From March 1, China will expand a soon-to-be nationwide pilot scheme for commercial endowment insurance catering to its aging population, the country's insurance regulator said on Monday.
Dedicated to elderly care, commercial endowment insurance products are available to those aged 60 and above, according to the China Banking and Insurance Regulatory Commission.
The country launched the pilot scheme in Zhejiang and Chongqing in June 2021. As of late January, six insurers have participated in the scheme, with premiums totaling 400 million yuan (about 63.1 million U.S. dollars).
Expanding the pilot scheme will make endowment insurance products accessible to more consumers, boost the consumption of elderly care-oriented financial products, and encourage insurers to discover more paths to develop commercial endowment insurance, the commission said.
In its latest step to implement a national strategy to address population aging, China has released a blueprint for the development of the country's elderly care services system during the 14th Five-Year Plan period (2021-2025).
The plan specifies major goals and tasks for the five-year period, including expanding the supply of elderly care services, improving the health support mechanism for the elderly, and advancing the innovative and integrated development of service models.