China on Thursday released guidelines for promoting the high-quality development of inclusive insurance industries, in order to better meet the needs of its people and the real economy, according to the National Financial Regulatory Administration.

Inclusive insurance industries have developed steadily in China, featuring enriched product categories and expanded coverage among different social groups. However, there have also been problems concerning inclusive insurance services, such as a lack of scope and innovation, according to the guidelines.

China will raise the level of insurance coverage for farmers and low-income groups in urban areas, and strengthen insurance coverage for the elderly, women, children, the disabled, people with chronic diseases and new citizens.

The country will also support insurance industries in serving the diversified needs of the elderly, innovating and developing various types of commercial pension insurance products, and introducing commercial pension annuity products featuring flexible payment and stable income.

In the next step, China will guide insurance companies to further enrich products and services as well as improve management mechanisms in inclusive insurance industries, so as to promote the sustainable and healthy development of the sector, the administration said.