Rich man spends $36 mln on business insurance  

土豪欲花2.2亿投保 或成广东单笔保费最大保单

(ECNS) -- A businessman in South China's Guangdong province plans to spend 220 million yuan ($36 million) on a business insurance policy, attracting insiders' attention, the Guangzhou Daily reported.

An executive staffer at a large insurance company's branch in Foshan city confirmed the sky-high insurance policy and said it will be released this month.

Due to a confidentiality clause, they can't reveal the personal information of the buyer, saying only that the local Foshan man accumulated his assets through businesses in many areas.

The businessman chose a single premium plan, and he will pay up in a year, if everything goes well.

The Guangzhou Daily said the super rich in Foshan favor business insurance as a way to handle unexpected losses and get rid of financial uncertainty.

It also said they tend to purchase endowment insurance for their children, instead of giving them a large sum of money at once.