News Life and Health23 Nov 2020

China:Tencent's WeSure markets Henan's first provincial inclusive supplementary health insurance plan

| 23 Nov 2020

WeSure, the insurance platform launched by Chinese Internet giant Tencent in 2017, has joined hands with Zhongyuan Agricultural Insurance and other insurers to market Henan's first provincial inclusive supplementary medical insurance plan in Zhengzhou, the province's capital.

It is understood that the health insurance plan called "Yu Health Insurance" is jointly underwritten by a number of insurance companies with Zhongyuan Agricultural Insurance as the main underwriter. The other 10 insurers are the Henan operating arms of Soochow Life, TianAn Property Insurance, Li'an Life, Guoyuan Insurance, Taishan Insurance, Asia Pacific Property Insurance, ChangAn Insurance, AXA Tianping, Jintai Insurance, and China Coal Insurance.

WeSure serves as an operating platform for insurers and customers.

There is little difference between “Yu Health Insurance” and inclusive supplementary medical insurance plans in other provinces and cities. "Yu Health Insurance" focuses on the coverage of large medical expenses. There are no restrictions as to the age or occupation of the insured person, who is not required to undergo a physical examination to secure coverage. Subscribers of the government-run basic health insurance scheme are eligible to apply for “Yu Health Insurance”. The minimum annual premium is CNY69 ($10.50).

Under “Yu Health Insurance” which has a co-payment feature, when a policyholder incurs hospitalisation costs during the insurance period, the basic health insurance scheme will first cover the medical expenses. Any excess medical expense will be then offset by the deductible amount of CNY20,000 under the inclusive supplementary medical insurance plan. Any excess beyond the deductible will be covered 50% by the inclusive plan. The ceiling on the insured sum is CNY1m. There are other terms and conditions relating to expensive drugs and malignant tumours suffered by the insured.

According to WeSure, it offers inclusive supplementary medical insurance plans on its platform in more than 30 cities across the country. This was achieved within three months.

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