Chinese financial services provider Fanhua has joined forces with Dingcheng Life Insurance and Gen Re to launch a new customised whole-life insurance solution.

The new offering, called Huading Number One, is aimed at mid-and-high net worth individuals.

Huading Number One, Fanhua said, offers a high cash value that grows over the coverage period with a guaranteed internal rate of return of 3.49%.

Additionally, it claims to offer better financial planning, the option to transfer cash value balance into an annuity policy and allows placing the insurance policy in a life insurance trust.

Fanhua chairman and CEO Chunlin Wang said: “With the ending of the implicit guarantee of return from financial products and declining interest rate, savings-oriented insurance products with a guaranteed return, as an important component in family asset allocation to defend against financial risks, become increasingly favoured by middle-class families in China.

“Huading Number One, co-designed by Fanhua, Dingcheng Life and Gen Re, is tailored to meet such needs of the mid-and-high net worth customers with its strengths in life protection and financial legacy management.”

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Fanhua, which offers a wide range of insurance solutions through its online and offline platform, aims to leverage its partnership to focus on product customization and new product development.

In other Chinese insurance news, the country’s banking and insurance regulatory authority has reportedly ramped up its scrutiny of online insurance companies amid an ongoing crackdown on the tech industry.

The regulator has ordered the firms to ramp up user privacy protection and address such issues.