CHINA Life Insurance Co (stock code:601628) teamed up yesterday with the international health care coverage provider Goodhealth to become the first domestic insurer to offer global group medical insurance to expatriates.

The Shanghai branch of the country's biggest insurer launched a product that provides international medical coverage, including dental and maternity expenses, of up to 12.8 million yuan (US$1.67 million) annually for expatriates and senior Chinese businessman. Premiums charged to corporate clients will range from 4,912 yuan to 159,184 yuan per year per person, depending on the type of coverage and age of the insured.

Policy holders can seek coverage for medical expenses at about 4,000 hospitals globally.

The initial product is yuan-backed, but a US dollar-denominated version will be launched soon - the first such dual-currency product in China.

The Beijing-based insurer estimated that more than 400,000 expatriates in China don't have suitable health insurance, a finding that affords huge market potential.