Largest insurer cuts premium prices, increases payouts; urges peers to customize protection products

China Life Insurance Co, the country's largest insurer, said it would intensify efforts to provide comprehensive protection for people against serious illnesses, a move to help people avert poverty.

"We are cutting payments (of insurance premiums), while increasing the sum of compensation for the insured in the event of critical diseases," Xu Haifeng, vice-president of the State-owned company, said at a media conference on Tuesday.