A record life insurance policy, with coverage of 200 million yuan ($32 million), was sold in Beijing.

The policy holder, an unnamed private enterprise owner in the capital, will pay 14.5 million yuan in premiums each year in the coming decade, CITIC-Prudential Life Insurance Co Ltd said in a e-mailed statement on Thursday. The policy was sold through the Beijing branch of the joint venture life insurer.

The purchase of policies with such a high coverage, industry analysts said, may involve concerns over death duties. China has been mulling collecting death duties for some time.