China Life
The Company was established in 1963, under the name Overseas
Chinese Insurance Company Ltd. In 1981, the Koos Group became
the major shareholder of the Company and renamed it China Life
Insurance Company, Ltd.
The Company operates three areas of life insurance business
: individual life, group life and annuity. For group life
insurance, the Company has a business premium market share of
21% and ranked second out of 30 companies in this line of
business in 1997. It sells a wide range of Group products,
including Term Life Ins., AD & D, Hospital and Surgical
Ins, and Occupation Hazard.
China Life will continue to introduce brand new projects to
strengthen our overall competitiveness in the face of the
enormous changes underway in the domestic environment. The Koos
Group have established the Financial Centre, in addition to
main business of insurance, it will expand into banking,
investment trust, investment counseling, securities, and real
estate, offering consumers the most comprehensive,
professional, responsible and convenient service available.
More than ever, China Life is ready and eager to tackle the
challenges of the future.
market trend
Taiwan Market: The coming of the E-generation, the development
of the Internet E-service, the change of banking environment
and entry into the WTO (without any delay) are factors that
will bring about intense competition. Thus, how to follow the
current trend to create a competitive advantage in the life
insurance industry is the goal of China Life.
typical benefit plan
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1. Group Term
Life Insurance (TL)
A lump sum is provided in case of death or total
dismemberment. (Ex: 24*BMS)
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2. Group
Accidental Death and Dismemberment Insurance
(AD&D)
If an Insured suffers bodily injury in an accidental
event, and such accidental event should result in the
Insured's dismemberment or death, a lump sum will
be paid as stipulated in the contract. (Ex: 24*BMS)
3. Group
Accidental Medical Reimbursement (AMR)
If an Insured suffers bodily injury in an accidental
event and such accidental event should result in the
Insured's injury. The Company shall pay the Medical
Reimbursement Benefit as stipulated in the Contract
according to real medical expenses occurring in
registered hospital or clinic within 180 days from the
date of such accidental event. (Ex: NT$10,000)
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4. Group
Hospital & Surgical Insurance (HS)
If an Insured suffers accidental bodily injury or
sickness during the insurance period and receives
inpatient treatment in a hospital, the Company shall
pay the benefits as follows:
a) Room and Board
benefits: The amount of the said benefit
shall be computed according to the Insured's
benefit and the actual expenses charged by the
hospital during the insured's confinement. This
daily benefit shall not exceed the maximum daily
benefit and the payment days of any one disability
shall not exceed the maximum payment days stipulated
in the insurance schedule.
b) Special Hospital
Services: The amount of the said benefit
shall be computed according to the Insured's
benefit and the actual expenses charged by the
hospital during the Insured's confinement. In no
event shall the benefit exceed the maximum Special
Hospital Services payment stipulated in the insurance
schedule.
c) Doctor's Fees
benefit: The amount of the said benefit
shall be computed according to the Insured's
benefit and the actual fees charged by the attending
and/or consulting physician during the Insured's
confinement. The daily benefit should not exceed the
maximum daily benefit and the payment days of any one
disability shall not exceed the maximum payment days
stipulated in the insurance schedule. Any other
physician charges shall be included in the Special
Hospital Services benefit.
d) Surgical Fees
benefit: If an Insured receives a surgical
operation during the Insured's confinement, the
amount of the said benefit shall be computed
accordingly as the Insured's benefit and the
actual fees charged by the surgeon. In no event shall
the benefit exceed the amount of maximum surgical
benefit multiplied by the percentage of surgical
benefit stipulated in the Surgical Fees schedule. If
two or more procedures are performed through a single
incision, reimbursement for expenses of all such
procedures shall not exceed the amount indicated for
the one surgical procedure performed for which the
largest amount is payable.
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(Ex: in NT$)
Benefits
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Room and Board
benefits
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1,500
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Special Hospital
Services
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30,000
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Doctor's Fees
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750
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Surgical Fees
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37,500
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Aries Tsou
+886 2 2716 9840
tw.insurope.com