Easily and Affordably Online Without an Agent... Online Insurance 'Popular'

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[Asia Economy Reporter Oh Hyung-gil] Due to the spread of the novel coronavirus infection (COVID-19), non-face-to-face insurance subscriptions using online channels instead of meeting insurance planners are gaining attention. Insurance companies are also expanding customers' range of choices by introducing convenient and affordable online insurance products.

According to the Life Insurance Association on the 23rd, the initial insurance premiums through online channels increased by 130.5% over four years, from 7.6 billion KRW in 2015 to 17.4 billion KRW in 2019. The advantage of easy subscription via the internet or mobile devices is attracting not only people in their 20s and 30s but also middle-aged and older generations.

Previously, simple products (mini insurance) that only covered specific diseases or benefits dominated, but recently, a wide range of new-style products applying various themes across savings and protection insurance have been launched, greatly expanding consumers' options.

The savings insurance product "LIFEPLUS Hyo-do Travel Savings Insurance" by Hanwha Life provides funds for preparing filial piety trips as well as travel services and solutions. Monthly premiums start from 9,500 KRW, and if maintained for just one month, you can receive more than the premiums you paid.

Hana Life's "Hana 1Q Pension Savings Insurance" allows the use of tax deductions and mid-term withdrawal functions, and it is also possible to increase pension receipts by reducing fees and operating expenses.

The protection insurance "Online Coverage for Cerebral Infarction, Cerebral Hemorrhage, and Acute Myocardial Infarction" by Mirae Asset Life can cover major adult diseases at affordable premiums. For a 40-year-old male, the monthly premium is 11,500 KRW, providing coverage of 10 million KRW each for cerebral infarction, cerebral hemorrhage, and acute myocardial infarction.

Orange Life's "Non-dividend Orange 365 Bone-Perfect Accident Insurance M" covers accidents that can occur anytime in daily life, from accidental fractures to accidental disabilities.

Online insurance products can be subscribed to by accessing insurance companies' internet homepages, and products from each company can be compared through the online insurance supermarket "Boheom Damoa." Although subscription is easy, identity verification through a public certificate is required instead of a handwritten signature.

An official from the Life Insurance Association stated, "Contractors should accurately compare the coverage contents and necessary coverage for themselves through product descriptions containing important terms and conditions without the help of insurance planners," adding, "Due to the nature of online products, premiums are designed to be as low as possible, so there may be no or little surrender value upon early cancellation."

This content was produced with the assistance of AI translation services.