Ant Financial’s mutual aid platform Xiang Hu Bao is now available to Chinese citizens aged between 60 and 70, specifically to cover medical expenses related to cancer, according to a statement released by the company.
Under the new plan, Seniors’ Xiang Hu Bao, if a member is diagnosed with certain types of cancer, the entire user base chips in to assist with medical bills, with coverage capped at RMB 100,000 (USD 14,700).
At the end of 2017, China had 250 million people within its borders who were aged 60 and above, accounting for 17.9% of the country’s population, Southern Metropolis Daily reported in January, citing China’s Bureau of Statistics.
Before this senior-specific plan, Xiang Hu Bao was limited to users under the age of 60, with the payout amount for an individual capped at RMB 300,000 (USD 44,200).
Alipay aims to have 300 million users—about one in every five people in China—on Xiang Hu Bao in the next two years. The platform gained 50 million members in less than six months after its launch in October 2018.
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