China Life Insurance Company's Poverty Alleviation Efforts Yields Promising Results

China Life Insurance Co., Ltd. has made significant strides in poverty alleviation efforts, demonstrating its commitment to the cause. Since the 18th National Congress of the Communist Party of China, the company has resolutely implemented the decisions and deployments of the CPC Central Committee, led by Party building, strengthened its responsibilities, and carried out "the greatest of the country" with all-out efforts to implement and upgrade The "Poverty Alleviation and Insurance" project gives full play to the advantages of the main business of insurance, builds heart to help win the battle against poverty, consolidates and expands the achievements of poverty alleviation and effectively connects with rural revitalization, effectively promotes the "five major revitalizations", and establishes and improves the "one body, two pillars, five policies and six guarantees".

Key Takeaways:

• China Life Insurance Company has helped nearly 220,000 poor people out of poverty by the end of 2020, and successfully assisted all 1,281 assistance points in the whole system to be removed, winning the battle of poverty alleviation.
• The company has invested a total of 239 million yuan in assistance funds and 132 million yuan in consumer assistance funds, supporting local development.
• China Life has established a long-term support mechanism of "critical illness insurance + commercial insurance" with China Life characteristics, providing a safety net to protect the bottom line of people's livelihood.
• The company has developed 31 series of poverty prevention products such as "Beautiful Life", "Poverty Alleviation Insurance" and "Rural Revitalization", with compensation exceeding 4.8 billion yuan and critical illness insurance covering nearly 350 million people.
• China Life has created typical assistance models such as "One-stop Link" in Chongzuo in Guangxi and "Green Ribbon" in Guangdong to promote the quality and efficiency of insurance services.
• The company has established a replicable and popularized China Life assistance program, with a comprehensive assessment system for fixed-point assistance and financial and insurance assistance.
• China Life has established an organization system of assistance work with a "top-to-bottom, vertical and horizontal connection, full cooperation, and active action" mechanism, providing a strong guarantee for the overall victory of the battle against poverty and the revitalization of the countryside.

Statistics:

• 220,000 poor people helped out of poverty by the end of 2020
• 1,281 assistance points successfully assisted in the whole system to be removed
• 239 million yuan in assistance funds invested
• 132 million yuan in consumer assistance funds invested
• 4.8 billion yuan in compensation for poverty prevention products
• 350 million people covered by critical illness insurance
• 31 series of poverty prevention products developed
• 20.97 million yuan in poverty alleviation donation funds invested
• 898 million yuan in cumulative scale of special investment projects for poverty alleviation

Sources:

• Original Press Release: China Life Insurance Company Ltd. issued the following news release on Oct. 25.
• Category: Insurance
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