Benzinga | Aug 18, 2021 06:05AM EDT

Huize Partners With Sun Life Everbright Life Insurance To Launch 'Everbright Smart Choice' Customized Retirement Annuity Insurance Product

Huize Holding Limited, ("Huize", the "Company" or "we") (NASDAQ:HUIZ), a leading digital insurance product and service platform for new generation consumers in China, today announced that it has partnered with Sun Life Everbright Life Insurance Company ("Sun Life Everbright") to launch "Everbright Smart Choice", a customized retirement annuity insurance product dedicated to meet customers' multi-dimensional needs for both wealth accumulation and lifetime pension benefits.



There are three key product highlights to the "Everbright Smart Choice" offering: (i) high flexibility on premium payment terms and annuity payout options; (ii) a lifetime annuity income stream with a high cash value; and (iii) the option to get access to the Sun Life Everbright universal account with a guaranteed return of 3%. Moreover, eligible customers will also enjoy priority usage rights and discounted pricing to the Sun Life Everbright Elderly-Care Communities nationwide, at a lower threshold compared to other annuity products in the markets.

Mr. Cunjun Ma, Founder, Chairman and Chief Executive Officer of Huize, commented, "According to the New Trends in Commercial Pension Consumption", our report jointly published with Southwestern University of Finance and Economics, China's basic pension replacement rate (retirement pension divided by pre-retirement income) has decreased from 72% in 2000 to 42% in 2020. The widening gap in social retirement savings must be filled through other means, and we believe commercial pension insurance products will be a necessary supplement for individuals with appropriate income and sound financial awareness. In this context, we continued to map out the plans for our saving insurance product customization, and 'Everbright Smart Choice' is a customized annuity product that provides increased flexibility and a stable return enabling customers to secure a more prosperous retirement life. Moving forward, we will further deepen the cooperation with our insurer partners, and provide more customized products to meet customers' diversified protection needs and help achieve their retirement goals in order to maximize customer lifetime value."