Insurance products specially designed to cover some aspects of SARS emerged in the Shenzhen market last week.

For a premium of 100 yuan (US$12), policy-holders can be reimbursed 50,000 yuan for death and medical allowances of 100 yuan per day if the insured is admitted to hospital for the disease, according to an anti-SARS plan initiated by Taikang, a Beijing-based insurer.

To make the policy more accessible, Taikang aligned itself with Minsheng Bank which allows people to buy the insurance either with cash or cards at all of its outlets.

Ping An is the second company providing products aimed at SARS in Shenzhen, an official with the Shenzhen office of China Insurance Regulatory Commission (CIRC) said.

Its timely packages, however, are either group insurance or insurance against additional risks. For the latter, individuals can only buy them after buying a basic plan like the life insurance policy.

The minimum premium for group insurance is 150 yuan per person with maximum compensation of 200,000 yuan. A group is interpreted as more than 50 people.

A source with the international insurer AIA said the company would not introduce any products focused on SARS as its current products could provide policy holders with sufficient coverage. For example, they could claim life insurance, general medical insurance and travel insurance for death due to atypical pneumonia.

Although Taikang and Ping An declined to reveal their recent sales figures, many salespersons said it was now easier to sell a policy and they had received more inquiries in awake of the outbreak of SARS.

By last week, the CIRC had approved 17 products designed for SARS by 11 insurance companies.

Editor: Wings