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They propose a mixed discrete-continuous time model for fair valuation of the proposed product based on an equilibrium condition balancing premium and benefits. They assume that the stock price dynamics are described by a geometric Brownian motion. They also suppose that the volatility and the rate of interest are constant. However, both health status benefits and hospitalization coverage are considered. A numerical study and sensitivity analysis are conducted to illustrate the proposed product and explore possibilities for improvements. In Section 2, the mixed discrete-continuous time model for valuing the proposed project is presented. Specifically, changes in the health status over time are described by a continuous-time, finite-state, Markov chain. The payoff structure of the proposed product is also discussed. The calculations of the expected life and death benefits are presented. Specifically, Proposition 1 gives a matrix formula for the expected life benefits. 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