Ant closing crowdfunded health plan in one month
Ant Group is closing its mutual aid program Xiang Hu Bao (Mutual Protection) in a month, the firm said on Tuesday.
Launched in October 2018, the mutual aid health program offers one-time cash payouts of up to 300,000 yuan (US$45,000) for those with critical illnesses or life-threatening injuries.
"The mutual aid industry has gone through dramatic changes in the past year and we've made up the decision to protect all participants' rights and interests in the long run," it said in a statement.
The crowdfunded medical coverage system attracted more than 100 million users and aided 179,127 patients.
The cost of these payouts are equally shared by the other participants. It will no longer require subscribers to pay their share of the payment for medical claims in December and in January.
Xiang Hu Bao's participants who receive an initial hospital diagnosis before January 28 are still eligible to file for the mutual aid payment within 180 days of receiving the diagnosis.
