By studying the cold and freezing damage to tea from budding period to leaf expansion period, this paper uses the daybyday meteorological data of February to April from 17 weather stations from 1987 to 2016 in Anxi County and the yield data of various tea growing regions in Anxi to determine the meteorological indicators of cold and freezing damage to tea trees for indexbased weather insurance, analyze the relationship between daily extreme low temperature and tea failure rate, as well as establish the cold and freezing damage index model of tea trees. Moreover, we calculate the incidence of cold and freezing damage of different severity in different tea growing regions in Anxi, apply the pure premium method to determine the premium, and based on the actual situation of policyguided agricultural insurance in Fujian Province, formulate the compensation thresholds and compensation standards for cold and freezing damage insurance in different growing regions of tea trees and design the insurance contract for tea cold and freezing damage weather indexes in Anxi County. The designed insurance products based on tea cold and freezing damage weather indexes take the objective meteorological data as the loss assessment basis, first time in agricultural insurance and can serve as an effective risk transfer means for tea growers. Moreover, it provides technical support for insurance companies to develop new insurance products.