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AIDS insurance on sale in Henan province
www.chinanews.cn 2005-10-26 14:30:52
Chinanews, Zhengzhou, Oct. 25 (By He Xiaocong) - News from Henan
subsidiary of Tai Ping Life Insurance revealed that starting this month,
what the mainland insurance industry once viewed as "taboo" of Aids
insurance will soon be offered as a stand-alone product in the Henan
market. It was learned that "Aids Insurance" has a one year coverage
period with a highest payout of 300,000 RMB (US$37,500). Industry
insiders pointed out this move reflected the first breach of a "taboo"
amongst the mainland's insurance industry.
It was learned that this "Aids insurance" to be offered in the Henan
market has been approved by the head office of Tai Ping Insurance. But
because some parts of Henan have high incidence of Aids, the head office
requested strict risk controls when marketing this policy. It was
discovered by reporters that at present, "Aids insurance" can only be
purchased by businesses or work units on behalf of their staff and cannot
be bought by individuals. The primary targets of new clients for this
policy would be the medical and judicial industries and would involve
foreign enterprises and cannot even exclude the entertainment industry.
Because the terms of this Aids policy include payment to Aids victims who
contract the diseases from heterosexual and homosexual contact as well as
from other modes of transmission, there are different views regarding
this policy. Some people worry that because this policy provides coverage
for Aids caused by a chaotic lifestyle, it is a reason for concern.
Others said that because this type of policy can reduce the burden of
some of the insured, it is a more humanistic offering.
It was revealed that through October 24th, Henan still has not one single
work unit that has signed up this type of insurance.
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