OREANDA-NEWS. June 14, 2013. China Life initiated its first micro-insurance coverage for low income urban residents in Fangshan District, Beijing in June to tap into that new area.

The People's Government of Beijing Municipality, Fangshan District and China Life Insurance Company Limited, Beijing Branch signed "The cooperation agreement of accident insurance for low - income residents and residents with minimum living allowance in Fangshan District", which was fully funded by the government.

Immediately after the launch of the project, China Life, Beijing Branch received the first claim of a car accident. The claim is currently being processed, with estimated claims amount of RMB 80,000yuan.

The project alleviated the risk and pressure of civil administration departments in handling emergency cases, and helped government protect the livelihood of the people.

Under the cooperation of the The People's Government of Beijing Municipality, Fangshan District, insurance regulators and China Life, the project innovatively develops a model of "The public benefits from the guidance of the Government and regulators", and establishes a safeguard for low income urban and rural residents.