SHANGHAI, September 23, 2016 /PRNewswire/ -- In China, a new model, mutual aid, is on the rise. Different from insurance, members on mutual aid platforms can lower the aid threshold and raise their aid limitation through mutual financial assistance and risk-sharing. It is said that users can join a mutual assistance plan with an advance deposit of only 10 yuan to gather a repayment up to 300,000 yuan. For example, if there are 1 million users involved in this plan, when someone applies for 300,000 yuan as mutual aid money, each user only needs to share 0.3 yuan.
Zhongtuobang is the largest mutual aid platform in China with over 1.7 million members, which implemented blockchain technology when going online. Qiao Ke, the founder of this platform, said that mutual aid refers to the assistance from the majority to the minority in case of low-probability events such as cancer and accident.
Now Zhongtuobang has launched multiple mutual aid products including Anti-Cancer & Disease, Travel Accident, Dad & Mom Mutual Aid, Women's Health and a Students Comprehensive Plan. Qiao Ke believes that the mutual aid community may evolve into a self-organizing intelligent community, and Zhongtuobang will launch more vertical segmented products in the future.
Globally, the indicator of healthcare in India only ranks 112nd among the 190 countries, while disease mortality remains high in the world. As a new model, mutual aid may offer significant opprotunities to the Indian health care system.
