China: Manulife-Sinochem Life launches its first private pension insurance plan
Manulife-Sinochem Life Insurance, China’s first foreign joint venture life insurer, has introduced its No. 1 private pension insurance product to cater to the aging population.
The Chinese JV of the Canadian financial giant launched the Worry-Free Retirement Pension Annuity which grows at an average compound annual rate of 3% if chosen to be received yearly, Yicai Global reported, citing a media statement from the Shanghai-based joint venture. Eligible participants can furthermore enjoy concierge services, as well as home-based or community-based care.
“The introduction of our private pension insurance product is in line with China’s efforts to offer inclusive and stable retirement plans for its ageing population,” said Mr Xiaoyong Wu, interim chief executive.
“With the advent of an ageing society, there is growing, differentiated, and refined demand for retirement planning. Therefore, Manulife-Sinochem is continuously improving its health and retirement ecosystem,” Mr Wu added. Moreover, the company has prepared a new pension solution and formed a dedicated concierge team to offer more personalised services.
Manulife-Sinochem has provided financial and insurance services to 2.8m customers since it was established in 1996 by Toronto-headquartered Manulife Life Insurance International and Sinochem Finance, a core arm of Chinese oil giant Sinochem Group.
