Hanwha Life Launches GI Insurance Covering 18 Diseases and Disabilities

Hanwha Life Insurance launched the low-premium non-refundable 'Hanwha Life Practical GI Insurance' on the 1st, which covers diseases such as cancer, cerebral hemorrhage, acute myocardial infarction, severe dementia, and disabilities caused by these diseases.

[Asia Economy Reporter Oh Hyung-gil] Hanwha Life Insurance launched the low-surrender-value refund type "Hanwha Life Practical and Good GI Insurance" on the 1st, which covers diseases such as cancer, cerebral hemorrhage, acute myocardial infarction, severe dementia, and disabilities caused by diseases.

This product expands the main contract coverage from the existing 8 to 18 diseases, allowing coverage without selecting additional riders. Upon diagnosis of the covered diseases, 80% of the main contract insured amount is paid in advance, and the remaining 20% is paid to the bereaved family upon death.

The 18 diseases include cancer (excluding breast cancer and prostate cancer), cerebral hemorrhage, acute myocardial infarction, end-stage renal failure, end-stage chronic pulmonary disease, end-stage liver disease, activities of daily living disability, severe dementia, Lou Gehrig's disease, severe aplastic anemia, multiple sclerosis, severe lupus nephritis, coronary artery bypass surgery, aortic artificial blood vessel replacement surgery, heart valve surgery, five major organ transplants, severe burns, and severe corrosion.

Additionally, a rider that covers disabilities caused by diseases is included. When subscribing to the Disease Sequelae Rider, a total of 94 disabilities across 13 body parts including eyes, nose, mouth, ears, arms, legs, and spine are covered according to the disability classification table.

Mild motor disabilities caused by a herniated disc, artificial joint surgery due to arthritis, and cognitive disabilities in daily living caused by dementia are also covered if they correspond to the disability classification table specified in the policy.

Coverage for female diseases has also been strengthened. The Female Cancer Coverage Rider provides diagnosis funds for breast cancer and female reproductive organ cancers, as well as surgical funds related to mastectomy and breast reconstruction surgery due to breast cancer.

The subscription age is from 15 to 65 years old. Based on age 40 and a 20-year payment period, when subscribing to the main contract with 50 million KRW, Cancer Plus additional coverage of 15 million KRW, GI Insurance Premium Waiver Rider, Cancer Plus Additional Coverage Rider II of 15 million KRW, Disease Sequelae 10 million KRW, and Specific Rheumatoid Arthritis and Parkinson's Disease Diagnosis Rider of 10 million KRW, the monthly premium is 175,970 KRW for males and 156,390 KRW for females. It is only available as a 30% partial surrender value type.

Sung Yoon-ho, head of product development at Hanwha Life, explained, "Although the main contract coverage has been greatly expanded, the premium is reasonable because it is a low-surrender product," adding, "It is a practical insurance that provides broad disease coverage as well as coverage for disease disabilities that may occur due to aging."

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