'Love insurance' gets popular as Singles Day comes

A couple reads posters for "love insurance" and "love loans" at a post office in Shanghai, Feb 14, 2014. [Photo/IC]

Known as "Singles Day" in China, the November 11th online buying frenzy falls at the end of this week, with gifts for lovers and partners making up the bulk of purchases.

According to sanqin.com, however, this year there's a rise in popularity for "love insurance".

One undergraduate surnamed Ning splashed out on love insurance for him and his girlfriend. In the policy it says that they will get a cash pay-out or roses, so long as they get married between 3 to 13 years after the insurance comes into force.

"We started our love relationship around Singles Day last year, and it's been almost a year now. We are going to graduate next year. I bought love insurance for 299 yuan ($44) for my girlfriend in the hope that our love will last a long time." said Ning.

He also said that as long as he and his girlfriend get married within the time period the insurance company will give them a half-carat diamond.

Sanqin.com reported that there are particularly good deals for college students compared with other people.

"The 99 yuan love policy awards the insured 1,999 yuan cash as long as they get married between 3 to 13 years after the start of the insurance policy." explained a staff member from an insurance company. According to a love insurance policy from another company, the insured will get 10,000 roses.

As to whether such insurance policies can guarantee love, Ning said he's not certain, but at least for the time being, it means he and his girlfriend will cherish each other and want to be together.

One industry professional has described such insurance policies as merely a gimmick to gain publicity and to make a profit, and said it can hardly guarantee love. But it does embody good wishes for love among young people.