Ant Financial has launched a new cancer-focused health plan on mutual aid platform Xiang Hu Bao to serve the growing number of senior citizens in China.

According to the company, the product hopes to better serve elderly users by establishing a separate mutual aid plan that focuses on cancer treatment. It does not cover other critical illnesses.

Online mutual aid is an increasingly popular low-cost health care product founded on the idea that when one person falls ill, everyone shares the burden. On the Xiang Hu Bao platform, which can be accessed via Alipay, members of the senior health care plan contribute less than RMB 1 per case, the company said, but at present there is no cap in the number of cases. The contributions are due twice a month, and each member is eligible for a one-time payout of up to RMB 100,000 (around $14,700), depending on the number of cases and severity of diagnosis.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.