The largest individual life insurance policy with a value of 30.5 million yuan (about US$3.7 million) was signed recently in Shanghai.
The John Hancock Tian'an Insurance Co., a newly established Sino-U.S.joint venture, is the insurer of the board director of a private real estate company.
The insured person, who declined to give his name and age, is willing to pay a premium of 469,000 yuan (US$56,500) each year for the next 20 years.
The insurance policy covers a 15-million-yuan pension fund, two packages of 7.5-million-yuan accident insurance; and a 500,000- yuan serious illness insurance.
Prior to this contract, the largest domestic individual life insurance policy was valued at 20 million yuan (about US$2.5 billion).
(Eastday.com 08/19/2001)
