partners with Aviva-COFCO to Launch "Fu Man Jia" – A Customized Participating Whole Life Insurance Product