ABC Life, Aviva-COFCO Life and other small and medium property companies swarmed to pilot ordinary life insurance since the implementation of ordinary life insurance rate reform on August 5.

On September 22, New China Life, one of top four listed insurers, also launched the first product after the premium rate market-orientation. The product is said to have stable revenue and the yield will reach 3.5% one year later. It is sold via the bancassurance channel and enables consumers to apply for policy loans of 90% of the cash value of the policies from insurance companies after buying it ten days later without any mortgages.