CNinsure, an independent insurance agency and brokerage company operating in China, has signed an exclusive distribution agreement with Sino Life Insurance Company for the sales of a refundable participating whole life insurance product.
CNinsure said that this is the second time that the company has announced strategic co-operation for exclusive distribution arrangements, following the announcement of another arrangement with Ping An Life Insurance Company of China in the first quarter of 2008.
The new life insurance product, underwritten by Sino Life Insurance, and custom-designed by Swiss Reinsurance Company for CNinsure to address diversified insurance needs of Chinese consumers, has become available exclusively over CNinsure’s distribution network, under the brand name ‘Fanhua (CNinsure) Ruixiang’.
The product, packaging accidental, healthcare, annuity, pension and whole life insurance together, features higher coverage, longer lifetime annuity payment period with payment starting in the second year after purchasing the policy, pension as well as waiver of future premiums in case of disability of both the insured and the applicant, said CNinsure.
Yinan Hu, CNinsure’s chairman and CEO, said: We are proud to work with Sino Life Insurance and Swiss Re to introduce such an exciting product to Chinese consumers. The exclusive distribution arrangement with Sino Life Insurance and co-operation with Swiss Re in custom-designing insurance products reflect that CNinsure, with our extensive reach to customers, is increasingly gaining recognition from our insurance partners as a valuable retail insurance distributor in China.