Sunshine Life Insurance Co Ltd on Tuesday launched a low-cost accident policy tailored for passengers returning home during the Spring Festival holiday.

The policy costs passengers only 5 yuan (80 cents) to cover accidents during seven days or 10 yuan for 30 days. The cost is much lower than the usual accident policy.

The insurance liability includes 500,000 yuan compensation for airline accidents, 200,000 yuan for train and subway accidents and 50,000 yuan for van and bus accidents.

The product can be purchased online or through Wechat payment.

According to the National Development and Reform Commission, there will be a total of 3.62 billion trips during the Spring Festival holiday this year, reaching a record high.