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First Credit-Insurance Card Issued in China
Named "Guang Fa Teyue Ka Jixiang Baoxian" (Guangdong Specially Issued Card & Auspicious Insurance), Credit-Insurance Card is the first of its kind jointly issued by China Life Insurance Beijing Branch and Guangdong Development Bank Beijing Branch, adding a new product to China's financial service market.
The new card combines the function of bank credit with insurance service, providing a large-sum personal accident insurance in addition to consumption service for the cardholder. Taking the form of a fixed sum of insurance, it guarantees an insurance compensation of 300,000 yuan at a premium of 30 yuan during a period of one year. Holders of credit cards issued by Guangdong Development Bank according to requirements can buy one to three policies of insurance. Presently two types of insurance service are provided: personal insurance in the event of accidental injury or death, with a guaranteed compensation of 300,000 yuan against a premium of 30 yuan during a period of one year.
In experts' view, the cooperation and resources sharing between China Life Insurance Beijing Branch and Guangdong Development Bank Beijing Branch represent an important step in financial innovation, providing a new pattern of business expansion in developing China's banking and insurance industry.
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