"There's Insurance Like This?"... Got 50 Times the Payout After Marrying 'The Chosen Man'

Paid 199 yuan in 2016, claimed payout after meeting marriage condition
Sales suspended in 2017, existing policyholders retain benefits

A story about a Chinese couple who signed up for an 'unusual insurance' during their early 20s at university and received an insurance payout worth 50 times their total premiums upon getting married has attracted significant local attention.

A Chinese couple in their early 20s who had signed up for an 'unusual insurance' during their university days has attracted significant local attention after receiving an insurance payout worth 50 times their total premiums upon getting married (Photo is for illustrative purposes and unrelated to the article content). Pixabay

The South China Morning Post (SCMP) recently reported that a woman from Xi'an, Shaanxi Province, China, identified as Ms. A, registered her marriage after 10 years of dating and claimed an insurance payout of 10,000 yuan (approximately 2.11 million won) from a 'love insurance' policy she had taken out during her university days.

Ms. A met her boyfriend, Mr. B, at university in 2015 and began dating him. In 2016, she purchased a 'love insurance' policy as a gift for him. At the time, she paid a premium of 199 yuan (about 40,000 won), making it a special present for her boyfriend. Upon hearing about the policy, Mr. B was reportedly skeptical and said, "It felt like a scam."

This product was sold by People's Insurance Company of China (PICC) and was structured to pay out if, after three years from the start of coverage and within ten years, the policyholder married the person designated at the time of enrollment. The original terms allowed the policyholder to choose either 10,000 roses or a 0.5-carat heart-shaped diamond ring, but the options were later changed to either 10,000 roses or 10,000 yuan in cash.

Ms. A and Mr. B met the payout requirements by registering their marriage in October last year. As a result, they are set to receive an amount roughly 50 times the premium paid a decade ago. Mr. B stated, "We are currently preparing the necessary documents to submit to the insurance company, and we are happily considering how to use the money once it arrives."

'Love insurance' was a unique product that gained significant popularity among young people in China in the mid-2010s, serving as a 'token of love.' However, in 2017, the China Banking and Insurance Regulatory Commission ordered a halt to the creation of products lacking actual legal interests or insurance purposes, leading to the suspension of new sales. Nevertheless, existing policies remain valid.