"It is important to plan ahead and provide policy support as appropriate to continuously expand the scale of commercial endowment insurance and improve its quality, so as to cater to the ever-growing needs of the people. What is especially important is to increase the supply of insurance products and resolutely tackle the difficulty in settling insurance claims," Li said.

Quality of insurance products and services will be significantly improved. Insurance institutions will be encouraged to provide comprehensive insurance products that cover multiple sectors including medical care, nursing care and maternal services. New medical technologies and products will be included, step by step, in the coverage of commercial health insurances. Insurance products will be created to meet the needs of low-income groups and those working in new types of businesses.

The meeting urged accelerated efforts to open up the insurance market and foster a level-playing field to promote the upgrading of insurance services.

"China has started relatively late in the development of commercial endowment insurance and thus lacks enough experience. It is important to learn from advanced experience worldwide, continue to open up our insurance sector, and in this process, develop our own commercial endowment insurance to meet the needs of an aging society," Li said.

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