Laws of the People's Republic of China

Ministry of Finance, State Administration of Taxation

Circular of the Ministry of Finance and the State Administration of Taxation on Exempting Returnable Life Insurances with Over One-year Maturity Sold by Insurance Companies from Business Tax

Cai Shui [2005] No.145

To finance departments (bureaus) and bureaus of local taxation of various provinces, autonomous regions, municipalities directly under the Central Government and cities specifically designated in the state plan, as well as the finance bureau of the Xinjiang Production and Construction Crops:

In accordance with pertinent provisions of the Circular of the Ministry of Finance and the State Administration of Taxation on Exempting Several Items from Business Tax (Cai Shui Zi [94] No.002 ) and the Circular of the Ministry of Finance and State Administration of Taxation on Issues Concerning the Exemption of Life Insurance from Business Tax (Cai Shui Zi [2001] No.118), upon deliberation, it's hereby decided that premium incomes gained from insurance products, which are sold by related insurance companies and satisfy tax exemption requirements, shall be exempted from business tax. Please refer to the following appendix for the list of specific tax-free insurance products.

Appendix: List of Insurance Products Exempted from Business Tax

Ministry of Finance

State Administration of Taxation

September 27, 2005 Appendix:List of Insurance Products Exempted from Business Tax

I. Heng An Standard Life Insurance

1.

Heng An Standard Shengmingzhiguang Term Dread Disease Insurance (A)

2.

Heng An Standard Shengmingzhiguang Term Dread Disease Insurance (B)

3.

Heng An Standard Shengmingzhiguang Long-Term Dread Disease Insurance

4.

Heng An Standard Lingchuangweilai Aggregate Participating Insurance (A)

5.

Heng An Standard Lingchuangweilai Aggregate Participating Insurance (B)

6.

Heng An Standard Accelerated Dread Disease Benefits Rider (B)

7.

Heng An Standard Term Life Insurance Rider

8.

Heng An Standard Group Term Life Insurance

9.

Heng An Standard Group Dread Disease Insurance

II. Sun Life Everbright Life Insurance Co., Ltd.

Sun Life Everbright Liannianxi Annuities Insurance

III. China Continent Property & Casualty Insurance Company Ltd.

1.

Continent Ankang Women's Group Disease Insurance

2.

Continent Group Dread Disease Insurance

3.

Yongkang Dread Disease Rider

4.

Continent Newborns' DownSyndrome Medical Insurance

IV. Taikang Life Insurance Co., Ltd.

1.

Taikang Yishengzunchong Term Life Insurance

2.

Taikang Yishengzunchong Endowment Insurance

3.

Taikang Yishengzunchong Dread Disease Rider

4.

Taikang Women's Reproductive Health Rider

5.

Taikang Anxiangrensheng Dread Disease Rider

6.

Taikang Anxiangwannian Annuities Insurance (Participating)

7.

Taikang Anxinlicai Endowment Insurance

8.

Taikang Medical Rider for Hospitalization Due to Illness

V. AIA Shanghai Branch

1.

AIA Endowment 18-Year-Old Waiver of Premium Term Life Rider

2.

AIA Endowment 19-Year-Old Waiver of Premium Term Life Rider

3.

AIA Endowment 20-Year-Old Waiver of Premium Term Life Rider

4.

AIA Endowment 21-Year-Old Waiver of Premium Term Life Rider

5.

AIA Endowment 22-Year-Old Waiver of Premium Term Life Rider

6.

AIA Endowment 23-Year-Old Waiver of Premium Term Life Rider

7.

AIA Endowment 24-Year-Old Waiver of Premium Term Life Rider

8.

AIA Endowment 25-Year-Old Waiver of Premium Term Life Rider

9.

AIA Endowment 30-Year-Old Waiver of Premium Term Life Rider

10.

AIA Jubaopen Endowment Insurance

VI. AIA Jiangmen Branch

1.

AIA Zhizunbao Children's Waiver of Basic Premium Term Life Rider

2.

AIA Endowment 18-Year-Old Waiver of Premium Term Life Rider

3.

AIA Endowment 19-Year-Old Waiver of Premium Term Life Rider

4

. AIA Endowment 20-Year-Old Waiver of Premium Term Life Rider

5.

AIA Endowment 21-Year-Old Waiver of Premium Term Life Rider

6.

AIA Endowment 22-Year-Old Waiver of Premium Term Life Rider

7.

AIA Endowment 23-Year-Old Waiver of Premium Term Life Rider

8.

AIA Endowment 24-Year-Old Waiver of Premium Term Life Rider

9.

AIA Endowment 25-Year-Old Waiver of Premium Term Life Rider

10.

AIA Endowment 30-Year-Old Waiver of Premium Term Life Rider

11.

AIA Jubaopen Endowment Insurance (Participating)

12.

AIA Kangjianwuyou Dread Disease Insurance

13.

AIA Kangjianwuyou Dread Disease Rider

14.

AIA Kangfuyisheng Dread Disease Insurance Rider

VII. AIA Beijing Branch

1.

AIA Jucaibao Endowment Insurance (Participating)

2.

AIA Jindun A Endowment Insurance

3.

AIA Jindun B Endowment Insurance

VIII. AIA Shenzhen Branch

1.

AIA Jubaopen Endowment Insurance (Participating)

2.

AIA Endowment 18-Year-Old Waiver of Premium Term Life Rider

3.

AIA Endowment 19-Year-Old Waiver of Premium Term Life Rider

4.

AIA Endowment 20-Year-Old Waiver of Premium Term Life Rider

5.

AIA Endowment 21-Year-Old Waiver of Premium Term Life Rider

6.

AIA Endowment 22-Year-Old Waiver of Premium Term Life Rider

7.

AIA Endowment 23-Year-Old Waiver of Premium Term Life Rider

8.

AIA Endowment 24-Year-Old Waiver of Premium Term Life Rider

9.

AIA Endowment 25-Year-Old Waiver of Premium Term Life Rider

10.

Endowment 30 Year-Old Waiver of Premium Term Life Rider

11.

AIA Kangjianwuyou Dread Disease Insurance

12.

AIA Kangjianwuyou Dread Disease Rider

13.

AIA Kangfuyisheng Dread Disease Rider

14.

AIA Jucaibao Endowment Insurance (Participating)

15.

AIA Jindun A Endowment Insurance

16.

AIA Jindun B Endowment Insurance

IX. AIA Guangzhou Branch

1.

AIA Jiahui *Term Life Rider (*: five-year term, ten-year term, fifteen-year term, twenty-year term, twenty-five-year term, fifty-five years old, sixty years old)

2.

AIA Yucaibao Endowment Insurance (Participating)

3.

AIA Yucaibao Waiver of Premium Term Life Insurance

4.

AIA Hushenfu Term Life Insurance

5.

AIA Kangfuyisheng Dread Disease Rider

6.

AIA Kangjianwuyou Dread Disease Rider

7.

AIA Kangjianwuyou Dread Disease Insurance

8.

AIA Hushenfu Dread Disease Rider

9.

AIA Jucaibao Endowment Insurance (Participating)

10.

AIA Jindun A Endowment Insurance

11.

AIA Jindun B Endowment Insurance

X. AIA Suzhou Branch

1.

AIA Shouhushen Endowment Insurance

2.

AIA Jinyang Annuities Insurance

3.

AIA Jiahui *Term Life Rider (five-year term, ten-year term, fifteen-year term, twenty-year term, twenty-five-year term, fifty-five years old, sixty years old)

4.

AIA Yong'an Waiver of Premium Term Life Rider

5.

AIA Ruyibao 5-Year Term Endowment Insurance

6.

AIA Pay Life Endowment Special

7.

AIA Jin'an Annuities Insurance

8.

AIA Jinxiang Annuities Insurance

9.

AIA Niannianhong *Endowment Insurance (Participating) (*: fifteen-year term, twenty-year term, twenty-five-year term, fifty years old, fifty-five years old, sixty years old, sixty-five years old, eighty years old)

10.

AIA Children's Dread Disease Rider

11.

AIA Cancer Prevention Health Insurance

12.

AIA Women's Reproductive Health Rider

13.

AIA Kangfuyisheng Dread Disease Rider

XI. Chinalife Insurance Company Ltd.

1.

Chinalife Hongyu Endowment Insurance (Participating)

2.

Chinalife Hongbao Endowment Insurance (Participating)

3.

Chinalife Antai Group Term Life Insurance

4.

Chinalife Public Security Police's Group Term Life Insurance

5.

Chinalife Xiangbanyongyuan Endowment Annuities Insurance (Participating)

6.

Chinalife Yongtai Group Annuities Insurance (Participating) (2003 Edition)

7.

Chinalife Kangyu Dread Disease Insurance

XII. ING Capital Life Insurance Co., Ltd.

1.

ING Capital Kangjian Dread Disease Pension Plan

2.

ING Capital Xiangrui Annuities Insurance

3.

ING Capital Jinli Endowment Insurance (Participating)

4.

ING Capital Xiangtai Annuities Insurance

5.

ING Capital Huanleniannian Endowment Insurance (Participating)

6.

ING Capital Jixiangruyi Increasing Whole Life Insurance (Participating)

7.

ING Capital Cuicanrensheng Annuities Insurance (Participating)

XIII. Generali China Life Insurance Co. Ltd

1.

Generali Comprehensive Hospital Benefits Group Medical Insurance

2.

Generali Sunshine Group Annuities Insurance (Participating)

3.

Generali Medicare Plus Group Medical Insurance (A)

4.

Generali Outpatients' Group Medical Rider

5.

Generali Dread Disease Benefits Group Disease Rider (A)

6.

Generali Dread Disease Benefits Group Disease Rider (B)

7.

Generali Dread Disease Benefits Group Disease Rider (C)

8.

Generali Group Term Life Insurance

9.

Generali Group Term Life Insurance Rider

10.

Generali Yikangxing Endowment Insurance

11.

Generali Kanglexing Whole Life Insurance

12.

Generali Kanglexing Dread Disease Rider