Plate lottery or insurance?

An insurance company has created a custom product relating to car license plate lottery, the China News reported.

Participants in the license plate lottery can apply for insurance policies with values ranging from 10 to 2,000 yuan. If a policyholder's bid for a license plate is successful, he or she will receive up to 200,000 yuan from the insurance company. If not, they will still have purchased drivers' accident insurance.

According to a February 8 survey, the chance of winning a license plate in the lottery is currently 110.7 to 1, the longest odds ever. Although the insurance policy has attracted buyers, it is controversial because many people perceive it as gambling rather than insurance.