Chinese financial services provider Fanhua has teamed up with Sinatay Life Insurance to launch two new customised offerings.

The newly launched products include a whole life insurance plan, called ‘Fanhua-Sinatay Legacy’ and ‘Fanhua-Sinatay Yixiang’, an annuity insurance cover.

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Fanhua-Sinatay Legacy will offer lifelong protection along with stable returns to allow insureds to meet various financial objectives.

The life cover will offer a 3.5% rate of return on cash value and allows policyholders to apply for a policy loan, adjust premiums or place policies into insurance trusts, the company said.

The annuity product on the other hand is designed to offer to protect against inflation and offer a lifetime annuity income stream.

Fanhua-Sinatay Yixiang will offer an internal rate of return of up to 3.965% and a monthly annuity payout guaranteed for 25 years.

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Fanhua chairman and CEO Chunlin Wang said: “With China’s ageing population, declining interest rates and overwhelmed social security and pension system, these two customized products by Fanhua accurately meet the needs of middle-and-high-net-worth people for both wealth accumulation and lifelong pension benefits.

“This is another major breakthrough of Fanhua in tapping into the savings insurance segment and echoes our commitment to keeping innovating our ideas and products to better meet evolving market needs.”

Last week, Fanhua launched a critical illness cover in China in partnership with Aviva-COFCO.

The newly launched product, called ‘Huaying Guardian No.1’ offers coverage for critical illness-related medical treatment and a lump sum payout of critical illness benefits.