Chinese financial services provider Fanhua joined forces with Aviva-COFCO Life Insurance to launch a new offering.

The newly launched product, called ‘Huaying Guardian No.1’ is a customized critical illness insurance cover.

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Huaying Guardian No.1 offers coverage for critical illness-related medical treatment and a lump sum payout of critical illness benefits.

Additionally, to counter the effects of inflation, during the payment period, the insured amount will increase by 5% per annum.

Fanhua chairman and CEO Chunlin Wang said: “As a leading insurance intermediary company in the industry, Fanhua is dedicated to advancing customer-centred product and service innovation.

“As one of the few critical illness products currently available in China’s life insurance market featuring incremental insurance coverage, Huaying Guardian No.1 offers unique value to customers, fully demonstrating our continued commitment to product innovation to help a broader customer base to manage their medical treatment costs.”

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The tie-up with Aviva-COFCO, a joint venture between Aviva Group and COFCO Capital Investment, and the launch of a new offering marks a step further for Fanhua’s product strategy.

In August this year, Fanhua partnered with Dingcheng Life Insurance and Gen Re to launch a whole-life insurance offering for mid-and-high net worth individuals.

Meanwhile, last week, German insurer Allianz secured regulatory approval to take full control of its Chinese life insurance joint venture (JV).

Allianz’s JV is the first fully foreign-owned life insurance entity in China.