China's largest life insurance policy inked
( 2001-08-19 10:28 ) (8 )

The largest individual life insurance policy with a value of 30.5 million yuan (US$3.7 million) was signed recently in Shanghai.

The John Hancock Tian'an Insurance Co, a newly established Sino-US joint venture, is the insurer of the board director of a private real estate company.

The insured person, who declined to give his name and age, is willing to pay a premium of 469,000 yuan (US$56,500) each year for the next 20 years.

The insurance policy covers a 15-million-yuan (US$1.81 million) pension fund, two packages of 7.5-million-yuan (US$903,614) accident insurance; and a 500,000-yuan (US$60,240) serious illness insurance.

Prior to this contract, the largest domestic individual life insurance policy was valued at 20 million yuan (US$2.5 billion).