The State Financial Supervision and Administration Bureau issued a notice on strengthening the supervision of universal life insurance. Except for products such as whole life insurance, endowment insurance and annuity insurance, other products shall not be designed as universal. The insurance period of universal insurance shall not be less than five years. Insurance companies can extend the actual duration of the policy by reasonably setting product elements such as surrender fees, partial withdrawal fees, and policy continuation rewards to further meet consumers' long-term protection needs. The issuance time of policy continuation rewards shall not be earlier than the end of the fifth policy year.