(Yicai) Aug. 22 -- Manulife-Sinochem Life Insurance, China’s first foreign joint venture life insurer, has introduced its No. 1 private pension insurance product to cater to the aging population.

The Chinese JV of the Canadian financial giant launched the Worry-Free Retirement Pension Annuity with an annuity that grows at an average compound annual rate of 3 percent if chosen to be received yearly, the Shanghai-based JV wrote in a press release today. Eligible participants can furthermore enjoy concierge services, as well as home-based or community-based care.

The insurer the market to expand. "The introduction of our private pension insurance product is in line with China's efforts to offer inclusive and stable retirement plans for its aging population," said Xiaoyong Wu, interim chief executive.

"With the advent of an aging society, there is growing, differentiated, and refined demand for retirement planning. Therefore, Manulife-Sinochem is continuously improving its health and retirement ecosystem," Wu added. Moreover, the company has prepared a new pension solution and formed a dedicated concierge team to offer more personalized services.

Manulife-Sinochem has provided financial and insurance services to 2.8 million customers since it was established in 1996 by Toronto-headquartered Manulife Life Insurance International and Sinochem Finance, a core arm of Chinese oil giant Sinochem Group. The JV operates in over 50 cities with a more than 50 percent boost in insurance income in the first half from a year ago.

Editor: Emmi Laine