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China's Largest Life Insurance Policy Inked in Shanghai
The largest individual life insurance policy with a value of 30.5 million yuan (about 3.7 million U.S. dollars) was signed recently in this municipality.
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 (56,500 U.S. dollars) 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 2.5 billion U.S. dollars).
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