Jin Rong Shi Bao·2025-06-05 02:26Core Viewpoint - The introduction of disability income loss insurance by China Life Insurance Company highlights the growing demand for such products in the context of increasing aging population and rising chronic diseases among younger individuals [1][2]. Group 1: Market Overview - The disability insurance market in China is currently small, with a premium income of 1.416 billion yuan in 2023, accounting for approximately 0.04% of the health insurance market [2]. - Out of 19,507 health insurance products registered, only 109 are classified as disability insurance, with only 36 actively sold and just 13 being long-term disability insurance [2]. - Globally, the disability income loss insurance market is valued at approximately 4.4 billion USD, with a projected compound annual growth rate of 11.2% from 2024 to 2033 [2]. Group 2: Product Development - China Life's new disability income loss insurance is part of a broader trend where insurance companies are increasingly targeting this niche market, following the launch of internet-exclusive personal disability insurance by Huagu Life and Zhongcai Life in 2022 [3]. - The new product will be marketed alongside the Guoshou Additional Kangning Whole Life Insurance (2025 version), offering comprehensive coverage, high leverage, premium waivers, and tax advantages [3]. Group 3: Industry Challenges and Recommendations - The industry faces challenges such as low market awareness and limited product offerings, necessitating enhanced marketing and consumer education regarding disability risks and insurance [4]. - Insurance companies are encouraged to develop diverse and personalized disability insurance products tailored to different occupational groups and age demographics, as well as to consider bundling with other insurance products for comprehensive health coverage [4].