Benzinga | Sep 2, 2021 06:44AM EDT

Huize Holding Reports Partnership With Hengqin Life Insurance To Launch A Customized Child Critical Illness 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 Hengqin Life Insurance Company Limited ("Hengqin Life") to launch "Hui Xin An No.5", a critical illness insurance product customized for meeting children's protection needs.

There are three key product highlights of "Hui Xin An No.5": (i) high value-for-money product providing additional coverage for 20 childhood diseases and 10 rare diseases and offers optional second or multiple claims protection for certain critical illnesses; (ii) a new and innovative liability waiver option for policyholders and their respective spouses; and (iii) coverage of up to RMB750,000 in insured amount for policies purchased in the first three months after product launch, allowing adequate medical treatment for severe illnesses.

Mr. Cunjun Ma, Founder, Chairman and Chief Executive Officer of Huize, commented, "Given the propensity for Chinese families to invest heavily in their children's well-being, there is tremendous market demand for children's health insurance. However, comparing to the real needs, we believe that products currently available on the market offer relatively low amount of insurance coverage, limited disease coverage, and imperfect liability waivers. Leveraging on our strong product innovation capability, 'Hui Xin An No.5' is a customer-centric product designed to tackle customer pain points and match the protection needs of our users, and is in line with our long-term strategy to meet the lifetime insurance needs of our new generation consumers. Looking ahead, we will continue to drive product innovation as a way of reaching new markets and driving sustainable revenue growth."